GAIA Vitare: Transforming Waste into Resources through a Circular Economy that Protects the Environment (IADB-CO-L1303)

Countries
  • Colombia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Inter-American Development Bank (IADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
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 16, 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
GAIA VITARE
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 2.00 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.
Project Cost (USD)
$ 3.20 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.
Bank Documents
Primary Source

Original disclosure @ IADB website

Updated in EWS May 28, 2024

Disclosed by Bank Apr 1, 2025

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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 IDB, the objective of the project is to increase the capacity for processing engineering plastics 11 through the use of more efficient and automated technology and infrastructure so as to permit greater recovery and recycling of those materials, thereby contributing to the reduction of greenhouse gas emissions and the transition to a circular economy with the support of waste pickers.

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

Español: De acuerdo con el documento "Resumen de la Revisión Ambiental y Social (RRAS)"  Gaia Vitare, S.A.S (“Gaia” o la “Empresa”) es una empresa colombiana que presta servicios ambientales de recolección, transporte, almacenamiento, tratamiento, aprovechamiento y/o disposición final para la gestión de Residuos de Aparatos Eléctricos y Electrónicos (RAEEs), peligrosos, ordinarios y reciclables, enmarcados en el concepto de economía circular. La transacción consiste en un préstamo en favor de Gaia Vitare para financiar (i) adecuaciones civiles para la ampliación de la planta incluyendo nueva infraestructura y sistemas contra incendio; (ii) la adquisición de maquinaria automatizada para el procesamiento de residuos plásticos; y (iii) la compra e instalación de energía solar con capacidad de 450 kW.

English: 

According to the document "Resumen de la Revisión Ambiental y Social (RRAS)," Gaia Vitare, S.A.S ("Gaia" or the "Company") is a Colombian company that provides environmental services for the collection, transportation, storage, treatment, utilization, and/or final disposal of Waste Electrical and Electronic Equipment (WEEE), hazardous, ordinary, and recyclable waste, framed within the concept of the circular economy. The transaction consists of a loan in favor of Gaia Vitare to finance (i) civil works for the expansion of the plant including new infrastructure and fire prevention systems; (ii) the acquisition of automated machinery for the processing of plastic waste; and (iii) the purchase and installation of solar energy with a capacity of 450 kW.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Gaia Vitare 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.

No contacts available at the time of disclosure.

 

ACCOUNTABILITY MECHANISM OF IADB

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).

How it works

How it works