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The proposed investment (the “Project”) consists of an IFC anchor investment of up to US$10 million equivalent in local currency in an up to US$20 million total issuance for Fondo Esperanza SpA. (the “Company” or “FE”), as part of the Company’s first commercial paper program (the “Program”) in the local capital market in Chile (the “Country”). IFC would subscribe a longer dated 2-year tranche to mobilize the remaining US$10 million from other local investors expected to invest in a shorter renewable tranche. The Project will help expand the Company’s microfinance portfolio to low-income microentrepreneurs, currently underserved by the traditional banking sector.
The most significant expected project outcome is increased access to finance for microentrepreneurs from underserved segments in Chile. In addition, IFC anticipates that the Project has the potential to promote greater inclusiveness via demonstration and replication channels.
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/