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CO-L1100 : Mortgage Loan Program for Low Income Families in Colombia

Project Status: Cancelled

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.

Project Detail

Project Number
CO-L1100
Project Country
Colombia
Project Sector
URBAN DEVELOPMENT AND HOUSING
Project Subsector
URBAN DEVELOPMENT AND HOUSING-HOUSING
Project Type
Guarantee
Project Status
Cancelled

Project Information

Total Cost
USD 5,239,211
Country counterpart financing
USD 0
Fund
Ordinary Capital

Preparation

Title
Type
Project Number
Date Published
Environmental & Social Management Reports
CO-L1100
July 15, 2011
Project Abstract
CO-L1100
April 05, 2011
Environmental & Social Strategies
CO-L1100
April 05, 2011