Company name
GB Group S.A.
Project number
HA2732A-02
N/A
E&S category
N/A
Country
Haiti
Sector
Energy
Status
In implementation
Disclosed date
07/06/2009
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
08/04/2009
Approval date
08/04/2009
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 17,000,000
Financing amount
USD $ 49,700,000
Currency
N/A
Project scope and objective
The Distributeurs Nationaux S.A. ("Dinasa") project consists of acquiring the assets and liabilities of Chevron Haiti Inc. through an acquisition of 100% of the shares of the latter. GB Group has requested that the Inter-American Investment Corporation (IIC) arrange an eight-year term loan comprising an A tranche and a B tranche in order to proceed with this transaction. GB Group and Unifinance from Haiti are shareholders of Distributeurs Nationaux S.A. Dinasa will consolidate Chevron Haiti Inc. The proposed transaction consists of a loan of up to US$18,000,000.
The GB Group is an industrial and commercial conglomerate with interests in steel, food, and energy in Haiti where it has operated in Haiti since the 1980s. Unifinance S.A. is a wholly-owned subsidiary of UNIBANK S.A., the largest commercial bank in Haiti. It provides investment and merchang banking services to Haitian and foreign clients in corporate finance, commercial paper and securities issuance. It is part of Groupe Financier National, a diversified financial group of eleven (11) companies. Dinasa is a corporation organized under the laws of Haiti that imports, stores, processes, and sells hydrocarbons and derivatives of petroleum products. Dinasa plans to make Chevron Haiti Inc. a fully local company. Chevron Haiti Inc. is currently a British Virgin Island corporation.
With this operation, the IIC will be supporting the consolidation of the only local group in the energy market in Haiti by providing the long-term financing (up to eight years) that such projects usually require. The company plans to implement an environmental and social action plan to improve the conditions of the sector in Haiti and also expects to improve the access of the domestic population to LPG to provide a substitute for charcoal. The IIC will provide guidance on best practices regarding environmental and occupational health and safety issues. The IIC has obtained technical assistance resources from the Korea-IIC SME Development Trust Fund for phase one, which involves carrying out the environmental and social due diligence review of Dinasa and Chevron facilities. Dinasa has also engaged international consultants to support the environmental due diligence process.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
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(292) 623-3952.
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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.
ENVIRONMENTAL AND SOCIAL REVIEW
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