Altum CKD II (IFC-46654)

Countries
  • Mexico
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
B
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 4, 2022
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
CKD RF ESTRUCTURADA S.A.P.I. DE C.V. SOFOM ENR, Fideicomiso Irrevocable de inversion y Pago no. 4909
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.
Investment Type(s)
Loan
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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 7, 2022

Disclosed by Bank Sep 21, 2022

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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 investment consists of two senior secured loans to (i) CKD RF Estructurada, S.A.P.I de C.V. SOFOM E.N.R (“CKD”), an existing client and operating vehicle of AltumCK, and (ii) Fideicomiso Irrevocable de inversion y Pago no. 4909 (“CERPI Trust”), an operating vehicle of AltumPI (together the Funds). The Funds are managed by Legorreta Gomez y Asociados, S.C. (LG&A or the Fund Manager). The proceeds will be used to finance NBFIs and SMEs in Mexico, which have limited access to bank loans. At least 35% of the proceeds will fund climate related activities such as renewable energy (RE), solar panels for households and small businesses, and energy efficient (EE).                                               

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

The proposed investment will support Mexican SMEs and non-bank financial institutions (second and third tier) through a senior secured loan of up US$50 m to the operating vehicles of two funds, CKD RF Estructurada, S.A.P.I de C.V. SOFOM E.N.R, an existing IFC client; and Fideicomiso Irrevocable de inversion y Pago no. 4909. The Funds are managed by Legorreta Gómez y Asociados, S.C. (LG&A or the Fund Manager)

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.

According to information published by the National Commission for the Protection and Defense of Financial Services Users (CONDUSEF) in September 2022, CKD RF Estructurada, S.A.P.I de C.V. SOFOM E.N.R. is one of the financial institutions that has suffered identity theft to commit fraud by asking people for documentation and money in exchange for receiving a loan.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - CKD RF Estructurada, S.A.P.I de C.V. SOFOM E.N.R Undisclosed -
- - - - Fideicomiso Irrevocable de inversion y Pago no. 4909 Undisclosed -
- - - - Legorreta Gomez y Asociados, S.C. Parent Company -

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.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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