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
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
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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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
htellez@cmi.com
PHONE NUMBER
(+502) 2423-4000
POST OFFICE ADDRESS
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 OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
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