CADU 2020 (IDBI-13033-01)

  • Mexico
Geographic location where the impacts of the investment may be experienced.
Specific Location
Municipality of Tulum
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Jul 6, 2020
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.
Corpovael S.A.B. de C.V.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 36.00 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.
Currency conversion note:
Bank reported 800.00
Converted using 2020-08-10 exchange rate.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Jun 24, 2022

Disclosed by Bank Jun 4, 2020

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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.

Corpovael S.A.B. de C.V. (“CADU”, or the “Company”) is a real estate company that designs, builds, promotes and sells housing projects in the affordable entry-level, middle-income and residential segments in Mexico. CADU intends to issue multiple green bonds in the Mexican Stock Exchange or in the Mexican Institutional Stock Exchange and use the proceeds to finance and/or refinance, in whole or in part, existing and/or future green housing projects that incorporate energy and water efficiency measures under the ECOCASA program, including the construction of a new development housing project for low and middle income families in Tulum. This transaction is an opportunity to support CADU with a program of up to MXN$500 million to issue partial credit guarantees (“PCG”) to cover up to 50% of such green bonds with a tenor of up to seven years. Additionally, IDB Invest will seek to provide a five-year revolving credit facility of up to MXN$300 million including a committed tranche of up to MXN$200 million and an uncommitted tranche of up to MXN$100 million, with drawdowns of up to 12 months (the “RCF”) in order to finance working capital requirements in connection to the development of affordable housing for low and middle income families. Both the PCG Program and the RCF (the “Project”) aim at: (i) promoting the construction of green buildings with impact in energy and water efficiency; (ii) increase employment in the engineering and construction sectors; (iii) support the construction of affordable green housing and the implementation of new technologies; (iv) allow access to low and middle-income families to decent homes; and (v) increase the availability of securities, especially thematic bonds, in the Mexican debt markets.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

For project inquiries, including environmental and social questions related to an IDB Invest transaction, please contact the client (seeInvestment Summary tab), or IDB Invest using the As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing, or calling +1(202) 623-3952

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Corpovael S.A.B. de C.V. Contractor -

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.


You can submit a request for information disclosure at:



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 (IDB Invest)-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 IDB Invest 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  You can learn more about the MICI and how to file a complaint at,1752.html (in English) or,1752.html (Spanish). 


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