China Co-Financing Fund for Latin America and the Caribbean provides $10 million loan to JSL for decarbonization projects

Project narrative

On December 23, 2021, a $250 million financing package was signed between IDB Invest -- the private sector institution of the Inter-American Development Bank (IDB) Group, formerly the Inter-American Investment Corporation (IIC) -- and four subsidiaries of Brazilian logistics and infrastructure conglomerate Simpar S.A: Movida Participações S.A., JSL S.A., Vamos Locação S.A., and CS Brasil Holding e Locação S.A. (CS Brasil). This financing package included an A loan (credit line) worth $120 million, for which $40 million was mobilized from the China Co-Financing Fund for Latin America and the Caribbean (CHC), a fund established by the People's Bank of China (PBOC) and managed by IDB Invest. A separate loan instrument was signed with each of Movida, JSL, Vamos, and CS Brasil, with $10 million from the CHC provided to each. These loans are captured via Record ID#110347, #110348, #110349, and #110350. IDB Invest also contributed $80 million of its own funds to the A loan. The A loan carried a 10 year maturity period and a 2.5 year drawdown period. As of June 2025, Movida, Vamos, and CS Brasil had all drawn down on the full $10 million committed, while JSL had not drawn down on the facility at all. The financing package also included a B loan (credit line) worth $130 million to which Bank of China (Panama Branch), MUFG Bank Ltd, Banco Santander S.A., and Banco de Occidente (Panama) each contributed $32.5 million. The B loan, coordinated by IDB Invest, was exclusively for Movida, a rental car company. It included a $100 million "green loan" tranche, for which Movida committed to purchasing minimum amounts of electric vehicles per year until 2024. The B loan achieved financial close on March 29, 2022. The green loan tranche carried a maturity of 5 years (final maturity in 2026) and the remainder of the loan carried a maturity of 7 years (final maturity in 2028). The loan also carried a SOFR-based interest rate. The contribution to the B loan by Bank of China (Panama) is captured via Record ID#109947. The loan proceeds were to be used to support decarbonization investments across Movida, JSL, Vamos, and CS Brasil. These investments included the procurement of electric and hybrid vehicles for Movida's rental fleet, the installation of charging infrastructure, and ESG-aligned vehicle fleet modernization. Movida began drawing down on its credit lines in 2022.