BancompartirBond (IFC-38352)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Colombia
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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
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
Oct 10, 2016
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.
Borrower
BANCO COMPARTIR S A
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
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.
Investment Amount (USD)
$ 17.28 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)
$ 17.28 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 Jul 24, 2018

Disclosed by Bank Sep 2, 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.

This Project consists of subscribing senior bonds to Bancompartir (the “Bank”) for up to COP 50,000 million (approximately US$16.5 million), to support the growth of the Bank’s microenterprise loan portfolio. IFC’s financial support and mobilization efforts should send a positive signal to the market, as it would provide medium-to-long term financing through a bond issuance aimed at targeted institutional investors, ultimately deepening financial and capital markets in Colombia.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Bancompartir’s is a financial institution supervised by the Superintendencia Financiera de Colombia, with the following shareholders: Fundación Compartir with a 22.45% stake, the following Cajas de Compensación Familiar (“Cajas”) in Colombia: Colsubsidio with a 20.14% stake, Cafam with a 20.14% stake, Comfandi with a 20.14% stake and Comfenalco Cartagena with a 7.32% stake. Among other shareholders include Accion Gateway Fund LLC with a 5.49% stake, the remaining 4.30% is held by several minority shareholders, with less than a 2.0% individual stake.

The Cajas are non-for profit organizations which are part of the Country’s social security system, with the objective to provide benefits to affiliates such as recreation, education, and health. Fundación Compartir is a non-profit institution founded in 1979, as an initiative to support victims of different natural disasters that hit Colombia in 1979. As of today, Fundación Compartir is focused in improving the quality of education for children and youth in Colombia. On the other hand, Accion Gateway Fund LLC is a global non-profit organization that supports microfinance institutions around the world.

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.
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.

Bancompartir’s is a financial institution supervised by the Superintendencia Financiera de Colombia, with the following shareholders: Fundación Compartir with a 22.45% stake, the following Cajas de Compensación Familiar (“Cajas”) in Colombia: Colsubsidio with a 20.14% stake, Cafam with a 20.14% stake, Comfandi with a 20.14% stake and Comfenalco Cartagena with a 7.32% stake. Among other shareholders include Accion Gateway Fund LLC with a 5.49% stake, the remaining 4.30% is held by several minority shareholders, with less than a 2.0% individual stake.


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.

For inquiries about the project:
Maria Fernanda Rojas Villareal
Chief Financial Officer, Bancompartir
Phone: + (571) 286 8609 Ext. 223
Address: Calle 16 #6-66 Ed. Avianca, Piso 4, Bogotá Colombia
E-mail: mailto:fernanda.rojas@bancompartir.co
Web: http://www.bancompartir.co

Alvaro Ortiz Morales
Treasury Manager, Bancompartir
Phone: + (571) 286 8609 Ext. 216
Address: Calle 16 #6-66 Ed. Avianca, Piso 4, Bogotá Colombia
E-mail: mailto:alvaro.ortiz@bancompartir.co
Web: http://www.bancompartir.co

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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/

How it works

How it works