DCM DAV Col Bio (IFC-50187)

Countries
  • Colombia
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
Proposed
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
Oct 17, 2024
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
BANCO DAVIVIENDA S A
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
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 Oct 31, 2024

Disclosed by Bank Oct 29, 2024

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Contact the EWS Team

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 IFC, the proposed investment consists of an investment of up to US$50 million equivalent in Colombian pesos (COP) in a biodiversity bond issuance by Banco Davivienda S.A (Davivienda or the Bank). The Colombian peso-denominated bond will be privately placed, and Davivienda will use the proceeds to finance projects for conserving, protecting, and restoring biodiversity and nature. In line with the IFC’s Biodiversity Finance Reference Guide, and Colombia's Green Taxonomy, the projects that can be financed with the proceeds of the biodiversity bond include business activities related to the use of recycled material, climate-smart and regenerative agriculture, reforestation, companies with sustainable seals that certify their good environmental practices and include biodiversity considerations, sustainable freshwater and marine production, among others. 

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

According to the IFC, the proposed investment (the Project) consists of a 4-year senior unsecured biodiversity bond to be issued under a local private placement by Banco Davivienda S.A. (Davivienda or the Bank) of up to US$50 million equivalent in Colombian pesos (COP)

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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 IFC, Davivienda is a systemic financial institution (FI), ranking as the 2nd largest bank in Colombia by assets, loans and deposits, with market shares of 13%, 15%, and 14% respectively, as of June 2024. Davivienda operates in six countries with a consolidated asset base of US$44 billion, through a network of 663 branches, more than 17 thousand employees, and serving over 24 million clients. It is majority-owned (59.2%) by Grupo Bolívar, one of the most important corporate groups in Colombia. Among other shareholders stand local pension funds, foreign investors, other companies and retail investors.


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.

Banco Davivienda S.A.
Satiago Rivera
Head of M&A and Capital Markets
+57 300-3920-526
sariver@davivienda.ocm


ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

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

How it works

How it works