Company name
Haas Machine Tools, SA de CV; HI-TEC CNC México SA de CV; Nexttec Machinery SA de CV; A&G Plastic Machinery SA de CV, and Hifin Solution SA de CV.
Project number
12766-01
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.
E&S category
B
Country
Mexico
Sector
Manufacturing
Status
Proposed
Disclosed date
09/04/2019
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
11/21/2019
Approval date
11/26/2019
Signed date
02/07/2020
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 20,000,000
Currency
USD
Project scope and objective
Grupo Hi-Tec's main activity is the distribution of high-precision computerized numerical control machinery known as “CNC”. Since it was founded 27 years ago, Hi-Tec has positioned itself as the leading distributor of its market in Mexico and Spain, selling more than 13,000 machines throughout its history.
The Grupo Hi-Tec Project consists of a US$20 million long-term financing program intended to grow the loan portfolio of the Group’s financial institution, Hifin Solution, SA de CV, which specializes in providing financial leasing solutions to micro, small and medium enterprises (MSMEs) in Mexico. It also seeks to finance investment in a new technological platform focused on optimizing the Group financing institution's loan and collection processes.
This solution will allow Grupo Hi-Tec's MSME customer base to purchase CNC machinery so that their respective companies can grow while simultaneously accessing financing schemes that are currently limited for these types of companies, or are available on far less favorable terms than those they could obtain directly with Hi-Tec. This is in line with the innovative approach proposed by IDB Invest for MSMEs.
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Client files
This section provides the key environmental and social assessment documents produced by the client for this project.
HITEC- ENVIRONMENTAL AND SOCIAL ACTION PLAN.PDF
81.5 Kb
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
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Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
ENVIRONMENTAL AND SOCIAL REVIEW
72.7 Kb