Fondo Mi Vivienda 2 (MIGA-15086)

Countries
  • Peru
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
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
U
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
Feb 1, 2023
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
Fondo Mivivienda 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 Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 370.00 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 @ MIGA website

Updated in EWS Jul 11, 2024

Disclosed by Bank Dec 22, 2022

Contribute Information
Can you contribute information about this project?
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.

PROJECT DESCRIPTION

This summary covers an application made by Fondo Mivivienda S.A. (FMV) to cover a proposed lending facility to be provided to FMV from Lender(s) yet to be identified.

MIGA's coverage has been sought in relation to a Non-Honoring of Sovereign Financial Obligations of a State-Owned Enterprise (NHFO-SOE) guarantee for up to US$370 million to cover an up to US$300 million US dollar debt financing structure with a tenor of up to 6 years.

The proceeds of the MIGA-covered Loan(s) will be used by FMV to promote sustainable housing through green mortgage lending to middle-income households, and to increase access to mortgages to low-income households and vulnerable groups, including women-headed households and people with disabilities.FMV is a wholly owned financial institution of the Government of Peru with strategic importance in promoting and financing housing solutions in the country. It is the largest provider of affordable housing financing in Peru and plays a critical role in the government's public policies to reduce the country's housing shortage.

This project builds on MIGA's previous engagement with FMV in FY2022. The proceeds of the first MIGA-guaranteed loan were devoted to funding green housing mortgages under the Green House Program "Mivivienda Verde", which promotes green housing mortgages for the acquisition of certified green housing properties for vulnerable medium-income households and contributed to the development of the green mortgage market by commercial financial institutions.

ENVIRONMENTAL CATEGORIZATION

The MIGA Project will support mortgage access to middle-income households. The E&S risks associated with mortgage loans are considered minimal and this Project has thus been categorized as FI-3 underMIGA's Policy on Environmental and Social Sustainability (2013). There will be no E&S requirements for the lending portfolio. As part of the FY22 transaction, MIGA reviewed FMV's labor practices to ensure compliance with therequirements set under Performance Standard 2: Labor and Working Conditionsand no gaps were identified.

 

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

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.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org

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