Support to the Social Financing Program of Empresas Publicas de Medellin

The general objective is to increase access to productive financing for
micro and small enterprises (MSEs) in the Department of Antioquia.
The specific objective is to expand the Social Financing Program of
Empresas Públicas de Medellín, by developing a sustainable model
for a public utility to provide financing for MSEs.
The project will be complementary to the US$10 million ¿Opportunities for the
Majority¿ (OMJ) loan to expand the scope of EPM¿s Social Financing Program,
and its execution will be closely coordinated with OMJ. First, it will introduce
microenterprises as a group of potential customers with specific needs and
dynamics not addressed in the original design of the Social Financing Program.
Second, it will introduce, for the first time in Colombia, systems of ¿credit scoring¿
for informal segments that otherwise would not have access to financing because of their risk profile, thus, the risk for EPM in serving these markets will be lowered.
The MIF support will facilitate better execution of EPM lending operations with
low-income sectors, which will be financed in part with OMJ funds. Third, both the
OMJ and the MIF projects will be executed by the Business Projects Management
Unit of EPM, ensuring that the two instruments will be implemented in harmony.
The goals of these two projects are closely coordinated.

Project Detail

Country

Colombia

Project Number

CO-M1058

Approval Date

October 5, 2010

Project Status

Closed

Project Type

Technical Cooperation

Sector

PRIVATE FIRMS AND SME DEVELOPMENT

Subsector

SMALL AND MEDIUM ENTERPRISE

Lending Instrument

Instrumento del Fondo Multilateral de Inversiones

Lending Instrument Code

MIF

Modality

Facility Type

Environmental and Social Impact Category (ESIC)

Category C: Likely to cause minimal or no negative environmental and associated social impacts

Total Cost

USD 1,708,037.00

Country Counterpart Financing

USD 1,308,037.00

Original Amount Approved

USD 400,000.00

Can’t find a document? Request information

Implementation Phase

https://www.iadb.org/document.cfm?id=EZSHARE-347086656-36

Annual Project Audited Financial Statement

EFAs [40650560].PDF

Sep. 06, 2016

Spanish

https://www.iadb.org/document.cfm?id=EZSHARE-347086656-8658