Cemex (IIC-12120-01)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Mexico
Geographic location 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.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 15, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Cemex, S.A.B. de C.V. ("Cemex")
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IIC website

Updated in EWS Sep 20, 2018

Disclosed by Bank Nov 13, 2017


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IIC website, the operation with Cemex consist of an Uncommitted Revolving Line of Credit for US$50 million, or its equivalent in Mexican Pesos to purchase accounts payables issued by Cemex or one of its eligible subsidiaries. It will provide Cemex’s suppliers with an innovative alternate solution to finance their working capital needs, using E-Factor Network platform to sell to the IIC Cemex’s accounts payables. This solution will enable Cemex’s suppliers, to obtain financing in much favorable conditions than those they can obtain in the local market on their own. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The operation with Cemex consists of an Uncommitted Revolving Line of Credit for US$50 million, or its equivalent in Mexican Pesos to purchase accounts payables issued by Cemex or one of its eligible subsidiaries. The Facility will have an initial tenor of 12 months, renewable on a yearly basis at IIC´s discretion for up to 6 additional years.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Cemex is a multinational cement company that quotes ordinary shares and American Depositary shares in the Mexican and New York stock exchanges, respectively. Incorporated in Mexico in 1906, it currently provides construction related services to clients and communities in more than 50 countries throughout the world and maintains business relations in more than 100 countries throughout the world. As of December 31st, 2016, Cemex operated 15 cement plants, 15 aggregated quarries and 275 premixed concrete plants in Mexico. As of December 31st, 2016, the company employed 41,853 people throughout the world, of which 11,249 were in Mexico. Together with its subsidiaries, produces, markets, distributes, and sells cement, ready-mix concrete, aggregates, clinker, and other construction materials.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Cemex Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Contact: Ricardo Armendáriz
Treasurer – Cemex Mexico
Phone number: +52 81 8328 3370
Email address: ricardo.armendariz@cemex.com

ACCOUNTABILITY MECHANISM OF IIC

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).

How it works

How it works