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Company name

Avenatop S.A. (“Avenatop”)

Project number

CH3934A-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

Chile

Sector

Agribusiness

Status

Inactive

Disclosed date

04/13/2016

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

Projected board date
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05/13/2016

Approval date

09/03/2016

Signed date

04/27/2017

Sponsoring entity

N/A

Investment Operations Department Contact

N/A

Investment type

Syndicated amount

N/A

Financing amount

USD $ 5,000,000

Currency

USD

Project scope and objective

The IIC is considering a Credit Facility (hereinafter, the “Facility”) for Avenatop of up to US$5 million, for a term of one (1) year, renewable up to 5 times more, at the IIC’s discretion, to finance operating needs of seasonal funds.

Avenatop, a company established in Chile in 2009, produces, locally markets and exports oat by-products: oat kernels (8%) oat hull (27%) and groat (whole uncooked grain with germ) (65%). Avenatop purchases oat from more than 600 farmers, processes and exports it mainly to companies located in 5 Latin American countries, including, among others, Quaker Oats, Frito Lay, Prodicereal. Avenatop requires funding for the cycle starting from paying farmers for their harvest up to receiving payment from their clients, approximately 300 days.

The Facility provides financing to an extended value chain. Farmers purchase the oat seeds and other agricultural goods from Saprosem S.A, an Avenatop affiliate that provides them with financing until harvest time under a supply agreement entered into with Avenatop. Farmers benefit from working with Avenatop since from the moment they subscribe a supply agreement with the company, they can fix the price, mitigating volatility. Avenatop can agree and close on pricing, given the broad network of clients it has, and which is interested in ensure supply. Avenatop mitigates supply risks by purchasing up to 75% of any farmer´s estimated harvest.

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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

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

N/A

PHONE NUMBER

N/A

POST OFFICE ADDRESS

N/A

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

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