FROM THE FMO:
WHO IS OUR CLIENT
Fedecredito is a federation of 55 member cooperatives, which provides technical assistance and funding to its members. The 55 member cooperatives together own 100 percent of Fedecredito. The cooperatives in turn are owned by their 934k members/ shareholders.
FMOs loan will be on-lent by Fedecredito to its members.
WHY WE FUND THIS PROJECT
We have committed to reduce inequality in El Salvador. Fedecredito's UBOs are about 1 million low-to-mid income Salvadorans and by providing debt we support further increase of Fedecredito's equity value which is ultimately owned by this 1/6 of the population in El Salvador. We support financial inclusion in El Salvador. By supporting Fedecredito who leads and manages the growth of the network Fedecredito (Sistema Fedecredito) which has 625+ service points throughout El Salvador being most outreaching and largest banking network in the country. There is no place in El Salvador where within a 20 kilometer range you are not able to find a service point of Sistema Fedecredito. We aim to mobilize/catalyze global partnerships. We have brought new investors to Fedecredito: DEG, Proparco, Ecobusiness Fund, Triodos and Actiam. We aim to make Fedecredito Green by supporting Fedecredito in boosting Sistema Fedecredito's agricultural portfolio aligned with the biodiversity goals of EcoBusiness Fund.
This project is in the form of a USD 24 million loan from the FMO.
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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/