Company name
Investee: The Inter American Opportunity Facility (“IOF”) or (“The Facility")
Project number
RG3883A-01
FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.
E&S category
FI-2
Country
Regional
Sector
Financial Institutions
Status
Completed
Disclosed date
01/21/2015
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
02/24/2015
Approval date
04/21/2015
Signed date
07/01/2015
Sponsoring entity
Calvert Social Investment Foundation, Inc. (“Calvert Foundation” or “CF”)
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 18,000,000
Financing amount
USD $ 1,000,000
Currency
USD
Project scope and objective
The Inter-American Investment Corporation (IIC) will make an equity investment of US$1,000,000 in the IOF, a Latin America and Caribbean-focused Social Impact Investment Fund in partnership with the Calvert Foundation, a US financial intermediary that enables individuals and institutions to invest for social good. Founded in 1988 with a mission to use investment capital to end poverty, CF offers a range of financial products and services that funds social impact projects while receiving a financial return.
The Facility has a target size of US$ 20,000,000 and will be managed by a wholly-owned subsidiary of the Calvert Foundation. The Facility is expected to provide debt financing to Latin America and Caribbean SMEs focusing on financial, social and environmental impact results. The IDB Group (IIC, MIF, OMJ) will source, structure, and provide a pipeline of projects to the IOF. Apart from their equity investment in the Facility, CF will provide a loan to the Facility, raised from the CF investor base.
Loan payments from social impact companies will be used to pay the Facility expenses, repay the Calvert Foundation loan to the Facility, and to make distributions to the equity holders.
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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(292) 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
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