Los Heroes CL (IFC-40295)

  • Chile
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
Feb 15, 2018
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.
  • Finance
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)
$ 50.00 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)
$ 50.00 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 5, 2018

Disclosed by Bank Jan 8, 2018

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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.

The proposed project consists of an up to US$50 million facility to be committed in two tranches, in unidades de fomento ("UF", Chilean inflation-indexed currency) or Chilean Pesos equivalent to Caja de Compensacion de Asignacion Familiar Los Heroes ("Caja Los Heroes", "Los Heroes" or the "Company"), to support the Company's social credit lending program focused on low-income individuals underserved by the traditional financial system in Chile.

Founded in 1955, Caja Los Heroes is a non-profit organization. It is the third largest Caja de Compensacion in Chile with 15% market share and serving nearly 1 million members. Headquartered in Santiago, Los Heroes has the largest branch network in the Cajas industry across the 15 Chilean regions. Leveraging on this structure, Caja Los Heroes has 3 main pillars: (i) transactional business: distributing several social security benefits for the Chilean government and as required by law; (ii) social financial products: fostering financial inclusion in Chile by offering affordable financial products to mainly underserved segments of the population (low income workers and retirees); and (iii) additional social benefits: providing social benefits to their members with a focus on health and wellbeing but also education, entertainment and social initiatives.

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

Caja de Compensación de Asignación Familiar Los Héroes engages in the provision of social security services and related activities in Chile. It operates in two segments, Social Welfare and Others, and Financial Social Contributions. The company also provides loans for social and health-related needs; credit for higher education; mortgage loans; insurance; savings account for residential lease; cash awards; discounts and promotions for health services; free dental services; discounts in the purchase of medicines; emergency assistance rooms; elderly assistance phone services; free entrance to concerts and events; online portal for members; and payment collection and compensation services.

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, Contact:
Caja de Compensacion de Asignacion Familiar Los Heroes
Jorge Oliva
+562 29648187
Av. Holanda 100

For Inquiries and Comments About IFC, Contact:
General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384


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/

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How it works