GFO Loan II (IFC-40028)

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
Dec 12, 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
GRUPO FACTORING DE OCCIDENTE S A S
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)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 4, 2018

Disclosed by Bank Oct 20, 2017


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Project Description

The project consists of a proposed IFC investment to support the growth of Grupo Factoring de Occidente’s (“GFO” or the “Company”) factoring portfolio (the “Project”) to small and medium enterprises (“SMEs”) in Colombia. The Project will enable IFC to re-engage with a non-banking financial institution with a proven business model for delivering liquidity solutions to SMEs and mobilize additional funding to diversify their funding sources. The investment will also support the growth of the factoring market in Colombia, which is currently at an early stage.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Grupo Factoring de Occidente was created by Andres Felipe and Juan Carlos Gonzalez Venegas, which together hold 50% plus one share of the Company. In 2011, Kandeo acquired a 50 percent stake of the Company.

Mr. Juan Carlos Gonzalez is a consolidated entrepreneur who has been GFO’s CEO since its inception in1995. On the other hand, Mr. Andres Felipe Gonzalez joined GFO in 2001 as the Regional Manager of GFO’s branch in Cali.

Kandeo is a US$377 million in AUM private equity funds manager created in 2010, looking to invest in companies in Colombia, Mexico and Peru that provide financial services to people and companies, mainly SMES, that are not catered to efficiently or effectively by traditional financial institutions.

Contact Information

For inquiries about the project, contact: Grupo Factoring de Occidente
Ms. Johanna Montes de Oca
Finance Director
+(571) 621 8080 ext 214
jmontesdeoca@gfo.com.co
Cl. 93b #12-30 Of 203, Bogota, Colombia
www.gfo.com.co

For inquiries about the IFC, contact: General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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/