Sofisa AB Loan for SME Financing (IDBI-13303-01)

Countries
  • Brazil
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
Proposed
Bank Risk Rating
FI
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
May 10, 2021
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
Banco Sofisa S.A. ("Sofisa")
The holder of the loan, grant, or other investment.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.20 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 0.20 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Apr 4, 2021

Disclosed by Bank Mar 19, 2021


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

Project Description

No project description on IDB Invest website

People Affected By This Project

Item

Task

Description

Deliverable

Completion Date

1

Sustainability Policy

To develop and implement a corporate sustainability policy

Updated Policy and evidence of in-house disclosure

6 months after execution of the loan agreement

2

Update the existing ESMS

Update the ESMS, which should be consistent with IDB Invest's Sustainability Policy and IFC Performance Standard 1 requirements. The ESMS must foresee and detail, at a minimum, the subproject categorization process, an E&S due diligence based on risks, oversight, and assessment, in addition to inclusion of environmental and social provisions and action plans, when applicable, as an integral part of the loan agreements.

Updated ESMS

9 months after execution of the loan agreement

3

Capacity building in environmental and social areas

Capacity building for upper management and credit officials on the updated ESMS and on environmental and social risk management.

Capacity building certificate

10 months after execution of the loan agreement

4

Update the existing Human Resources Manual

Update the Human Resource Manual to provide for inclusion of the following: (i) freedom of association; (ii) procedure for the management of internal grievances; (iii) third-party management; and (iv) health and safety indicators.

Updated HR Manual and associated procedures

6 months after execution of the loan agreement

[1]The Interpretation Note on Financial Intermediaries is available at:https://www.ifc.org/sustainability-at-ifc/publications/publications_policy_interpretationnote-fi

Investment Description
  • IDB Invest (IDBI)
Private Actors
Contact Information

Name: Joao Ceneviva
Title: Treasurer
Phone number: + 55 11 3176-5866
Email:
jceneviva@sofisa.com.br

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.iadb.org/en/access-information/information-request

ACCOUNTABILITY MECHANISM OF IDB / 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 (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 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).