Original disclosure @ IFC website
Updated in EWS Jan 13, 2023
Disclosed by Bank Jan 9, 2023
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The proposed investment is a 50-50% unfunded risk-sharing facility (RSF) with Banco Santander Chile (“Santander” or the “Bank”) on a portfolio of trade finance assets for up to US$300 million and an availability period of 3 years. As part of the Project, Santander Chile will retain at least 50% of the total portfolio exposure, while IFC will take the risk of the remaining 50% or up to US$150 million. The Project will provide Santander with a risk-mitigation tool which will allow the Bank to preserve capital for a portion of its trade-related assets. The total capital conserved per annum will be redeployed to generate up to US$150 million to finance climate related and small and medium enterprises (“SMEs”) portfolio.
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