Fondo Mivivienda Green Mortgages (MIGA-14994)

  • Peru
Geographic location 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.
Bank Risk Rating
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
May 18, 2022
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.
Banco Santander S.A., of Spain
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 370.00 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.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Apr 29, 2022

Disclosed by Bank Apr 18, 2022

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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.


This summary covers an application made by Fondo Mivivienda S.A. (FMV) to cover a proposed lending facility to be provided to FMV by Santander S.A. of Spain, J.P. Morgan Chase & Co. of the United States, and other lender(s) 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 up to US$370 million to cover an up to US$300 million US dollar debt financing structure with a tenor of up to 11 years.

The MIGA-guaranteed loan(s) will be used by FMV to finance the expansion of its green mortgage lending to low and middle-income households through financial intermediaries. FMV is a wholly owned financial institution of the Government of Peru with strategic importance in promoting and financing housing solutions in the country. It is the largest provider of affordable housing financing in Peru and plays a critical role in the government's public policies to reduce the country's housing shortage.


The MIGA Project will support mortgages to middle and low-income households through FMV's green mortgage program. The E&S risks associated to with retail mortgage loans are considered minimal and this Project has thus been categorized as FI-3 MIGA's Policy on Environmental and Social Sustainability (2013). There will be no E&S requirements for the lending portfolio. FMV will be required to comply with the labor requirements set forth under Performance Standard 2: Labor and Working Conditions.


The MIGA-guaranteed loan(s) are expected to support increased access to finance for social housing in Peru. The mortgages, aimed at low and middle-income households, will benefit from reduced interest rates, as well as grants/subsidies that will reduce the price of certified green social housing to levels comparable with the price of conventional housing. The mortgages will support green housing construction, which in turn will boost job creation and promote economic recovery from the COVID-19 economic shock. Finally, the availability of mortgages will promote financial inclusion for the underserved segment of low-income households.

The Project is consistent with the WBG Country Partnership Framework FY17-FY21 for Peru, under its pillar of "services for citizens across the territory," since it will support the provision of housing for the low and middle-income population across Peru, and with the pillar on "natural resource and climate risk management", since the promotion of 'green' buildings will contribute towards mitigating climate change impacts.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Contact Information
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