EC-L1150 : Mutualista Pichincha: Social Housing Project in Ecuador

Project Status
Cancelled

The project¿s objective is to increase access to credit for the construction and purchase of low-income housing (LIH) in Ecuador and thus help reduce the country¿s quantitative housing deficit. To achieve this objective, the IDB will provide a senior secured loan of up to US$18.0 million to the Asociación Mutualista de Ahorro y Crédito para la Vivienda ¿Pichincha¿ [¿Pichincha¿ Mutual Savings and Loan Association for Housing] (Mutualista Pichincha), consisting of an A loan for up to US$10 million to be financed by the IDB and a B loan for up to US$8.0 million to be financed through the sale of shares to commercial lenders. The loan proceeds will be channeled to expand: (i) Mutualista Pichincha¿s low-income housing loan portfolio through loans intended for the purchase of new LIH type homes; and (ii) Mutualista Pichincha¿s comercial loan portfolio through loans targeting builders focused on increasing the supply of LIH projects.

PROJECT DETAIL

Project Number EC-L1150
Operation Number 3598A/OC-EC
Country Ecuador
Sector URBAN DEVELOPMENT AND HOUSING
Subsector URBAN DEVELOPMENT AND HOUSING-HOUSING
Project Type Loan Operation
Project Status Cancelled
Approval Date NOV 30, 2015
IDB Financing * 10.00

PROJECT INFORMATION

Total Cost H USD 30,000,000
Country Counterpart Financing USD 20,000,000
Financing Type Private Sector Loan
Fund Ordinary Capital
Reporting currency USD - United States Dollar
Reporting Date SEP 30, 2017
PORTFOLIO DETAILS
Key Value
H Historical
R Revalued

*For active and closed projects, the IDB financing at Board approval is shown in US$ millions. This does not reflect any cancellations. For projects in Preparation the amount shown is the Estimated IDB Financing. Approved projects shows either Estimated IDB Financing or Historic Approved amount. The IDB financing for projects in the pipeline is indicative and may be modified during the project preparatio

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