FIDOSA II

For inquiries and comments to IIC, contact:
IIC’s Communications Group
E-mail: divulgacionpublica@iadb.org

For project inquiries, including environmental and social questions related to an IIC investment, please contact the client or the IIC using the contact information provided above. In addition, project affected communities have access to the IIC Independent Consultation and Investigation Mechanism.
Tel:+1 (202) 623-3952
Fax: +1 (202) 312-4057
Address: 1300 New York Ave. NW Washington, DC. USA. 20577
E-mail: mecanismo@iadb.org or MICI@iadb.org

Project Number: 
GU3764A-02
Expected Consideration Date by the Board: 
06/24/2014
Date Posted: 
05/15/2014
Company: 
Financiera de Occidente S.A. (“Fidosa”)
Sponsoring Entity: 
Not applicable
Financing Requested: 
Up to US$6 million
Sector: 
Financial Services
Location: 
Guatemala
Country: 
Scope Objective: 

 
The project consists of a loan to Fidosa. The objective of this IIC operation is to support Fidosa’s efforts to increase its lending to small- and medium-sized enterprises in Guatemala for medium-term projects.

Fidosa is a Guatemalan financial institution founded in 1991. It focuses on placing trust, mortgage, and pledge loans with terms of more than three years. It has solid and well-regarded experience managing trusts, private pension funds, real estate projects, and other investment types that require specialized financial services. It also has well-regarded experience in investment banking, including debt and equity restructuring, feasibility studies, business valuation, securitizations, and business strategy consulting.

Fidosa is part of the Grupo Financiero de Occidente, a Guatemalan-owned group with which the IIC has had a business relationship for 15 years.

Environmental Review: 

Environmental and Labor Issues:

This is an IF-2 project according to the IIC’s Environmental and Social Sustainability Policy because the subprojects in the financial intermediary’s current or future portfolio are considered medium risk.  Each subproject will be subject to an environmental review and must comply with domestic environmental and labor laws, rules, and regulations, as well as the IIC’s environmental guidelines. To strengthen evaluation of the labor and environmental issues in its operations, Fidosa attended an environmental training seminar for financial intermediaries offered by the IIC in 2008 and 2012. As a result, it developed formal procedures for environmental review of its credit operations. Fidosa sends an annual report to the IIC on environmental performance.