Company name
Agrícola Pampa Baja S.A.C. (“APB” or the “company”)
Project number
12217-01
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
E&S category
B
Country
Peru
Sector
Agribusiness
Status
Proposed
Disclosed date
06/18/2018
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
07/18/2018
Approval date
07/20/2018
Signed date
09/14/2018
Sponsoring entity
N/A
Investment Operations Department Contact
Corporates Division
Investment type
Syndicated amount
N/A
Financing amount
USD $ 25,000,000
Currency
USD
Project scope and objective
The proposed financing consists of a credit line in favor of Agrícola Pampa Baja S.A.C (“APB” or the “company”) for up to US$25 million with a 10-year tenure, a 2-year grace period and a collateral package with a coverage ratio of 110% at liquidation value. The funds will be allocated to: (i) capital investments for the plantation of 600 additional hectares of avocado and the construction of industrial packing facilities (up to US$9 million); (ii) permanent working capital (up to US$8 million); and (iii) refinancing of short and medium-term debt (up to US$8 million). The total cost of the project is US$ 85 million. The structure provides sufficient flexibility to address common contingencies in projects of this nature, in addition to including for the first time at IDB Invest the “El Niño” clause that allows the client to reschedule one year’s amortization in case of the manifestation of a climatic event that has adverse effects on the ability to repay.
APB, founded in 1998 by Octavio Paredes, is a family agricultural business that has two business lines: (i) the sowing, production and packing of fresh fruits (avocado, grapes, tangerines and grenade) and of vegetables (paprika and sweet yellow onion) and (ii) milk production through its livestock line, being the main producer of milk in Peru.
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Client files
This section provides the key environmental and social assessment documents produced by the client for this project.
ENVIRONMENTAL AND SOCIAL ACTION PLAN - AGRICOLA PAMPA BAJA
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Contact information
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Request informationAlternatively, you may also use the following contact information :
Client Contact
jparedes@pampabaja.com.
PHONE NUMBER
+51959376882
POST OFFICE ADDRESS
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
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Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY
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