Company name
Banco Cooperativo Sicredi S.A.
Project number
11488-03
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
Brazil
Sector
Financial Institutions
Status
In implementation
Disclosed date
10/09/2019
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
11/26/2019
Approval date
11/19/2019
Signed date
12/12/2019
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
USD $ 10,000,000
Financing amount
USD $ 100,000,000
Currency
BRL
Project scope and objective
The proposed transaction with Banco Cooperativo Sicredi S.A. (“Sicredi”) consists of a senior unsecured financing of up to one hundred million dollars (US$100,000,000) to be denominated in Brazilian reals, to be funded by IDB. In addition, IDB Invest (“IDBI”), in its capacity as administrator of the Canadian Climate Fund will provide a loan of up to the equivalent in Brazilian Reals to ten million dollars (US$10,000,000) to be funded by IDBI, in its capacity as administrator of the Canadian Climate Fund.
The use of proceeds will be to extend credit to photovoltaic (PV) solar projects through Eligible Cooperatives (cooperativas singulares) and which form part of the Sistema de Crédito Cooperativo (the “System”).
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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
fabio_nunes@sicredi.com.br
PHONE NUMBER
+55 (51) 3358-8710
POST OFFICE ADDRESS
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(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
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
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