Company name

Cooperativa de Ahorro y Crédito Jardín Azuayo Ltda.

Project number

13943-01

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

Ecuador

Sector

Financial Institutions

Status

Proposed

Disclosed date

08/18/2022

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

Projected board date
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10/13/2022

Approval date

09/22/2022

Signed date

N/A

Sponsoring entity

N/A

Team leader

Mera Pacheco, Gabriela

Investment type

Syndicated amount

USD $ 10,000,000

Financing amount

USD $ 10,000,000

Currency

USD

Project scope and objective

The project consists of supporting Cooperativa de Ahorro y Crédito Jardín Azuayo Ltda ("CJA"), in the first Senior Social Bond of Diversity and Inclusion in Ecuador and the region. The total amount of the Bond is up to US$20 million with a four-year term. IDB Invest will act as anchor investor with a subscription for a total amount of up to US$10 million. Other potential investors will participate with up to US$10 million. The proceeds of the Bond will be aimed at expanding the financing to micro, small and medium-sized enterprises (“MSMEs”) led by and/or owned by indigenous people, migrants, women, low-income people and/or people with low levels of education.

Additionally, a technical advisory will be provided to: (i) better assess credit decisions towards women and under-represented groups by developing alternative credit scorings such as psychometric tools; (ii) to strengthen the gender and diversity impact measurement and reporting by improving their data collection systems; and (iii) design the conceptual framework of the Social Bond and finance the second party opinion (“SPO”).  

 

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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.

SOCIAL BOND JARDIN AZUAYO - ESRS

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Maira Gonzáles Cuesta

POSITION

Directora Financiera

PHONE NUMBER

+593 (07) - 4134503

EMAIL

m.gonzales@jardinazuayo.fin.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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