Original disclosure @ IFC website
Updated in EWS Apr 23, 2021
Disclosed by Bank Apr 15, 2021
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The proposed transaction consists of a sustainability linked A Loan of up to BRL450 million to Companhia Riograndense de Saneamento – Corsan (“Corsan” or the “Company”), a water utility wholly owned by Rio Grande do Sul state, in Brazil. It operates in 317 municipalities, serving 6 million people, two thirds of the State’s urban population. The loan will have 8 years tenor including 2 years grace period. The funds will be used to support Corsan’s BRL453 million capital expenditure program for water loss reduction and energy efficiency improvements (the “Project”).
The direct anticipated impact of this project is to increase quality of water supply services in Rio Grande do Sul and the environmental benefits of reducing wasted water resources. At the market level, the project will contribute to increase competitiveness of water sector in Brazil by demonstrating a feasible water loss reduction strategy that improves the financial viability of water utilities. The project also contributes to introducing into the market sustainability linked loans as an innovative financial product with potential to enable water infrastructure sector investments.
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