Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Mexico
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Inter-American Investment Corporation (IIC)
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2017-11-15
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: FINAE, S.A.P.I. de C.V. SOFOM ENR
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Education and Health
  • Finance
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 18.36 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Currency conversion note:
Bank reported Up to MXN350 million
Converted using 2017-12-11 exchange rate.

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Primary Source

Original disclosure @ IIC website
Updated in EWS: 2018-01-16
Disclosure Date: 2017-11-13
FINAE Financing
IIC-12179-02

Project Description
IIC SCOPE OBJECTIVE: For FINAE, the project is expected to improve its debt maturity profile and costs of financing and will help scale up the results achieved by FINAE with previous IDB Group financing to continue promoting and facilitating access to finance for students coming from low income families who lack the financial resources to pursue higher education studies in Mexico. Students from 21 States in Mexican territory are expected to benefit from the financing as FINAE works with 24 universities and over 100 campuses in Mexico.C. See IIC project page for its ENVIRONMENTAL REVIEW.
Investment Description
The IIC seeks to support FINAE with a financing of up to MXN350 million. The financing is expected to be collateralized by a pool of student loans originated and serviced by FINAE.
Private Actors
FINAE is "a financial institution that grants student loans to young Mexicans who are the base of the pyramid and want to study a bachelor's degree or a postgraduate course in any of the universities within the Mexican Republic that have an agreement with us."
Contact Information
Jesus Garcia Martinez Title: Funding Director Email: jgarcia@finae.com Phone Number: (+52 55) 5616 6946 Ext. 1006 ACCOUNTABILITY MECHANISM OF IIC The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).