Company name
Farmaenlace Cía. Ltda.
Project number
11927-02
Category C projects are those that are likely to result in very limited or no adverse environmental or social impacts or risks.
E&S category
C
Country
Ecuador
Sector
N/A
Status
Completed
Disclosed date
11/23/2016
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/23/2016
Approval date
03/02/2017
Signed date
09/11/2017
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 5,000,000
Currency
USD
Project scope and objective
Farmaenlace is an Ecuadorian company that imports, distributes, sales, and commercializes medicines, drug preparations, sanitary and medical articles and instruments, among others. It has other commercial product lines in minor scale, which are part of their portfolio mix at their own pharmacies stores.
The Company has two business lines: (i) pharmaceutical distribution, focused on independent pharmacies or associates stores, and (ii) direct sales through its own pharmacies chains (with almost 500 pharmacies stores in Ecuador).
The loan to Farmaenlace aims to provide medium-term financing for the expansion of pharmacies, mainly through the franchise format of “Farmacias Economicas”. The estimated cost of the project is US$ 10 million, which would be executed during the years 2016 and 2017.
With IIC’s participation, Farmaenlace will be able to scale with greater intensity a unique model of franchises in the country, through which the entrepreneurship of small independent pharmacists or entrepreneurs is encouraged. At the same time that jobs are created, the populations or communities where the pharmacies are opened, will have greater access to medicines and related goods, as well as better prices and certain health services that are offered with some regularity.
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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.
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.
ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY
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