📋 Tender Overview
Project Number: 48304
Company Name: FINANZAUTO S.A. BIC
Date SPI Disclosed: Jul 15, 2024
Country: Colombia
Region: Latin America and the Caribbean
Projected Board Date: Aug 15, 2024
Environmental Category: FI-2
Status: Pending Approval
Department: Regional Industry FIG LAC & EUR
Industry: Financial Institutions
Sector: Other Non-Banking Financial Institution (NBFI)
Project Description
The proposed investment consists of a US$70 million senior secured loan to Finanzauto S.A. BIC (Finanzauto or the Company), a company that operates in Colombia providing financing options for the purchase of vehicles to individuals and micro, small and medium enterprises (MSMEs). The proceeds of the loan will support the Company in increasing access to finance for certain segments of the population that remain underserved, specifically: (i) MSMEs and independent and self-employed individuals involved in productive activities(ii) WMSMEs, (iii) women, and (iv) climate-smart projects, in the form of Hybrid and Electric Vehicles (HEVs) (the Project ).
Total Project Cost and amount and nature of IFC's Investment: The proposed investment consists of a three-year senior secured loan of up to US$70 million. This loan structure includes an A Loan of up to US$40 million, with 50% of it being insured by the Managed Co-Lending Portfolio Program (MCPP FIG III). Additionally, there will be a B Loan mobilized for up to US$30 million.
Financing Sources:
2) World Bank (WB)
1818 H Street, NW Washington, DC 20433 USA
Tel : (202) 473-1000
https://www.worldbank.org/
