Company name
Exportadora Subsole S.A.
Project number
CH3837A-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
Chile
Sector
Manufacturing
Status
Completed
Disclosed date
09/05/2008
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
10/07/2008
Approval date
10/21/2008
Signed date
12/03/2008
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 400,000
Financing amount
USD $ 1,000,000
Currency
USD
Project scope and objective
The project consists of the construction of a cold-storage facility in the Copiapó area in Chile’s Region III. The facility will have the capacity to store 800,000 crates of table grapes. Frigorífico La Cantera Copiapó S.A. (hereafter, "Copiapó") was established for this purpose. Its majority shareholder is Exportadora Subsole S.A. (hereafter, "Subsole").
Copiapó has requested a US$1.000.000 loan from the IIC to finance the construction of the project. With this long-term loan in U.S. dollars, the IIC is contributing to the development of the fruit exporting sector, a key sector of Chile’s economy. The farming sector accounts for 4.2% of the GDP of Region III, Atacama, where the project will be located. Agriculture accounts for 12.7% of the region’s jobs; in 2007 there were nearly 13,000 agricultural workers.
There is a serious deficit of fruit processing services in the Copiapó area, which produces the first grapes of the season that are also Chile’s highest priced export grapes. The cold-storage facility will ensure adequate cold storage services for crates of grapes to be exported by Subsole, thus helping ensure Subsole’s profitability.
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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
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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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