Bancoldex Guarantee - Complementary Mechanism to Tender CLPE No. 02-2019 (IDBI-12053-02)

Countries
  • Colombia
Where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 18, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Banco de Comercio Exterior, S.A (Bancoldex, S.A.)
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.66 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 2,713,258,132
Converted using 2020-03-18 exchange rate.
Project Cost (USD)
$ 0.66 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Mar 18, 2020

Disclosed by Bank Feb 18, 2020


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Project Description

The purpose of the project is to provide access to financing to up to seven SME energy traders in Colombia.

IDB Invest will be issue a Standby Letter of Credit in favor in Bancoldex to counter guarantee the guarantees that this institution will issue in favor of XM Compania de Expertos en Mercados, S.A. E.S.P (Electricity Market operator in Colombia) for the account of up to seven SME energy traders. These guarantees are required to be issued by virtue of the Power Purchase Agreements that the traders will sign as a result of the Complementary Mechanism to the Renewable Energy tender CLPE No. 02-2019.

Investment Description
  • IDB Invest (IDBI)
Private Actors
Contact Information

Client Contact name: Lizbeth Carolina Parada C.
Title: Jefe Estructuracion de Proyectos
Phone number: (57)(1) 486 30 00 Ext. 2484
email address:
lizbeth.parada@bancoldex.com

ACCOUNTABILITY MECHANISM OF IADB

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).