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
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
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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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
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 OfficesFor inquiries, comments and information requests about the project
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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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