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Colombia’s Finanzauto secures $55m DFC loan
Colombian vehicle financing company Finanzauto has secured a $55 million loan from the International Development Finance Corporation (DFC), with a seven-year maturity, that the company will use for the expansion of its vehicle-finance loan portfolio to micro, small, and medium-sized enterprises.
Publicado lundi, septembre 11 2023
At least 33% of the loan’s proceeds will be directed to eligible MSMEs and at least 33% to rural MSMEs.
The loan involved a security interest over movable securities granted by Finanzauto S.A. BIC. as borrower in favor of the DFC as lender, and which was governed by Colombian law.
The finance agreement was governed by the laws of the State of New York.
The project is expected to have a developmental impact on Colombia’s economy through the provision of long-term vehicle financing to MSMEs. The survival and growth of MSMEs in Colombia is considered essential for economic recovery from the impacts of the Covid-19 pandemic.
The DFC-supported project is expected to enable Finanzauto to promote investment in cleaner cars with a focus on rural and women-owned MSMEs.
The project has in place an environmental and social management system appropriate to the risks associated with Project activities, pursuant to DFC environmental and social guidelines.
The transaction involved the jurisdictions of Colombia and the US, and Colombian law firm DLA Piper Martínez Beltrán acted as lead counsel to Finanzauto, with a team led by partner Camilo Martinez Beltrán, with director Juan Camilo Varón and associates Sebastián Pomárico and Manuela Corredor.
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