Ecovia NW Bridge (IFC-48087)

Countries
  • Brazil
Geographic location where the impacts of the investment may be experienced.
Specific Location
State of São Paulo
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Active
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
Mar 30, 2023
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
CONCESSIONARIA DE RODOVIAS NOROESTE PAULISTA S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
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)
$ 700.00 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)
$ 700.00 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 Apr 27, 2023

Disclosed by Bank Apr 6, 2023

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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 is a bridge facility of up to BRL 700 million for Concessionária de Rodovias Noroeste Paulista S.A. (the “Company” or “EcoNoroeste”). The Company was established to operate, improve, and maintain 600 km of brownfield toll-road segments in the State of São Paulo in Brazil, under a 30-year concession awarded in 2022 (the “Project”). The Company is part of the Group Ecorodovias, a leading Brazilian toll roads operator, which is majority owned by ASTM with a 51.9% shareholding interest. ASTM is an Italian company controlled by the Italian industrial group, Gruppo Gavio, and participated by the French asset manager, ArdianThe Project will be implemented in multiple locations in the state of São Paulo, Brazil. The roads involved are SP-310, SP-333, SP-323, SP-351, and SP-326, in their stretches located between São Carlos, São José do Rio Preto, and Barretos.The proceeds will partially finance the payment of the upfront concession fee (BRL 1.29 billion) and the initial investments upon the concession agreement’s execution (c. BRL 3.0 billion). The concession's capex includes, among others, (i) 123km of road duplications, (ii) 147km of additional lanes, (iii) 26km of frontage roads, (iv) 75km of bicycle paths, (v) other works such as intersections, footbridges, truck drivers rest areas, and (vi) operational equipment purchase.  Construction activities are expected to start in 2024. Around 50% of these investments take place during the first 6 years, with some additional duplications in 2038 and major maintenance during the whole period.  The existing roads under the concession were built in the 1970s and expanded in the early 2000s.                                                   

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

Contact Information
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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/

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