Golden Grass (IFC-41734)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Brazil
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
Proposed
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
Nov 19, 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.
Borrower
BANCO BRADESCO 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.
Ring Fence
  • Small & Medium Enterprises
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 150.00 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.
Loan Amount (USD)
$ 300.00 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)
$ 300.00 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 Dec 4, 2021

Disclosed by Bank Oct 18, 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.

According to IFC website, the project’s main objective is to support SME lending through a key financial intermediary, Banco Bradesco S.A.. Addressing the lack of access to finance for SMEs is a strategic priority for IFC as it is a clearly identified constraint to shared prosperity and poverty reduction observed in many emerging economies. The Project will continue to support an existing relationship between IFC and Bradesco, one of the most solid financial groups in Latin America and that has deep footprint in the Brazilian economy.

Further, it aims to close the country's wide SME finance gap by enabling Bradesco to offer financing options to small and medium size enterprises organized under the APL (Arranjos Produtivos Locais). It will enhance financial connectivity within the SME financing market and thus strengthen the SME value chain by demonstrating to other lenders operational efficiency gained through the partnership with APLs.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Project Impact - Stakeholders: The Project aims to close the country's wide SME finance gap by enabling Bradesco to offer financing options to small and medium size enterprises ("SMEs") organized under the APL (Arranjos Produtivos Locais). Bradesco has a strong track record of serving clients across the country, including regions such as the North and Northeast of Brazil.

Market Impact - Integration: The Project will enhance financial connectivity within the SME financing market and thus strengthen the SME value chain by demonstrating to other lenders operational efficiency gained through the partnership with APLs.

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 Actor Relationship
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.

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

An extended list of private actors is available in a separate file. 

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.

Bradesco was founded in 1943, and currently the Bank is one of the largest banks in Brazil. Bradesco has one of the wider reach of branches across the country, and an important presence within the North and Northeast regions of Brazil. Bradesco has its shares traded in the B3, and the ownership structure is as follow: Bradesco Foundation (49.2%), the BBD Participações S.A. (management employees) (13.4%), the Aguiar family (11.2%), and the free float (26.2%).      

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Actis LLP Parent Company Energy owns Sao Pedro Solar Plant Project Client Energy
Argo Energia Parent Company Energy owns JMM Transmission Line PPP Client Energy
Banco do Brasil Parent Company Energy owns Cia Energetica de Pernambuco (Iberdrola Banco do Brasil Previ) Client Energy
Bradesco Investor Finance invests in Allied Tecnologia SA Parent Company Communications
Bradesco Investor Finance invests in Allied Tecnologia SA Client Communications
Bradesco Investor Finance invests in Alvean Sugar SL Client Agriculture and Forestry
Bradesco Investor Finance invests in Alvean Sugar SL Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Andrade Gutierrez Participacoes SA Client Construction
Bradesco Investor Finance invests in Andrade Gutierrez Participacoes SA Parent Company Construction
Bradesco Investor Finance invests in Andrade Gutierrez SA Parent Company Construction
Bradesco Investor Finance invests in Andrade Gutierrez SA Client Construction
Bradesco Investor Finance invests in Archer Daniels Midland Co Client Agriculture and Forestry
Bradesco Investor Finance invests in Archer Daniels Midland Co Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Blau Farmaceutica SA Parent Company Education and Health
Bradesco Investor Finance invests in Blau Farmaceutica SA Client Education and Health
Bradesco Investor Finance invests in BRF SA Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in BRF SA Client Agriculture and Forestry
Bradesco Investor Finance invests in Cargill Inc Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Cargill Inc Client Agriculture and Forestry
Bradesco Investor Finance invests in Companhia Transirape De Transmissao Parent Company Construction
Bradesco Investor Finance invests in Companhia Transirape De Transmissao Client Construction
Bradesco Investor Finance invests in Companhia Transleste De Transmissao Parent Company Construction
Bradesco Investor Finance invests in Companhia Transleste De Transmissao Client Construction
Bradesco Investor Finance invests in Companhia Transudeste De Transmissao Client Construction
Bradesco Investor Finance invests in Companhia Transudeste De Transmissao Parent Company Construction
Bradesco Investor Finance invests in ECOM Agroindustrial Asia Ltd Client Agriculture and Forestry
Bradesco Investor Finance invests in ECOM Agroindustrial Corp Ltd Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Estaleiro Atlantico Sul SA Parent Company Construction
Bradesco Investor Finance invests in Estaleiro Atlantico Sul SA Client Construction
Bradesco Investor Finance invests in Flex Ltd Client Communications
Bradesco Investor Finance invests in Flex Ltd Parent Company Communications
Bradesco Investor Finance invests in Hershey Co Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Hershey Co Client Agriculture and Forestry
Bradesco Investor Finance invests in Howmet Aerospace Inc Parent Company Construction
Bradesco Investor Finance invests in Howmet Aerospace Inc Client Construction
Bradesco Investor Finance invests in IBM Corp Parent Company Communications
Bradesco Investor Finance invests in IBM Corp Client Communications
Bradesco Investor Finance invests in InterCement Brasil SA Client Construction
Bradesco Investor Finance invests in InterCement Brasil SA Parent Company Construction
Bradesco Investor Finance invests in International Business Machines Corp Parent Company Communications
Bradesco Investor Finance invests in International Business Machines Corp Client Communications
Bradesco Investor Finance invests in JBS USA Lux S.A. Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in JBS USA Lux S.A. Client Agriculture and Forestry
Bradesco Investor Finance invests in Klabin SA Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Klabin SA Client Agriculture and Forestry
Bradesco Investor Finance invests in Marfrig Global Foods SA Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Marfrig Global Foods SA Client Agriculture and Forestry
Bradesco Investor Finance invests in Melora do Brasil Produtos Dermatologicos SA Client Education and Health
Bradesco Investor Finance invests in Melora do Brasil Produtos Dermatologicos SA Parent Company Education and Health
Bradesco Investor Finance invests in Minerva Luxembourg SA Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Minerva Luxembourg SA Client Agriculture and Forestry
Bradesco Investor Finance invests in Mondelez International Inc Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Mondelez International Inc Client Agriculture and Forestry
Bradesco Investor Finance invests in MRV Engenharia e Participacoes SA Parent Company Construction
Bradesco Investor Finance invests in MRV Engenharia e Participacoes SA Client Construction
Bradesco Investor Finance invests in Nard Agro Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Nard Agro Client Agriculture and Forestry
Bradesco Investor Finance invests in Odebrecht SA Parent Company Construction
Bradesco Investor Finance invests in Odebrecht SA Client Construction
Bradesco Investor Finance invests in Pilgrim's Pride Corp Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Pilgrim's Pride Corp Client Agriculture and Forestry
Bradesco Investor Finance invests in Prime Incorporacoes e Construcoes Ltda Client Construction
Bradesco Investor Finance invests in Prime Incorporacoes e Construcoes Ltda Parent Company Construction
Bradesco Investor Finance invests in Sao Martinho SA Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Sao Martinho SA Client Agriculture and Forestry
Bradesco Investor Finance invests in SJC Bioenergia SA Client Agriculture and Forestry
Bradesco Investor Finance invests in Suzano Papel e Celulose SA Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Suzano Papel e Celulose SA Client Agriculture and Forestry
Bradesco Investor Finance invests in Suzano Papel E Celulose Sa (Now 5k4053) Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Suzano Papel E Celulose Sa (Now 5k4053) Client Agriculture and Forestry
Bradesco Investor Finance invests in Telefonica SA Parent Company Communications
Bradesco Investor Finance invests in Telefonica SA Client Communications
Bradesco Investor Finance invests in Usina Itajobi Ltda Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Usina Itajobi Ltda Client Agriculture and Forestry
Bradesco Investor Finance invests in Usina Santa Fe S/A Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Usina Santa Fe S/A Client Agriculture and Forestry
Bradesco Investor Finance invests in Ventos de Sao Jorge Energias Renovaveis SA Parent Company Construction
Bradesco Investor Finance invests in Ventos de Sao Jorge Energias Renovaveis SA Client Construction
Bradesco Investor Finance invests in Vibra Agroindustrial SA Parent Company Agriculture and Forestry
Bradesco Investor Finance invests in Vibra Agroindustrial SA Client Agriculture and Forestry
Bradesco Investor Finance invests in Votorantim Cimentos SA Parent Company Construction
Bradesco Investor Finance invests in Votorantim Cimentos SA Client Construction
Cargill Inc Parent Company Agriculture and Forestry owns SJC Bioenergia SA Client Agriculture and Forestry
Casa dos Ventos Energias Parent Company Energy owns Tiangua Wind Farm Power Plant Client Energy
Cia Energetica de Pernambuco (Iberdrola Parent Company Energy owns Cia Energetica de Pernambuco (Iberdrola Banco do Brasil Previ) Client Energy
Creadev SAS Parent Company Energy owns Ventos De Vila Acre Ii Spe Sa Client Energy
ECOM Agroindustrial Corp Ltd Parent Company Agriculture and Forestry owns ECOM Agroindustrial Asia Ltd Client Agriculture and Forestry
Enel SpA Parent Company Energy owns Ampla Energia e Servicos SA Client Energy
Enel SpA Parent Company Energy owns Enel Green Power New Olinda Client Energy
Enel SpA Parent Company Energy owns Enel Green Power New Olinda B Client Energy
Enel SpA Parent Company Energy owns Enel Green Power New Olinda C Client Energy
ENEVA Parent Company Energy owns Parnaiba II Thermoelectric Power Plant (518MW) Bond Facility Client Energy
FIP Brasil Energia Parent Company Energy owns JMM Transmission Line PPP Client Energy
Parnaiba Participacoes Parent Company Energy owns Parnaiba II Thermoelectric Power Plant (518MW) Bond Facility Client Energy
Patria Investments Parent Company Energy owns Argo I Transmission Line (1150KM) Bond Facility Client Energy
Previ Parent Company Energy owns Cia Energetica de Pernambuco (Iberdrola Banco do Brasil Previ) Client Energy
Rio Energy Projetos De Energia Parent Company Energy owns Copacabana Geracao E Client Energy
Temasek Parent Company Energy owns Argo I Transmission Line (1150KM) Bond Facility Client Energy
Ventos de Estevao Hldg (VSE) Parent Company Energy owns Ventos de Santo Estevao Client Energy

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.

Banco Bradesco S.A.
Investor Relations Department
Telephone No.: +55 0800 701 1616
Email Address: investidores@bradesco.com.br
Office Address: Cidade de Deus, s/nº, Prédio Vermelho, 3º andar. Vila Yara, Osasco, SP. Brazil
Website: www.bradescori.com.br

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/

How it works

How it works