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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
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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
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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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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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For inquiries, comments and information requests about the project

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Contact information

For inquiries, comments and information requests about the project

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

Ricardo.Steffens@progreso.cl

PHONE NUMBER

+56 977652379

POST OFFICE ADDRESS

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

For inquiries, comments and information requests about the project

Request information

Learn more about how we provide private-sector solutions in the region .