GTSF Tiendas Comercial Mexicana (IFC-37664)

  • Mexico
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
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
Sep 21, 2010
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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Industry and Trade
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)
$ 20.00 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)
$ 30.00 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 @ IFC website

Updated in EWS Aug 8, 2017

Disclosed by Bank Jun 3, 2016

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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.
From the IFC: This project is proposed under the Global Trade Supplier Finance program (GTSF) approved by the IFC Board on September 21, 2010. Under GTSF, IFC provides short-term financing to suppliers in emerging markets selling to large companies on open account terms. Under this project, IFC will provide financing to Soriana's suppliers based primarily in Mexico to support them in providing goods or services to the stores that were formerly owned by Comerci. The project is expected to reach 700 Suppliers, the large majority of which will be SMEs. In supplier financing programs of this nature, IFC's due diligence approach is to assess environmental and social (E&S) risks at supplier level by reviewing buyers' management system and procedures, especially as related to managing E&S performance of their Suppliers.This GTSF line is proposed in the context of Soriana's acquisition of a group of stores owned by Comerci who is an existing GTSF Client. Therefore this ESRS is linked to and based on the initial assessment of Comerci which was disclosed in 2012 and is available here: This is a Category B project according to IFC's Policy on Environmental and Social Sustainability because a limited number of specific environmental and social impacts may result that can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The environmental and social impacts that are expected to occur among Soriana's suppliers are those related primarily to production, manufacturing and distribution of food products (both processed and raw products), household goods, health and beauty products, and apparel items among others. Production of raw material, depending on the foodstuff, and the size and characteristics of the farm, commonly involves issues of labor and working conditions, pollution from fertilizers and pesticides, and management of agricultural waste. Food processing and household goods manufacturing may also involve issues pertaining to labor and working conditions including occupational health and safety, pollution prevention and resource management. A key issue for food production and distribution is also food safety, including traceability.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
In 2012 IFC provided Controladora Comercial Mexicana (Comerci) with a GTSF-line of $30 million (Project # 31999). However, 70% of Comerci was acquired by Soriana and Soriana intended to continue Comerci's existing GTSF line whereby this will be split into two i.e., $10 million will be retained by Comerci, and $20 million will be acquired and used by Soriana. IFC previously assessed the GTSF line for Comerci and this project was disclosed on 17 February 2012. This project focuses specifically on Soriana and the provision of the $20 million GTSF line to this company.

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.
ACCOUNTABILITY MECHANISM OF IFC 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 You can learn more about the CAO and how to file a complaint at

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How it works