EDPYME ACCESO CREDITICIO S.A. (FMO-45080)

Countries
  • Peru
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
C
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.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jun 24, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

WHO IS OUR CLIENT

Acceso Crediticio is a taxi leasing company in Lima.

FUNDING OBJECTIVE

Financial inclusion.

WHY WE FUND THIS PROJECT

Acceso's financing makes possible that, with one year of experience as a taxi driver in Lima, the drivers can purchase their own taxi. Most of Accesoa€™s clients would not be eligible for any regular car leasing schemes, given their lack of credit history. Through a system of loan repayments at the gas station and a car maintenance model with high Acceso involvement, these taxi drivers become bankable. Additionally, as the taxis are CNG fueled, the emissions of the Acceso financed taxis are lower than for petrol fueled cars, leading to relevant CO2 avoidance. As this funding transaction is highly inclusive and given the relatively high credit risk profile of the institution, the transaction will be financed from MASSIF. We will lend the local currency equivalent of USD 10 million to Acceso for 4.5 years. This transaction is a follow-up of a smaller loan provided by Locfund, a regional microfinance fund of which FMO, through the MASSIF fund, is a founding shareholder.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

FMO
The Netherlands
+31 70 314 96 96
info@fmo.nl

Anna van Saksenlaan 71
2593 HW, The Hague
The Netherlands

FMO
South Africa
+27 11 507 2500
joburg-office@fmo.nl

Regent Place, 2nd Floor
Cradock Ave, Rosebank 2196
Johannesburg South Africa

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism