ANC (IDBI-13926-01)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Costa Rica
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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 28, 2024
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
ANC Car S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
  • Transport
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)
$ 5.00 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.
Loan Amount (USD)
$ 5.00 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.
Bank Documents
Primary Source

Original disclosure @ IDBI website

Updated in EWS Sep 29, 2024

Disclosed by Bank Aug 2, 2024

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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.

Translated with DeepL.com:

The present transaction consists of a: (i) senior loan in favor of ANC Car S.A. to finance the purchase of approximately 80 vehicles (of which at least 60 will be electric) and solar panels with a nominal capacity of approximately 250 kWp in Costa Rica; and (ii) an uncommitted facility to support the purchase of vehicles (of which 75% will be electric), provide working capital and finance future investments for the expansion and refurbishment of customer service offices in Costa Rica and possibly Guatemala.

Original version from the IDB Invest disclosure:

La presente operacion consiste un en: (i) un prestamo senior en favor de ANC Car S.A. ("ANC" o la "Empresa") para financiar la compra de aproximadamente 80 vehiculos (de los cuales al menos 60 seran electricos) y de paneles solares con una capacidad nominal de aproximadamente 250 kWp en Costa Rica; y (ii) una facilidad no comprometida para apoyar la compra de vehiculos (de los cuales el 75% seran electricos), proveer capital de trabajo y financiar inversiones futuras para la expansion y el reacondicionamiento de las oficinas de atencion al cliente en Costa Rica y posiblemente en Guatemala (la "Transaccion").

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, ANC Rental Corporation owns and operates car rental businesses.

The group operates in multiple countries in Central America. ANC Car S.A. is the group's subsidiary in Costa Rica.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - ANC Car S.A. (Grupo ANC) Client Transport

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.

General IDB Invest enquiries:

Email: requestinformation@idbinvest.org
Phone: +1(202)-566-4566
Address: 1350 New York Ave NW, Washington, DC 20005

Client - ANC Car SA:

Address: 500 m Este y 200 m Sur del Hotel Costa Rica Marriot, Belen 
Phone: +506 2242-7700 
Email: auxiliadora.alfaro@ehiglobal.cr

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).

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How it works