Fideicomiso para la Financiación de Establecimientos Lecheros ("FFIEL")
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
Proleco / Conaprole
Domenech Pina, Manuel
USD $ 40,000,000
Project scope and objective
In order to support growth ventures in the Uruguayan dairy industry involving investments in infrastructure projects and permanent working capital, the Cooperativa de Ahorro y Crédito Proleco (“Proleco”), with the support of the Cooperativa Nacional de Productores de Leche (“Conaprole”), will create a financing system for Proleco’s partners (the “Sub-Borrowers”) through a financial trust created under Uruguayan law (the “FFIEL”). The FFIEL will be funded through public issues of subordinated debt, public issues of trust participation certificates and through senior debt securities issued under a private bid endorsed by IDB Invest for up to US$40 million, consisting of a US$20 million Committed Tranche I and a US$20 million Uncommitted Tranche II (the “Project”).
As the originator, Proleco will detect loan opportunities for Sub-Borrowers, who shall subsequently undergo a credit check by CPA Ferrere –an independent professional entity–, taking into consideration IDB Invest’s eligible criteria (the “Sub-Loans”). The loans approved by CPA Ferrere will then be documented and financed by partner financial institutions, including Proleco. Once a sufficient number of sub-loans had been made these institutions shall execute the transfer and acquisition by the Issuing Trust.
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