IDB Invest Boosts Sustainable Production of Peru’s Fishing Industry
IDB Invest will provide financing of up to $40 million with an eight-year tenor to Pesquera Exalmar, one of the leading companies in the sector dedicated to the capture, processing and marketing of marine products.
With this financing, IDB Invest shows its commitment to deepening its support for boosting production, generating dividends and improving opportunities for micro, small, and medium-sized enterprises (MSMEs) to develop sustainable productivity in this industry.
The fishing industry in Peru generates 15% of the country’s gross domestic product and around 245,000 jobs. Exalmar offers two business lines: direct human consumption, such as frozen and fresh products, and indirect human consumption, such as fishmeal and fish oil. In both, Exalmar obtains the largest volume of fish through its supply chain, through the acquisition of raw material from small and medium-sized independent fishermen.
The deal will provide Exalmar with a financial solution with a tenor and financing structure that increases the productivity of its operations, acting as an ally for purchases and financing of the supply chain with a focus on MSMEs.
In addition, IDB Invest will provide Exalmar technical advisory and expertise in biodiversity and decarbonization, in addition to supporting the development of a sustainability strategy for the company.
Given the volatility of resources due to climate effects, IDB Invest will also include a climate clause as a result of any natural events that affect Exalmar's payment capacity, such as the El Niño and La Niña phenomenon, among others that could impact the company's business.
The deal is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9), 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.
About Pesquera Exalmar
Pesquera Exalmar S.A.A. is a leading company in the fishing sector. With 30 years of experience, Exalmar participates in the capture, processing and commercialization of marine products and high protein value. Currently, it has a 17% stake in the industry, which positions it as the third company in fishmeal and fish oil processing, in a country that has established itself as the leading producer and exporter of fishmeal and fish oil globally. To learn more about Pesquera Exalmar SAA, visit its website here: www.exalmar.com.pe.