Company name
Finven Latam Inc. (“Moni”)
Project number
12116-01
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
C
Country
Argentina
Sector
Digital Economy
Status
In implementation
Disclosed date
10/13/2017
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
11/21/2017
Approval date
02/12/2018
Signed date
04/26/2018
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 5,000,000
Currency
USD
Project scope and objective
Moni is a provider of financial services and a virtual wallet intended to serve underserved and/or unserved banking industry consumers. The Inter-American Investment Corporation (“IIC”) funds will allow Moni to expand its loan portfolio in Argentina to underbanked sectors and to flexibly and efficiently expand the products and services it offers. The most significant impacts on development derived from the Project are as follows: (a) promotion of financial inclusion, primarily among the underbanked population, through short and medium-term microloans; (b) gradually increase the microloans terms; and (c) time and cost savings for individuals using a digital tool to pay bills and grant loans.
Brief Description of the Project:
The proposed Project will consist of a convertible debt of up to US$3 million with a three-year term for Finven Latam Inc. (“Moni”), to be granted by the IIC.
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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.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
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 SUMMARY
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