CADU 2020 (IDBI-13033-01)

Countries
  • Mexico
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
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
Jul 6, 2020
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
Corpovael S.A.B. de C.V.
The holder of the loan, grant, or other investment.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 36.00 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 800.00
Converted using 2020-08-10 exchange rate.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Aug 10, 2020

Disclosed by Bank Jun 4, 2020


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

Project 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

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 emailrequestinformation@idbinvest.org. As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing tomecanismo@iadb.orgorMICI@iadb.org, or calling +1(202) 623-3952

Investment Description
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

For project inquiries, including environmental and social questions related to an IDB Invest transaction, please contact the client (see Investment Summary tab), or IDB Invest using the email requestinformation@idbinvest.org. As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org, or calling +1(202) 623-3952