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Brazil's Dias Carneiro helps IDB Invest fund gender equality efforts
Latin Lawyer
Dias Carneiro Advogados has helped IDB Invest grant a US$300 million loan to Brazil’s Banco Daycoval, targeted at supporting female entrepreneurship in underserved areas of the country.
Daycoval relied on its in-house counsel for the deal, which closed on 17 December.
IDB Invest teamed up with the IFC and 13 other lenders to provide the financing. It complements an initial loan of US$430 million to Daycoval signed in December 2019.
Among the lenders that participated in the transaction are Itaú BBA, Santander, Banco Latinoamericano de Comércio Exterior and Industrial and Commercial Bank of China.
Daycoval will use the money to grow its credit portfolio focused on female-led businesses and small and medium-sized enterprises.
IDB Invest has agreed to provide advisory services to Daycoval to improve its gender equality and diversity inclusion programmes. Furthermore, it will help Daycoval identify opportunities in their recruitment and talent development frameworks, as well as in their purchasing and procurement processes.
IDB Invest is committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. Currently, it holds a portfolio of US$13 billion worth of assets under management and 385 clients in 25 countries.
Founded in 1968, Daycoval provides credit to national companies of various sizes and sectors. The bank is present in 21 Brazilian states and the Federal District through 46 branches.
Counsel to IDB Invest
In-house counsel – Mariana Wiesel Beltrame
Dias Carneiro Advogados
Partners Thiago Flores and Gustavo Junqueira, and associate Fernanda Savorelli Melhem
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