Company name
Invertec Pesquera Mar de Chiloé S.A.
Project number
CH1056A-02
N/A
E&S category
N/A
Country
Chile
Sector
Agribusiness
Status
In implementation
Disclosed date
10/12/2007
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
11/20/2007
Approval date
11/27/2007
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 5,000,000
Financing amount
USD $ 80,600,000
Currency
USD
Project scope and objective
The financing from the IIC is in line with the Company’s strategic plan, which calls for investments during the period 2007-2009. The plan’s main goal is to prepare Invertec Pesquera to double its 2006 salmon production volume from 2009 on.
The proposed IIC loan will be used to finance certain investments in fixed assets and working capital that the Company plans to make during 2008. These investments will help Invertec Pesquera to continue to increase its production volume. In the salmon industry, this is key for reaching the necessary economies of scale that will enable the Company to weather the volatility that is characteristic of this sector.
With this project, the IIC will also (i) continue to support one of Chile’s main foreign-currency generating industries; (ii) continue to support the development of a medium-size Chilean salmon company so that it maintains its competitive position in a sector dominated by large, foreign-owned companies; and (iii) decrease the concentration of salmon production in the Island of Chiloé by promoting the development of the salmon industry in Chile’s Region XI, where development and investment levels are low.
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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
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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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