Clinicas del Azucar Expansion 2017 (IFC-40669)

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
Approved
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
May 11, 2018
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
CLINICA DEL AZUCAR, S.A.P.I. DE C.V.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 4.00 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 Jul 10, 2018

Disclosed by Bank Apr 27, 2018

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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.

According to the International Finance Corporation, this project will consist of an equity investment to support Clínicas del Azúcar's expansion plan for the next two years to include approximately ten new clinics in Mexico and and implementation of its digital strategy. 

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The International Finance Corporation gives the following explanation for its B rating:

"Key Environmental & Social risks and issues associated with this project include the adequate management of human resources elements, biomedical waste, occupational health and safety, and the safe design of clinics and evacuation procedures in case of an emergency."                                                  

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

The International Finance Corporation will invest up to US$4 million of equity as part of Clinica del Azucar's fundraising round. Additional capital will be provided by existing and new investors. 

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 the International Finance Corporation's website, Clínicas del Azúcar is a chain of clinics that specialize in the treatment of diabetes and hypertension. The company offers specialized treatment in a one-stop-shop with access to medical consultations, nutritionists, psychologists, laboratory services, and a retail store. The company, headquartered in Monterrey, Mexico was founded in 2011. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Clínicas del Azúcar Client -

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.

Contact:

 Point of Contact (Name):  Miguel Garza

Title: Chief Operating Officer

Telephone Number: +52 81 2314 5000

Email:  mgarza@clinicasdelazucar.com               

Mailing Address: Los Rosales 365, Santa Engracia, 66267 San Pedro Garza Garcia, Nuevo Leon, Mexico

Website:  http://www.clinicasdelazucar.com/     

 

ACCOUNTABILITY MECHANISM OF IFC

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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How it works