36032 - FCP 4G Credicorp Capital and Sura Asset Management

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Investment Information

Project Number

36032

Company Name

FCP 4G CREDICORP SURA ASSET MANAGEMENT - COMPARTIMENTO DEUDA PRIVADA INFRAESTRUCTURA I

Date SPI Disclosed

Aug 25, 2015

Country

Colombia

Region

Latin America and the Caribbean

Projected Board Date

Oct 1, 2015

Environmental Category

FI-1 - Significant

Status

Active

Last Updated Date

Nov 30, 2016

Department

Regional Industry INF LAC & EUR

Industry

Agribusiness and Forestry

Previous Events

Approved : Dec 7, 2015
Signed : Dec 10, 2015
Invested : Jan 15, 2016

Sector

Other Non-Fund

Project Description

The proposed project consists of an IFC investment, not to exceed 20% of total capital commitments in the first closing of Fondo de Inversion FCP 4G Credicorp Capital / Sura Asset Management, (the “Fund”). The Fund is an infrastructure-focused collective debt vehicle, focused on providing senior debt financing to toll-road projects in Colombia.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	75.0

Development Impact

The project is expected to deliver strong developmental impact by helping address the long-term financing gap for Infrastructure. The project supports capacity building in the asset management industry for infrastructure investments and is expected to increase the access to financing alternatives for the infrastructure sector in Colombia. The proposed investment will be key in completing the 4G program and supporting primary drivers of job creation and economic growth in Colombia. In addition, the project is expected to support a more balanced regional economic growth and job opportunities throughout the Country.

IFC''s participation in the fund is expected to aggregate IFC''s relevant experience in fund investments and in financing infrastructure and toll-roads throughout the region. Debt funds are a nascent asset class in Colombia and an IFC investment is expected to have a positive demonstration effect by raising awareness and ultimately mobilizing needed resources for infrastructure investments.

E&S Category Rationale / Risks and Mitigation

The project has been classified as Category FI-1 due to investments in toll road concessions with potentially high E&S risks. The Sub-projects will involve road construction and improvements that may have occupational health and safety (OHS) risks, resource management issues, pollution risks, community health, safety and security risks, potential impacts on biodiversity, indigenous peoples and other vulnerable communities, and involuntary land acquisition and/or resettlement. For this project, the Fund will need to ensure that all investments are in compliance with: (i) the IFC Exclusion List; (ii) the E&S laws and regulations of Colombia; (iii) the IFC Performance Standards and applicable EHS guidelines.

The main E&S risks associated with this project are related to the Fund’s capacity to manage E&S impacts of road projects in Colombia, which may include, but are not limited to, Construction risks such as air emissions, waste management, water management (waste water generated by road construction and pressure on pressure on local water resources) hazardous materials, and landslides, among others. Impacts during land clearing, blasting, road management practices (use of pesticides and herbicides) are also possible. In addition, Colombia hosts an extensive protected area network, which would be affected some of the proposed roads. A number of key biodiversity areas lie outside of the protected area network, increasing the potential for future operational restrictions due to the designation of new protected areas. OHS risks such as process safety, gas releases, chemical hazards and fire and explosions are also possible. Community issues such as land acquisition, involuntary resettlement, health, safety and security, as well as potential impacts on indigenous and other vulnerable communities are also Risks. Security Risks may arise from Insurgent groups that target infrastructure projects and local communities.

These will be managed and/or mitigated by the Fund: (i) Developing an E&S Management System (ESMS) and capacity to review all sub-projects per the E&S laws and regulations of Colombia and the Performance Standards, to be in place by commitment; (ii) conducting E&S due diligence (ESDD), with the help of qualified professionals, to identify the applicable E&S risks of each sub-project and require corrective actions as needed to ensure that these risks are managed according to the Performance Standards and applicable laws; (iii) implementing a monitoring framework to supervise the E&S risks of all sub-projects and report to IFC. IFC will review all ESDDs prior to the Fund’s investment to support the implementation of the ESMS. In addition IFC will also be conducting its own ESDD’s of the subprojects.

S.no	Title	Anticipated Completion Date	Status
1	Nominate officers	07/31/2015	Completed
2	Establish SEMS	07/31/2015	Completed
3	Formalize procedures	07/31/2015	Completed
4	Develop guidelines	09/15/2015	Completed
6	Staff Training	07/31/2015	Completed

Contacts

For Inquiries About the Project, Contact

Alvaro Hernan Mejia
Credicorp Capital Colombia
Calle 34 # 6-65
Bogota, Colombia
Telephone: +5713394400
Fax: +5713384476

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

Mario Dib
Union para la Infraestructura S.A.S
Carrera 11 # 93ª-53. Of. 701
Bogota, Colombia
Telephone: +5712361600
Fax: +5716167357

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

IFC's Investment as Approved by the Board

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Role and Additionality

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale / Key Risks & Potential Impacts

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Information on E&S Complaints and Grievance Mechanisms

Disclaimer