Colending Program with Crédit Uruguay Banco S.A
The project consists of a colending program to promote private sector investment and employment in Uruguay through the joint financing of Eligible Companies. Crédit Uruguay, the Agent, will manage the facility and will provide loans to the borrowers jointly with the IIC. Eligible Companies will include Uruguayan companies that meet Crédit Uruguay and IIC credit eligibility requirements and are based in Uruguay, with assets preferably below thirty-five million U.S. dollars (US$35,000,000). The financing can be used for various purposes depending on the company’s needs, such as expansion of productive capacity, working capital, purchase of assets, or a combination thereof.
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, two representatives of Crédit Uruguay Banco S.A. shall be required to attend IIC’s financial intermediary environmental training seminar.