COMFAMA
Project Number:
CO3160A-01
Expected Consideration Date by the Board:
10/20/2004
Date Posted:
09/14/2004
Company:
Caja de Compensación Familiar de Antioquia
Financing Requested:
Sector:
Financial Services
Location:
Colombia
Country:
Scope Objective:
Funding from IIC will help Caja de Compensación Familiar de Antioquia (Comfama, a Colombian family social fund) meet the requirements of Law 789 enacted in 2002. The law requires that family social funds create more jobs by providing funding directly to small and medium-size companies. Comfama will use this line of credit to grant working capital loans for micro-enterprises and small and medium-size companies affiliated with Comfama.
Environmental Review:
Environmental Classification and Issues:
This is a Category III project according to the IIC’s environmental and labor review procedures because specific impacts might result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. Each subproject will be required to comply with national environmental and labor laws, regulations and standards as well as IIC policies. To enable the Borrower to better understand the IIC’s requirements, Comfama shall be required to attend IIC’s financial intermediary environmental training seminar.
