Company name

Trinidad and Tobago Mortgage Finance Company (“TTMF”)

Project number

12204-01

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

Trinidad and Tobago

Sector

Financial Institutions

Status

In implementation

Disclosed date

03/16/2018

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

Projected board date
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04/24/2018

Approval date

05/14/2018

Signed date

12/17/2018

Team leader

Da Cruz Carneiro, Bruno

Investment type

Financing requested

N/A

Syndicated amount

N/A

Financing amount

USD $ 29,430,100

Currency

TTD

Project scope and objective

The Project consists of a guarantee for up to TTD 203 million Trinidadian dollars (“TTD”), equivalent to US$30 million, to support a TTD670 million bond issuance by TTMF. TTMF provides residential mortgages to buy houses, land, home improvement, and home equity. The IDB Invest’s role will be to issue a Partial Credit Guarantee (“PCG”), for 30%-50% of the total bond issuance, with the goal of improving the rating profile for the TTMF bond. The bond will have a five-year tenor.

TTMF focuses on providing affordable residential mortgage financing in Trinidad and Tobago. As a not deposit taking institution, TTMF relies primarily on bonds to fund its lending operations. The proposed project will be approved under the following delegated facility: “Debt Capital Markets Program.”

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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. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

SCOPE OF THE ENVIRONMENT REVIEW

31.1 Kb

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Project images

TTMF–IDB Invest Housing Partnership
TTMF–IDB Invest Housing Partnership
TTMF–IDB Invest Housing Partnership

Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

N/A

POSITION

N/A

PHONE NUMBER

N/A

EMAIL

N/A

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