You might also be interested in:

German Gin Brand 'GINSTR' Expands to Asia

HONG KONG (ots) - - Cross-reference: Picture is available http://www.presseportal.de/bilder - Over the ...

Sono Motors Announces Bosch as Partner for Car Connectivity

Munich (ots) - Sion features integrated car, ride, and power sharing and will be able to charge itself thanks to ...

InnoGames boosts mobile revenues by 37 percent in 2018 / Online game developer and publisher reports double-digit percentage revenue growth in its 12th year on the market

Hamburg (ots) - InnoGames, Germany's leading developer and publisher of mobile and online games, today published ...

12.02.2019 – 09:01

Blue like an Orange Sustainable Capital

IDB Invest and Blue like an Orange Sustainable Capital Announce $70 Million in Financing for Cabify to Boost Safe Urban Mobility and Social Development in Latin America and the Caribbean

Luxembourg (ots/PRNewswire)

- Deal supports innovative digital business models that are having an
  impact on the urban transport sector  
- Financing will allow Cabify to strengthen its presence in countries
  where it operates across the region promoting social and 
  environmental benefits, gender equality, and financial inclusion of
  drivers  
- Funding seeks to support several of the United Nations Sustainable 
  Development Goals  

IDB Invest and Blue like an Orange Sustainable Capital announced this week their structured financing to Cabify, a ride hailing company that provides mobility solutions to its users, with the closing of a $70 million loan to support an innovative digital business model that is transforming the urban transport sector. The financing will allow Cabify to reinforce its 'smart cities agenda', reducing mobility costs and improving the lives of citizens.

https://bluelikeanorangecapital.com/press-releases/

(Logo: https://mma.prnewswire.com/media/820766/Blue_like_an_Orange_Logo.jpg )

(Logo: https://mma.prnewswire.com/media/820767/IDB_Invest_Logo.jpg )

Cabify is an important actor to assist economic groups who might otherwise have difficulty finding jobs, and bringing them into the Latin American formal economy. Its digital model allows the traceability of operations and transactions by reducing friction through technology and generating a business environment that is subject to taxes and strict compliance with regulatory and legal frameworks.

Cabify, IDB Invest and Blue like an Orange believe that this transaction can have significant positive social impact, in addition to the employment generation benefits described above. For instance, indicators will be traced related to road safety and CO2 emissions, and a specific effort on female drivers and providing women with safe access to transportation have been adopted. Safety is a major issue in Latin America, with a special impact on women, who suffer harassment and other forms of intimidation when using various forms of transport. Cabify provides a safe complement to other transportation options especially relevant for women.

In addition to increasing access to affordable, reliable and safe transport to people in Latin American cities, the company aims to reduce carbon emissions through the reduction of the average age of the fleet of vehicles the company operates with; increase of the number of women among Cabify's drivers; and improve the employment conditions of drivers including help in obtaining social benefits.

Specifically, the expected development outcome of this transaction supports five Sustainable Development Goals: SDG 3, Ensure healthy lives and promote well-being for all at all ages; SDG 5, Gender Equality; SDG 9, Industry, innovation and infrastructure; SDG 8, Decent work and economic growth; and SDG 11, Sustainable cities and communities.

Cabify has incorporated the SDGs and 2030 Agenda into its business objectives, and adheres to the United Nations Global Compact.

The investment, carried out by Blue like an Orange Sustainable Capital together with IDB Invest, is part of a framework agreement of co-financing between both institutions to catalyze private debt capital in companies in Latin America and the Caribbean and marks their second co-financing transaction announced in as many weeks.

More info about IDB Invest, Blue like an Orange Sustainable Capital and Cabify on our website.

https://bluelikeanorangecapital.com/press-releases/

Contact:

investor.relations@blueorangecapital.com
Phone: +352-27-176-620

Ana Lucía Escudero
IDB Invest E-mail: analuciae@iadb.org

Original content of: Blue like an Orange Sustainable Capital, transmitted by news aktuell

All Releases
Subscribe to Blue like an Orange Sustainable Capital
  • Printable version
  • PDF version

Places in this release

Topics in this relase