Company name

Compagnie de Développement Industriel S.A. (Codevi), MD Industries Haiti Ltd. and Grupo M S.A

Project number

13683-01

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

Haiti

Sector

Manufacturing

Status

In implementation

Disclosed date

10/21/2022

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

Projected board date
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12/02/2022

Approval date

12/02/2022

Signed date

12/17/2022

Sponsoring entity

N/A

Team leader

Alvarado Blando, Gloriana

Investment type

Syndicated amount

N/A

Financing amount

USD $ 15,000,000

Currency

USD

Project scope and objective

The proposed project consists of US$15 million (committed tranche of US$10 million and uncommitted tranche of US$5 million) to support MD Industries Haiti Ltd.’s investments to increase production, as well as to expand the services offered at Codevi Industrial Park. The Loan will have a tenor of up to 10 years, including a 12-month grace period, and it will be guaranteed by the companies’ assets. IDB Invest’s financing will be complemented by advisory services on energy efficiency and renewable energy.

 

The proposed financing will support the competitive position of Grupo M’s companies through the increase in textile production capacity, generating a high impact in areas such as job creation, competitiveness, and sustainable management of resources such as water and energy. Grupo M’s companies recognize that to continue with the expansion of their businesses, they must remain competitive and ensure greater control over various aspects of their operations, including: (i) constant modernization and expansion of their equipment; (ii) efficient use of operational resources such as energy; and (iii) improvement of environmental and social standards. For these types of companies, having access to long-term financing to make the necessary investments to maintain their competitiveness is key.

Adendum:  On October 21, 2022, the Environmental and Social Review Summary (ESRS) and Environmental and Social Action Plan (ESAP) are modified to eliminate the Dominican Republic, leaving only Haiti.

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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.

CODEVI - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

286.7 Kb

CODEVI - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)

194.6 Kb

CODEVI - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS) ADENDUM

276.5 Kb

CODEVI - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP) ADENDUM

143.4 Kb

For inquiries, comments and information requests about the project

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Contact information

For inquiries, comments and information requests about the project

Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Anibal Capellan

POSITION

CEO

PHONE NUMBER

1.809.604.8282

EMAIL

anibalcapellan@grupom.com.do

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices