According to IFC website, the project consists of a senior debt facility of up to US$300 million to Banco Santander (Brasil) S.A. to support the origination of sub-loans to women-owned small and medium enterprises in Brazil. The facility consists of: (i) a 4-year bullet A-loan of up to US$150 million on IFC’s own account, and (ii) a 2-year bullet B-loan of up to US$150 million.

Further, the Project will contribute to close the significant financing gap for WSMEs in Brazil, where 30% of WMSMEs find themselves to be financially constrained. The Project will leverage on Santander's position and distribution network to expand access to finance for WSMEs. It will also demonstrate to other lenders the business opportunity presented by under-served WSMEs, leading to replication that will improve competitiveness through an increased offering of financial services and products for WSMEs.

(i) Project Impact - Stakeholders: IFC anticipates that the Project will contribute to close the significant financing gap for WSMEs in Brazil, where 30% of WMSMEs find themselves to be financially constrained. The Project will leverage on Santander's position and distribution network to expand access to finance for WSMEs.

(ii) Market Impact - Competitiveness: The Project should demonstrate to other lenders the business opportunity presented by under-served WSMEs, leading to replication that will improve competitiveness through an increased offering of financial services and products for WSMEs.

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

An extended list of private actors is available in a separate file. 

Santander is directly and indirectly controlled by Santander Spain (89.6%), through its subsidiaries Grupo Empresarial Santander S.L. and Sterrebeeck B.V. The Bank is publicly traded in Brazil at the Bovespa (B3) stock exchange and in the United States in the New York stock exchange (“NYSE”) stock exchange, with a total free float of 10.06%.

Project Contact: Eugenio Zaccaro Pagotto
Funding Manager, Banco Santander (Brasil) S.A. 
Telephone No.: +55 (11) 3012-6753
Email Address: eugenio.pagotto@santander.com.br
Office Address: Av. Juscelino Kubitscheck, 2235, Sao Paulo
Website: www.santander.com.br

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/