Company name

Agripac S.A.

Project number

EC3879A-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
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B

Country

Ecuador

Sector

Agribusiness

Status

Completed

Disclosed date

08/11/2011

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

Projected board date
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09/13/2011

Approval date

04/03/2012

Signed date

04/26/2012

Sponsoring entity

N/A

Team leader

Olazo Baracco, Ericka

Investment type

Syndicated amount

USD $ 1,000,000

Financing amount

USD $ 4,000,000

Currency

USD

Project scope and objective

Agripac S.A. is a leader in the manufacturing and marketing of agribusiness inputs in Ecuador specializing in agrochemicals, fertilizers, and animal feed. It has grown from an agrochemical marketing firm into a more diversified enterprise with value-added products such as animal feed concentrates (for fish farming, livestock, poultry, and pets) and its own distribution network.



Armed with more than 40 years of market experience, Agripac has a large nationwide presence with over 160 sales outlets selling its products and providing support and advisory services to small and medium-sized farmers and agribusinesses. Its innovative business development programs attest to the group’s management capability and its focus on supporting small farmers. Specific examples include (i) its "la Escuelita" (or Academy) program for the recruitment of young professionals/recent graduates; (ii) its financial services for small customers/farmers offered through Banco de Guayaquil’s "Banco del Barrio" program (a neighborhood banking network); and (iii) triangulation programs supplying inputs to small farmers growing corn and other crops in exchange for their agreement to sell their crops to Agripac for use in the production of balanced feeds or pet products as part of its sales line.



The objective of this IIC operation is to provide financing for capital investments, including plant upgrades and additional investment in the area of crop dusting. The long-term IIC loan will complement Agripac’s other available sources of funding and help strengthen its financial position by improving the maturity profile of its liabilities.


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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

54.8 Kb

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Contact information

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PHONE

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ADDRESS

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