Company name
Procesadora Nacional de Alimentos, C.A. (“PRONACA”) y La Estancia Investment Holding, S.L.(“La Estancia”)
Project number
11598-04
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
Ecuador
Sector
Agribusiness
Status
In implementation
Disclosed date
04/22/2020
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
06/08/2020
Approval date
06/18/2020
Signed date
10/09/2020
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
N/A
Financing amount
USD $ 50,000,000
Currency
USD
Project scope and objective
The transaction consists of a loan for up to US$50 million, with a term of up to 8 years with 2 years’ grace period, to Procesadora Nacional de Alimentos, C.A. (“Pronaca” or the “Company”) and to La Estancia Investment Holding, S.L. (“La Estancia”) in order to partially finance: (i) the 2019-2020 investment plan for organic growth in Ecuador; (ii) refinance the existing IDB Invest loan; and (iii) La Estancia’s inorganic growth in the region through the acquisition of a shareholder stake in Panavícola I, S.A. (“Toledano”) in Panama (the “Project”).
Pronaca’s investments in Ecuador will allow it to (i) increase chicken and swine production, given its increased installed capacity; (ii) increase productivity; (iii) retrofit its productive facilities via maintenance investments; and (iv) improve its internal policies and corporate efficiency. Pronaca’s internationalization efforts include inorganic growth aimed at increasing its presence in the region, diversifying the risk of business concentration in Ecuador, and transferring knowledge and best practices to other companies in the region.
AMENDMENT: The PRONACA - Complementary Environmental and Social Information has been posted on August 18, 2021.
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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.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
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.
UPDATE ON IDB INVEST SUPERVISION OF PRONACA – DATED 08-10-2023 - ENG
84.5 Kb
PRONACA - ESRS Y ESAP ABRIL 2020- ENG
471.0 Kb
PRONACA - COMPLEMENTARY ENVIRONMENTAL AND SOCIAL INFORMATION
880.6 Kb