51362 - Caixa Housing

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

51362

Company Name

CAIXA ECONOMICA FEDERAL

Date SPI Disclosed

Feb 26, 2026

Country

Brazil

Region

Latin America and the Caribbean

Projected Board Date

Mar 30, 2026

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Apr 13, 2026

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Mar 30, 2026
Signed : Mar 31, 2026
Invested : Apr 8, 2026

Sector

Commercial Banking - Housing Finance

Project Description

The proposed investment consists of a five-year senior A Loan of up to US$200 million equivalent in local currency, to Caixa Econômica Federal (“Caixa” or the “Bank”), a bank fully owned by the Federal Government of Brazil. The Project aims to support the expansion of Caixa’s housing construction projects certified under the “Selo Casa Azul + CAIXA” program, with eligibility criteria also including EDGE, LEED, AQUA and other certifications. The financing will also enable the Bank to meet the funding requirements of the Eco Invest program by mobilizing funding from foreign lenders to leverage the blended finance provided by the Government of Brazil.

Associated Advisory Engagement

The Project is also expected to include IFC Advisory Services (“AS”) to support the Bank in (i) strengthening the alignment of Caixa’s Selo Casa Azul +CAIXA certification with international sustainable building frameworks, and (ii) enhancing its technical standards and processes related to the Selo Casa Azul + CAIXA program. The AS support will also help build institutional capacity through the introduction of complementary tools such as the EDGE green building certification system and the Building Resilience Index, which evaluates a building’s resilience to risks such as flooding, extreme weather, fire, and earthquakes.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	200.0
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Housing Loans to Developers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The most significant expected Project-level outcome is the increased access to finance for housing developers, including sustainable housing. Beyond this outcome, IFC anticipates that the Project will promote greater market sustainability via demonstration and replication channels by supporting the expansion and diversification of a key sector player, while strengthening its lending capacity for the construction of BRI-verified and certified buildings.

IFC’s additionality in this Project will be primarily non-financial, through standard setting as well as knowledge, innovation, and capacity building, delivered via an advisory engagement with the Bank. IFC will support Caixa in enhancing its standards and internal capabilities while also helping to establish market-leading practices that can serve as a benchmark for sustainable housing finance in Brazil, thereby strengthening Caixa’s position and contributing to broader industry transformation.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of Outstanding Loans, Housing : (target group)	number		Not Available	Not Available	Not Available
Value of Outstanding Loans, Housing : (target group)	$		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Project consists of a senior loan of up to US$200 million to Caixa to support housing construction projects certified under the Selo Casa Azul + CAIXA program. Associated environmental and social (E&S) risks are indirect, primarily related to medium-scale housing construction, and considered moderate, site-specific, and largely reversible. Caixa’s Environmental and Social Management System (ESMS) is designed to manage these risks proportionately. The Project is classified as FI-2 under the IFC Sustainability Framework. Activities on the IFC Exclusion List, coal-related activities, and higher-risk E&S transactions—such as involuntary resettlement, impacts on Indigenous Peoples, significant environmental or community health and safety risks, biodiversity or cultural heritage impacts, retrenchment, or major occupational health and safety risks—are not eligible. Applicable requirements include the IFC Exclusion List, Brazilian E&S regulations, and IFC Performance Standards, as relevant.

CAIXA is a new IFC client. IFC reviewed CAIXA’s E&S policies, procedures, and ESMS, which were found broadly adequate for medium-risk operations. Key risks relate to CAIXA’s ability to identify, assess, and manage E&S risks at the sub-borrower level. Construction-related subprojects may involve risks related to labor and working conditions, community health and safety, biodiversity, and land use. Risks related to Gender-Based Violence and Sexual Exploitation, Abuse, and Harassment (GBV/SEAH) are relevant but are expected to be manageable through CAIXA’s screening and proportional mitigation measures. CAIXA’s credit approval process evaluates the borrower’s sector, track record, and compliance with labor, occupational health and safety, and environmental licensing requirements. Activities in protected or embargoed areas are excluded, and borrowers undergo screening for forced labor and other prohibited practices. Loan agreements incorporate E&S covenants requiring compliance with applicable laws and standards. With respect to IFC Performance Standard 2 (Labor and Working Conditions), CAIXA maintains internal policies covering nondiscrimination, equal opportunity, freedom of association, prohibition of forced and child labor, occupational health and safety, and access to grievance mechanisms. These policies align with Brazilian labor legislation and PS2 requirements. CAIXA maintains grievance and communication channels for employees, clients, and external stakeholders. Under the Project, CAIXA will be required to maintain its ESMS to screen subprojects and ensure continued alignment with IFC Performance Standard 2. Monitoring will occur through CAIXA’s annual reporting and IFC’s supervisory engagements.

Contacts

For Inquiries About the Project, Contact

Caixa Econômica Federal
Morenno de Macedo
Head of Sustainable Finance
+55 61 99907 6422
morenno.macedo@caixa.gov.br
Setor Bancário Sul (SBS), Quadra 4, Lotes 3/4 - Asa Sul, Brasília, Brasil
www.caixa.gov.br

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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

Associated Advisory Engagement

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Associated Advisory Engagement

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

FIG Use of Proceeds/Beneficiaries

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Role and Additionality

Development Results

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