The project's objective is to contribute to reducing the quantitative housing deficit for the Base of the Pyramid (BOP) in Colombia by facilitating access to mortgage loans for low-income housing. To achieve this objective, the Opportunities for the Majority Sector is proposing to provide a Partial Credit Guarantee (PCG) of up to US$5.2 million, equivalent in Colombian Pesos (COP), to Credifamilia Compañía de Financiamiento Comercial S.A, the first regulated financial institution in the country to specialize in mortgage lending for low-income housing (Vivienda de Interes Social, or VIS). With the IDB PCG, Credifamilia will be able to borrow US$5 million, equivalent in Colombian Pesos (COP), from the Inter-American Investment Corporation (IIC) (The Guaranteed Loan). The IDB resources would support Credifamilia's early loan origination activity and allow it to attract additional financing from the market.
|Sector||URBAN DEVELOPMENT AND HOUSING|
|Subsector||URBAN DEVELOPMENT AND HOUSING-HOUSING|
|Approval Date||SEP 14, 2011|
|IDB Financing *||5.24|
|Total Cost H||USD 5,239,211|
|Reporting currency||USD - United States Dollar|
|Reporting Date||SEP 30, 2017|
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