EDPYME ACCESO CREDITICIO SOCIEDAD ANONIMA (DFC-2019-EDPYMEACCESOC)

Countries
  • Peru
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • US International Development Finance Corporation (DFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
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."
Borrower
Edpyme Acceso Crediticio S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • 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.
Loan Amount (USD)
$ 15.00 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.
Project Cost (USD)
$ 63.20 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 @ DFC website

Updated in EWS Jun 24, 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.

Expansion of vehicle financing portfolio for micro, small and medium-size enterprise clients. The Project involves the expansion of an existing car loan business targeting lower income communities. The Project involves loans, for the purchase of motorcycles and other vehicles, to individuals and micro-entrepreneurs in Peru. 

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This Project is expected to have a positive developmental impact by expanding the availability of credit to micro-, smalland medium-size enterprises in Peru. Most of the financed vehicles will serve as the primary income-generating assets for micro and small enterprises, typically taxi drivers. According to The World Bank, only eight percent of individuals in Peru borrowed from a financial institution in 2017 to start, operate, or expand a business.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Environmental, health, and safety impacts are minimal and will be managed by the Borrower in a manner consistent with the International Finance Corporation’s PerformanceStandards (2012). The Borrower has developed policies and procedures that address environmental risks associated with its financing activities.

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.

Borrower is Kandeo Fund II (Peru), a Qualifying Investment Fund for OPIC as the fund’s General Partner. US sponsor for the project is Kandeo Investment
Advisors Peru SAC, owned 99.9% by Eduardo Michelsen Delgado, a U.S. citizen


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.

**The Contact Information was not available at the moment of the snapshot**

 

ACCESS TO INFORMATION

Unlike many other development finance institutions, DFC does not currently have an access to information policy.

 

Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia.



ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)

 

The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms. 

 

You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability.

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