Company name

Maquinarias y Vehículos S.A.

Project number

12310-01

Category C projects are those that are likely to result in very limited or no adverse environmental or social impacts or risks.

E&S category
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C

Country

Ecuador

Sector

Manufacturing

Status

In implementation

Disclosed date

08/20/2018

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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09/21/2018

Approval date

10/24/2018

Signed date

01/18/2019

Sponsoring entity

N/A

Team leader

Olazo Baracco, Ericka

Investment type

Syndicated amount

N/A

Financing amount

USD $ 20,000,000

Currency

USD

Project scope and objective

This operation consists of a secured senior loan of US$20 million to partially finance the truck and bus credit sales plan of Maquinarias y Vehículos S.A. (Mavesa or the “Company”), in which the main beneficiaries are Ecuadoran small and medium-sized enterprises (SMEs). The resources of the IDB Group will make it possible to reduce the Company’s long-term funding gap and increase the number of SMEs with access to productive assets through the direct credit offered by Mavesa, which consists of up to 70% financing of the vehicles, which may amount to as much as US$100,000 on an individual basis.

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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

52.2 Kb

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Juan José Izurieta C.

POSITION

Financial Manager

PHONE NUMBER

+593 42272600 ext. 1262

EMAIL

jizurieta@mavesaec.com.ec

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices

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