Quick Facts

Where the impacts of the investment may be experienced.
  • Nicaragua
Location: Rama, Kukra Hills, Laguna de Perlas, Chalmeca, San Ramón, La Fonseca
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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)
Status: Proposed
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: 2017-03-15
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: Constructora Santa Fe Ltda.
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Transport
Potential Rights Impacts:
Only for projects receiving a detailed analysis, a broad category of human and environmental rights and frequently at-risk populations.
  • Healthy Environment
  • Housing & Property
  • Labor & Livelihood
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ IIC website
Updated in EWS: 2017-08-09
Disclosure Date: 2017-02-15
Constructora Santa Fe Ltda.

Project Description
From the IIC: Santa Fe is a Costa Rican company specialized in the road construction and improvement, civil engineering and energy infrastructure, large scale earthworks, exploitation of materials for construction, and as contractor of multinationals companies in mining activities. Since 1974, it has developed projects in their country of origin as well as in Central and South America. Currently its main activities are concentrated in Nicaragua and Bolivia. This project aims to finance working capital needs for a specific road project, on which the Company requires resources to participate in tenders, commencement of operations, and other pre-operating expenses (that have been invested and are not reimbursed until project completion). The loan aims to finance OPEX for working capital for certain specific projects in which the Company requires resources (participate in tenders, start-up operations and other pre-operational expenses). One of them, “Mejoramiento del Camino Rama - Empalme Kukra Hill - Laguna de Perlas, Tramo II, consisting in the repaving and widening of an existing road of 52.58 km. The role of the IIC is important because this loan could be renewed at IIC's discretion and could be used in other road projects, which will need IIC's Environmental and Social clearance in order to be funded. This renewable loan will be used initially to finance the Rama-Kukra Hill project located in the Atlantic region of Nicaragua, thus will give financial flexibility to Santa Fe in continuing its operation in developing countries, where medium term financing is limited. At the same time, IIC will be supporting Santa Fe improving its corporate governance structure and practices, through technical assistance resources. This project has been categorized as B, according to IIC’s Sustainability Policy because it can result in certain effects that can be avoided or mitigated following generally recognized performance standards, guidelines and design criteria. The main E&S aspects analyzed were: Assessment and Management of Environmental and Social Risks and Impacts, Labor and Working Conditions, Resource Efficiency and Pollution Prevention, Community Health, Safety and Security, Land Acquisition and Involuntary Resettlement and Biodiversity Conservation and Sustainable Management of Living Natural Resources.
Investment Description
The 18 months term loan from the IIC is for a maximum amount of up to US$5 million.
Contact Information
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).