Company name

Iguanatours Cruceros Marítimos S.A., Galpacífico Turs S.A., y Beaglelogistics CIA. LTDA

Project number

12279-02

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
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B

Country

Ecuador

Sector

Tourism

Status

Proposed

Disclosed date

11/04/2022

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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03/09/2023

Approval date

N/A

Signed date

N/A

Sponsoring entity

N/A

Team leader

Arevalo, Daniel Jose

Investment type

Syndicated amount

USD $ 4,500,000

Financing amount

USD $ 9,500,000

Currency

USD

Project scope and objective

This transaction consists of a loan of up to US$14 million to finance a growth plan for Iguanatours Cruceros Marítimos S.A., Galpacífico Turs S.A., and Beaglelogistics Cia. Ltda., co-borrowing entities that are part of the company Quasar Expeditions. It will also facilitate a series of initiatives to promote a sustainability and conservation agenda in Ecuador’s Galápagos Islands.

 

Quasar Expeditions is a sustainable tourism company that operates cruises and offers excursions to the Galapagos Islands in Ecuador. The funds from the loan will be used to finance the refurbishment and launch of an additional ship, the construction of an operations and logistics center, and the operation of a sailboat that will be used to provide technical and educational training to the local community in the Galapagos Islands. This transaction consists of a loan of up to US$14 million to finance a growth plan for Iguanatours Cruceros Marítimos S.A., Galpacífico Turs S.A., and Beaglelogistics Cia. Ltda., co-borrowing entities that are part of the company Quasar Expeditions. It will also facilitate a series of initiatives to promote a sustainability and conservation agenda in Ecuador’s Galápagos Islands. Quasar Expeditions is a sustainable tourism company that operates cruises and offers excursions to the Galapagos Islands in Ecuador. The funds from the loan will be used to finance the refurbishment and launch of an additional ship, the construction of an operations and logistics center, and the operation of a sailboat that will be used to provide technical and educational training to the local community in the Galapagos Islands. 

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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.

QUASAR – ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

348.2 Kb

QUASAR – ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)

133.1 Kb

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Contact information

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Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Francisco Diez

POSITION

CEO

PHONE NUMBER

+593991984832

EMAIL

francisco@quasarex.com

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices