Banco de Comercio Exterior de Colombia S.A. (MIGA-14652)

Countries
  • Colombia
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
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
Jun 8, 2020
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 de Comercio Exterior de Colombia S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 475.00 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)
$ 475.00 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 @ MIGA website

Updated in EWS May 21, 2020

Disclosed by Bank May 20, 2020


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Project Description

PROJECT DESCRIPTION

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 (MSMESs) 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.

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors
Contact Information

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/