Company name

Agripac S.A.

Project number

12493-02

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
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B

Country

Ecuador

Sector

Agribusiness

Status

Proposed

Disclosed date

09/16/2021

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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10/25/2021

Approval date

N/A

Signed date

N/A

Sponsoring entity

Agripac S.A.

Team leader

Narvaez, Carlos Eduardo

Investment type

Financing requested

USD $ 16,000,000

Syndicated amount

USD $ 400,000

Financing amount

USD $ 16,000,000

Currency

USD

Project scope and objective

The proposed financing consists of a senior loan for up to US$16 million and a maximum term of 8 years, including 18 months of grace period, secured by mortgage and pledge on fixed assets. The transaction will also feature performance-based incentives and advisory services from We-Fi to support Agripac grow its client base for women-led or women-owned SMEs ("Women SME").

 

The funds will be used to incorporate a new animal feed production line, to be used in two of the divisions with the highest growth projection for Agripac, which are pet food and shrimp, in addition to the 2021 investment plan, which includes the updating of machinery, robotization of industrial processes, improvements in fire prevention, new warehouses, among others. Through this transaction, IDB Invest seeks to strengthen the value chain and industrialization of agricultural production in Ecuador.

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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. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

AGRIPAC - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

102.4 Kb

AGRIPAC - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)

61.4 Kb

For inquiries, comments and information requests about the project

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Contact information

For inquiries, comments and information requests about the project

Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Francisco Luna

POSITION

Gerente Financiero

PHONE NUMBER

(593) 4 - 3703870

EMAIL

fluna@agripac.com.ec

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices