Company name
San Miguel
Project number
12365-01
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
Regional
Sector
Manufacturing
Status
In implementation
Disclosed date
10/12/2018
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
11/12/2018
Approval date
11/12/2018
Signed date
12/05/2018
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 22,469,300
Financing amount
USD $ 27,500,000
Currency
EUR, USD
Project scope and objective
S.A. San Miguel A.G.I.C.I. y F. (Argentina); S.A. San Miguel Uruguay, Samifruit Uruguay S.A., San Miguel International Investments S.A. (Uruguay); and Agrícola Hoja Redonda S.A. (Perú) (jointly "San Miguel" or the "Companies") are one of the southern hemisphere’s primary producers and exporters of off-season fresh citrus (180,000 tons of lemon, sweet citrus avocado and grape), and of products derived from citrus crushing with added value (essential oils and essences, juice, pulp and peel). San Miguel is a citrus leader, with a 9% market share of the off-season lemon market and 15% of global lemon crushing volume.
IDB Invest’s operation consists of an A/B loan to San Miguel for up to $ 60.0 million, with a nine-year term (seven years for the B loan), a two-year grace period and a guarantee on assets acceptable to IDB Invest. The funds will be used to finance: (i) capital investments for San Miguel’s (agricultural and industrial) growth and maintenance for the years 2018, 2019 and 2020 in Argentina, Uruguay and Peru; (ii) permanent working capital to cover the structural needs of San Miguel’s agricultural business cycle for its operations in Argentina, Uruguay and Peru; and (iii) refinance short- and medium-term debt (the “Project”).
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Client files
This section provides the key environmental and social assessment documents produced by the client for this project.
ENVIRONMENTAL AND SOCIAL ACTION PLAN - SAN MIGUEL
201.2 Kb
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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.
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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.
ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY
97.9 Kb