The transaction consists of IDB Invest underwriting two bond issues by a Peruvian financial company for up to US$20 million: (i) a subordinated social bond aimed at equal opportunities for women-led micro and small enterprises denominated in Peruvian Soles ("PEN") for up to the equivalent of US$10 million, with an eight-year term and bullet payment; and (ii) a senior social bond aimed at equal opportunities for women-led micro and small enterprises denominated in PEN for up to the equivalent to US$10 million, with a four-year term and bullet payment. The bond issues are intended to increase the Issuer's accountable capital and support its portfolio growth strategy, which targets women-led micro and small enterprises in Peru. The creation of a fund usage framework in line with the principles and guidelines for social impact bonds is underway. IDB Invest will provide advisory services to obtain a second party opinion ("SPO") to validate and confirm the appropriateness of the methodological framework used.
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).