The proposed project includes a financing mechanism that will consist of a senior, secured, revolving warehouse facility of up to US$60 million, whose proceeds will be used to purchase and accumulate eligible endorsable mortgage loans or other similar instruments granted to individuals, with a particular focus on diversity and inclusion, for future total or partial asset backed securitizations in the Chilean capital markets. The transaction will support and improve certain diversity and inclusion segments access to financing in Chile, narrowing the current financing gap that is increasing due to the COVID-19 crisis, and will help further expand debt capital markets in the country through new issuances of asset backed securities. The proceeds from the line will allow AVLA Group to expand its origination of mortgage loans. The warehousing facility may support several accumulation periods, for a maximum total availability period of six years.
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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).