Kuo Group - Value Chain Financing (IDBI-13209-01)

Countries
  • Mexico
Geographic location where the impacts of the investment may be experienced.
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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
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
Oct 8, 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.
Borrower
Grupo KUO, 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.
Sectors
  • Agriculture and Forestry
  • Finance
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 51.21 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 Up to MX$1,100 million
Converted using 2020-09-24 exchange rate.
Loan Amount (USD)
$ 51.21 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.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Jul 10, 2021

Disclosed by Bank Aug 20, 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.

Grupo KUO, S.A.B. de C.V. and its eligible subsidiaries (the "KUO Group" or "the Company") has requested financial assistance from IDB Invest to set up an uncommitted reverse factoring revolving credit facility (the "Facility") to finance the Company's suppliers in Mexico through the acquisition of collection rights (the "Project" or the "Operation"). The Operation includes accounts receivable whose payment will be deferred due to the exceptional measures taken by the Company to mitigate the impact of COVID-19 on its suppliers.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The "Investment Type" was not available at the moment of the snapshot.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Grupo KUO, S.A.B. de C.V. Buyer -

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.

For inquiries about the Project please contact Grupo KUO

Name: María Teresa Calderón Renero

Title: Sustainability and Social Responsibility Management

Phone number: (+52) 55 52618000 ext. 2756

Email: maria.calderon@kuo.com.mx

For questions and comments to IDB Invest please contact:

Name: IDB Invest Communication Group

Email: requestinformation@idbinvest.org

Addionally, affected communities can access the IIC's Independent Consultation and Investigation Mechanism (ICIM) as follows:

Phone number: +1 (202) 623-3952

Fax number: +1 (202) 312-4057

Address: 1350 New York Ave. NW Washington, DC. USA. 20577

Email: mecanismo@iadb.org or mailto: MICI@iadb.org

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How it works