IDB Invest, Agrovision Boost Production and Employment in the Agricultural Sector
IDB Invest provided Agrovision, a leading vertically-integrated producer and exporter of superfruits, a revolving credit line of up to $20 million to cover its blueberry production cycle in Latin America and the Caribbean, and support its growth in Peru and Mexico.
The financing deal seeks to help support an increase in Agrovision's production and in permanent and temporary direct employment. Increasing the volume of exports will also help boost production across the supply chain.
The deal involves two tranches, each of up to $10 million, and with differentiated maturities of up to 240 days and 450 days, respectively.
Together with IDB Invest, Agrovision will execute an environmental and social plan, implementing indicators to improve efficiency in the use of resources and reduce greenhouse gases, among others. IDB Invest will also provide Agrovision with advisory services that will help develop a tool to optimize the use of fertilizers in order to reduce its carbon footprint.
This project is aligned with IDB Invest's commitment to increase production and employment in the region, using a regional financing solution that fosters the growth of trade and the supply chain.
This funding is expected to contribute to five United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Responsible Consumption and Production (SDG 12) and Partnerships for the Goals (SDG 17).
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $15.3 billion in asset management and 375 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
Agrovision is a vertically integrated grower, packer, shipper, and marketer of superfruits, including blueberries, raspberries, blackberries, and others, from Peru, Mexico, Morocco, and the US. The company exports to established and emerging markets, including North America, the UK, Europe, China and Southeast Asia, and is rapidly expanding its production and sales operations globally. Agrovision is a founder-led company that strives to make a positive impact in its local communities through employment and training opportunities, healthcare, educational and recreational programs, infrastructure projects, and other programs that improve people's lives throughout its value chain.