Company name
Maderas Cultivadas de Costa Rica S.A.
Project number
CR3898A-01
N/A
E&S category
N/A
Country
Costa Rica
Sector
Agribusiness
Status
In implementation
Disclosed date
11/07/2008
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
11/18/2008
Approval date
03/09/2009
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
INO Portfolio Management (PTM)
Investment type
Syndicated amount
USD $ 1,300,000
Financing amount
USD $ 2,500,000
Currency
USD
Project scope and objective
Maderas Cultivadas belongs to the Grupo Forestal Los Nacientes group of companies. Its sowing, planting, processing, and marketing operations are fully integrated. The purpose of the project is to consolidate the expansion of operations in Nicaragua by purchasing land to be planted in melina wood. The plantations will be certified by the Forest Stewardship Council (FSC), as are the company’s and the group’s existing plantations.
The proposed loan will help consolidate the company’s growth over the long term and make it possible to replicate the current business model in a neighboring country, Nicaragua, in the medium term. This will provide new sources of jobs in the immediate future and help build a forest agribusiness similar to Costa Rica’s.
The IIC loan to Maderas Cultivadas entails two significant benefits. First, it will provide long-term financing that is otherwise scarce, for investing in expanding operations abroad. It will also support an agroforestry company whose sustainable management of its business model not only creates job opportunities in very remote rural areas but also makes it possible to encourage entrepreneurship in the area. Microentrepreneurs will sell their harvest to the group and thus establish a useful forestry cluster in Nicaragua.
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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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