Company name
Servicios Financieros Progreso S.A. ("Progreso")
Project number
14346-01
FI-3 operations are those where the risk potential is considered low: the FI’s current or future portfolio consists of financial exposure to business activities that predominantly have minimal or no adverse environmental and social impacts.
E&S category
FI-3
Country
Chile
Sector
Financial Institutions
Status
In implementation
Disclosed date
02/08/2023
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
07/05/2023
Approval date
06/28/2023
Signed date
08/01/2023
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 10,000,000
Currency
USD
Project scope and objective
The proposed transaction consists of a senior loan of up US$10 million (the “Loan”) from IDB Invest. The Loan has a twelve-month tenor, is amortized at maturity, and is renewable for three additional periods of up to 12 months at the discretion of IDB Invest. The project involves funding Progreso to increase its operation (balance) by offering more lending access to Micro, Small, and Medium-Sized Enterprises (“MSMEs”) customers, as well as adding new MSMEs to its portfolio.
Additionally, climate-related technical advisory services are being designed.
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Contact information
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Request informationAlternatively, you may also use the following contact information :
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.
PARTNERSHIP FOR PRODUCTIVE DEVELOPMENT WITH PROGRESO - 14346-01- ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
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