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Company name

Diversas empresas dentro de la división de alimentos de Corporación Multi inversiones (“CMI Alimentos”)

Project number

12167-03

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

Regional

Sector

Agribusiness

Status

In implementation

Disclosed date

08/06/2020

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

Projected board date
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09/17/2020

Approval date

09/18/2020

Signed date

11/25/2020

Sponsoring entity

N/A

Investment Operations Department Contact

Portfolio Management Division

Investment type

Syndicated amount

USD $ 25,000,000

Financing amount

USD $ 50,000,000

Currency

USD

Project scope and objective

The proposed financing consists of a senior loan to six of the main companies in the food division of Corporación Multi Inversiones ("CMI Alimentos") to ensure their short- and medium-term liquidity in the wake of the COVID-19 crisis, which will cover their working capital needs in 2020 and any fixed investments required for 2021. The proposed transaction is for up to US$75 million, of which US$50 million will be financed with funds from IDB Invest and US$25 million from the Chinese Co-financing Fund for Latin America administered by the IDB, with a 5-year term, including a one-year grace period.

CMI Alimentos is one of the main foods and agribusiness economic groups in Central America, with operations in nine countries and almost 30,000 employees. CMI Alimentos' economic activities include the production of poultry, swine, and pork products, the production of wheat flour, corn, pasta, and cookies, and the operation of fast-food restaurants.

Amendment on October 12, 2023:  Complementary Environmental and Social Information was posted. 

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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.

CLASSIFICATION AND ENVIRONMENTAL AND SOCIAL STRATEGY

30.7 Kb

ESRS Y ESAP - CMI II 2020IN

297.0 Kb

CMI II - COMPLEMENTARY ENVIRONMENTAL AND SOCIAL INFORMATION

512.0 Kb

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

htellez@cmi.com

PHONE NUMBER

(+502) 2423-4000

POST OFFICE ADDRESS

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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