This summary covers an application made by Fondo Mivivienda S.A. (FMV) to cover a proposed lending facility to be provided to FMV from Lender(s) yet to be identified.
MIGA's coverage has been sought in relation to a Non-Honoring of Sovereign Financial Obligations of 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 6 years.
The proceeds of the MIGA-covered Loan(s) will be used by FMV to promote sustainable housing through green mortgage lending to middle-income households, and to increase access to mortgages to low-income households and vulnerable groups, including women-headed households and people with disabilities.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.
This project builds on MIGA's previous engagement with FMV in FY2022. The proceeds of the first MIGA-guaranteed loan were devoted to funding green housing mortgages under the Green House Program "Mivivienda Verde", which promotes green housing mortgages for the acquisition of certified green housing properties for vulnerable medium-income households and contributed to the development of the green mortgage market by commercial financial institutions.
The MIGA Project will support mortgage access to middle-income households. The E&S risks associated with mortgage loans are considered minimal and this Project has thus been categorized as FI-3 underMIGA's Policy on Environmental and Social Sustainability (2013). There will be no E&S requirements for the lending portfolio. As part of the FY22 transaction, MIGA reviewed FMV's labor practices to ensure compliance with therequirements set under Performance Standard 2: Labor and Working Conditionsand no gaps were identified.
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ACCOUNTABILITY MECHANISM OF IFC/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