According to IDB Invest website, the proposed transaction consist of an uncommitted credit line to E FACTOR DIEZ SAPI de CV denominated in US dollars and/or its equivalence in Mexican pesos for up to three million United States dollars. The tenor will be up to 180 days. IDB Invest financing will be used by eFactor to (i) fund discount operations with IDB Invest under our supply chain finance facility; and (ii) increase EFD volume of operations by funding discounted invoices (mainly from Micro and Small companies) online.
Environmenal and Social Policy and Operations Manual
With the support of a consultant, eFactor will formalize its existing procedures with the creation of (i) a basic Environmental and Social Policy, and (ii) an Operations Manual that sets out the procedures for screening eligible suppliers under the program. The Manual will detail roles and responsibilities, classification methodology, action plan details for suppliers, and contractual clauses.
3 months post disbursement
Creation of Environmentla and Social Team
(i) Prior to the creation of the Manual, eFactor will establish an Environmental and Social Team with the responsibility to advise on the development of the Manual and address points of concern as they arise. The Team will assist in the selection and oversight of the Consultant selected to develop the manual; (ii) eFactor will nominate an individual to serve as Environmental and Social Manager with the goal to oversee the development and implementation of the Operations Manual and all subsequent activities related to screening, managing, and reporting on supplier information, E&S performance / compliance.
(i) at disbursement; (ii) 2 months post disbursement.
Hiring of a Consultant
eFactor will work with an expert consultant for the development and implementation of the Integrated Onboarding of the suppliers which includes: (i) digitalization of the KYC and (ii) the integration of the E&S questionnaiere, together with and Environmental and Social Manual for defining tasks to achieve client compliance and how to conduct its environmental and social due dilligence.
All documentation developed by the consultant will be agreed and submitted to IDB Invest.
Hiring of consultant no later than one month post disbursement
(ii) Environmentla and Social Manual TBD
eFactor will ensure ESMS manager undertakes an E&S risk management training course offered by IDB Invest or UNEP FI.
3 months after disbursement.
6. Contact InformationFor project inquiries, including environmental and social questions related to an IDB Invest transaction please contact the client (seeInvestment Summarytab), or IDB Invest using the email@example.com. As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing firstname.lastname@example.orgMICI@iadb.org, or calling +1(202) 623-3952.
Client Contact Name: Juan Carlos Cuevas
Title: Excecutive Director - Global Funding
Phone Number: +52 81-8248-0800
ACCOUNTABILITY MECHANISM OF IDB INVEST
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).