This summary covers an application made by Banco de Comercio Exterior de Colombia S.A. (Bancoldex) to cover a proposed lending facility to be provided to Bancoldex by a group of lenders yet to be identified.
MIGA's coverage has been sought in relation to a Non-Honoring of Sovereign Financial Obligations by a State-Owned Enterprise (NHFO-SOE) guarantee for a US dollar debt financing structure of up to US$ 475 million with a tenor of up to 3 years.
The MIGA guaranteed loan will be used by Bancoldexto finance several of the Government initiatives aimed at providing liquidity for companies and preserving employment in response to the current COVID-19 crisis. The MIGA guaranteed loan will be used to fund programs, such as "Colombia Responde" and "Colombia Responde para Todos", among others (the Programs), which provide short-term working capital loans of up to US$1.2 million with tenors of up to 36 months to Corporates and Micro, Small and Medium Enterprises (MSMEs) through financial intermediaries.
The Project is aligned with MIGA's US$6 billion COVID-19 response package under its pillar of countering adverse economic impacts during the COVID-19 crisis by providing liquidity to the financial sector as well as with the US$14 billion World Bank Group (WBG) Fast Track COVID-19 Facility to assist member countries in addressing the current global pandemic and its impacts.
ACCOUNTABILITY MECHANISM OF MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/