Company name

Corporacion El Rosado

Project number

13424-01

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

Ecuador

Sector

Manufacturing

Status

Proposed

Disclosed date

10/18/2021

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

Projected board date
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12/17/2021

Approval date

N/A

Signed date

N/A

Sponsoring entity

N/A

Team leader

Jimenez Grandes, Gabriel

Investment type

Syndicated amount

USD $ 25,000,000

Financing amount

USD $ 25,000,000

Currency

USD

Project scope and objective

The proposed transaction consists of granting El Rosado a senior secured long-term financing to: (i) finance the Company's investment plan for up to US$35 million, which primarily consists of sustainable initiatives related to clean energy production, energy efficiency and emissions reduction, as well as other investments in logistics improvement, maintenance and geographic expansion; and (ii) refinance debt for up to US$15 million. The financing will have a US$25 million tranche A to be funded with IDB Invest resources, and a US$25 million tranche B to be mobilized through international financiers.

 

El Rosado is a company with more than 66 years of experience and is one of the most important business groups in Ecuador, with nationwide participation through different business lines, including the second largest supermarket chain in Ecuador. Since its foundation, the company has participated in the development of the private and national sector, and is currently one of the largest employers of the country.

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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. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

EL ROSADO ECUADOR - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

286.7 Kb

EL ROSADO ECUADOR - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)

194.6 Kb

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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

Ricardo Intriago

POSITION

CFO

PHONE NUMBER

+593 (4) 3702400

EMAIL

rintriago@elrosado.com

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