Company name
Demerara Distillers Limted
Project number
12754-01
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
Guyana
Sector
Agribusiness
Status
In implementation
Disclosed date
11/13/2020
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/15/2020
Approval date
12/15/2020
Signed date
12/22/2022
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
USD $ 6,000,000
Financing amount
USD $ 22,000,000
Currency
USD
Project scope and objective
The proposed financing to Demerara Distillers Limited (“DDL” or the “Company”), a publicly held company and one of the main economic groups in Guyana, will be used to finance the expansion of its juice production plant, a solar photovoltaic generation system (including batteries) for self-consumption, and its working capital needs. The transaction will be structured as follows: (i) a US$10 million Senior Long-term Loan funded by IDB Invest (the “IDB Invest-LT Loan”), (ii) a US$5 million Senior Committed Short-term Revolving Credit line funded by IDB Invest; and (iii) a US$6 million Senior Concessional Loan to be financed by the CTF Innovative Instruments for Investment in Zero-Carbon Technologies (i3-0) that is administered by the IDB and IDB Invest acts as its agent (the “Loan”). The Loan will support the Company to increase food production for the domestic market, its efficiency and climate change mitigation through reduced GHG emissions, while strengthening local market linkages.
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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
vsingh@demrum.com
PHONE NUMBER
+1 (202) 623-3952
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.
DEMERARA DISTILLERS LIMITED - ENVIRONMENTAL AND SOCIAL SUMMARY REVIEW (ESRS)
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DEMERARA DISTILLERS LIMITED - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)
133.1 Kb