BMM Bond (IFC-38847)

Regions
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
Countries
  • Colombia
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
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 24, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
BANCO MUNDO MUJER
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 27.66 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 27.66 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 17, 2018

Disclosed by Bank Nov 30, 2016


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Project Description

According to IFC website, the project consists of subscribing senior bonds to Banco Mundo Mujer for up to COP 80,000 million (approximately US$25.8 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. 

Further, the development impact of the project is expected to be high as IFC's investment will enhance BMM's ability to support productive micro-enterprises which will in turn stimulate growth, employment generation and poverty reduction. Additionally, the Bank will be able to increase its outreach and sustainability by incorporating new entrepreneurs into Colombia's formal financial sector.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Banco Mundo Mujer is a local financial institution supervised by the Superintendencia Financiera de Colombia. BMM was created in September 2014 and started operations in February 2015, after the transfer of assets and liabilities from Fundacion Mundo Mujer into a new regulated institution. The Bank is currently the largest private provider of microfinance in the Country in terms of assets. BMM is majority owned by Fundacion Mundo Mujer, a non-regulated NGO affiliated to the Women’s World Banking Network (WWB).

Contact Information

Project Contact: Mr. Giovanni García Montero
Gerente de Control Financiero y Administrativo, Banco Mundo Mujer
Popayan. Colombia
Contact No.: +(572) 839 99 00
Email Address: Giovanni.garcia@bmm.com.co

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 CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/