XIGNUX (IIC-12124-02)

Countries
  • Mexico
Where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest
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
B
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
May 12, 2018
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
Xignux S. A. de C. V.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Industry and Trade
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, etc.
Investment Amount (USD)
$ 21.00 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 400
Converted using 2018-07-06 exchange rate.
Project Cost (USD)
$ 21.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 400
Converted using 2018-07-06 exchange rate.
Primary Source

Original disclosure @ IIC website

Updated in EWS Sep 18, 2018

Disclosed by Bank Apr 10, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to the Inter-American Development Bank Invest (IDB Invest), formerly the Inter-American Investment Corporation (IIC), this project is an Uncommitted Revolving Line of Credit for Mex$400 million,  to purchase accounts payables issued by Xignux or one of its eligible subsidiaries. Xignux will have an initial tenor of 12 months, renewable on a yearly basis at Inter-American Developent Bank (IDB) Invest's discretion for up to 6 additional years.

The credit will provide Xignux's suppliers with an innovative alternate solution to finance its working capital needs, using E-Factor Network platform to sell to IDB Invest Xignux's accounts payables. This solution will enable the supplier base (including small and medium size companies, SMEs) to obtain more favorable financing conditions than those they can obtain in the local market on their own. 

Investment Description
  • IDB Invest

The project consists of an uncommitted revolving line of credit for MEX$400 million. 

Private Actors

According to the Inter-American Development Bank, Xignux is a Mexican-based global company founded in 1956 and active in the production of cables, transformers, food products and construction materials.  It produces over 15,000 products, which are sold across 40 countries in the Americas, Africa, Asia and Europe. It operates 26 different plants across five countries with more than 21,000 employees (roughly 65% are men). Its principal brand names and divisions are Viakable (cables), Prolec GE (transformers), Voltrak (infrastructure), and Qualtia, with brands such as Zwan, Kir, Alpino, Caperucita and Duby, among others (processed food).

Contact Information

Client Contact name: Jorge Siller Madero
Title: Corporate Treasurer
Phone number: +52 1 81 8040 6610        
Email address: jorge.siller@xignux.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).