IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, provided a loan of $20 million to the Ecuadorian company Agripac S.A., dedicated to the production and commercialization of products for the agricultural sector. Through this transaction, IDB Invest maintains support for a priority sector in Ecuador to reduce rural poverty, increase production and improve competitiveness.

The 8-year tenor financing will allow Agripac to grow its pet food line, to achieve greater production and productivity. This includes a renewed products and services offering, the expansion of points of sale in Ecuador, and support for the internationalization of the company with exports to other countries in the region. In addition, the project will boost the digitalization process of Agripac by implementing a planning and marketing system that opens the door to online sales.

Rural poverty in Ecuador, which affects 39.3 percent of the population, is much higher than that of urban areas and more than 60 percent of the active population in rural areas is dedicated to the agricultural sector. As a producer of healthy food and agro-inputs, Agripac has a direct relationship with more than 36,000 producers through its points of sale. These producers access inputs, financing and technical assistance through the company. In addition, some also they sell their agricultural production to Agripac, mainly corn and soybeans.

With IDB Invest’s support, Agripac's environmental and social procedures will improve significantly, placing it at the forefront of the sector in the region, especially in terms of the geo-referencing of the supply chain to monitor environmental and social aspects of its suppliers.

About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $12.1 billion under management and 329 clients in 21 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.

About Agripac
Agripac is a leading company in the production of inputs for the agricultural sector, shrimp, poultry, livestock, among others, whose strategy has always been a sustainable growth within the Ecuadorian market. This loan granted by IDB Invest allows us to continue investing and growing to support and strengthen agricultural production in Ecuador, both for domestic consumption and for export. In 2018 Agripac reached 310 million dollars in turnover, thanks to the fact that it is a company that remains at the forefront of technology, always operating efficiently in its sector through its own warehouse network, which currently has 180 in the Ecuadorian territory and a warehouse recently opened in the city of Tumbes, Peru.