Codevi

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.