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BAC Salvador – Support for the “Mujer Acelera” Program The proposed financing consists of an unsecured senior loan denominated in U.S. dollars (“US$”) to Banco de América Central, S.A. (“BAC El Salvador” or “the Bank") of up to US$60million, comprising: (i)an “A” loan from IDB Invest of up to US$40 million with a term of five years; and (ii)a loan from the China Co-financing Fund for Latin America and the Caribbean (“China Fund”) of up to US$20million (the “Financing”) with the same term. The transaction will support the growth of BAC El Salvador’s “Mujer Acelera” program by providing financing to women led/owned small and medium-sized enterprises (“SMEs”). The project is additionally expected to include advisory services to strengthen the Mujer Acelera program, as well as to support this segment in adopting new operating procedures in the context of the COVID-19 crisis through training sessions, virtual advice, and financial support (provided BAC ES has analyzed these options). The proposed financing consists of an unsecured senior loan denominated in U.S. dollars (“US$”) to Banco de América Central, S.A. (“BAC El Salvador” or “the Bank") of up to US$60million, comprising: (i)an “A” loan from IDB Invest of up to US$40 million with a term of five years; and (ii)a loan from the China Co-financing Fund for Latin America and the Caribbean (“China Fund”) of up to US$20million (the “Financing”) with the same term. The transaction will support the growth of BAC El Salvador’s “Mujer Acelera” program by providing financing to women led/owned small and medium-sized enterprises (“SMEs”). The project is additionally expected to include advisory services to strengthen the Mujer Acelera program, as well as to support this segment in adopting new operating procedures in the context of the COVID-19 crisis through training sessions, virtual advice, and financial support (provided BAC ES has analyzed these options).
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Explora Sustainable Tourism Explora Chile S.A. is a Chile-based sustainable tourism exploration and hospitality company featuring seven lodges across remote destinations in South America. The company provides unique and authentic experiences that allow visitors to interact with nature in a responsible manner and addresses the importance of land conservation and natural habitat protection. The transaction consists of providing a senior secured corporate loan of up to US$23.0 million to finance working capital needs, address refurbishment and upkeep needs, and provide growth CapEx to expand its portfolio footprint. Explora Chile S.A. is a Chile-based sustainable tourism exploration and hospitality company featuring seven lodges across remote destinations in South America. The company provides unique and authentic experiences that allow visitors to interact with nature in a responsible manner and addresses the importance of land conservation and natural habitat protection. The transaction consists of providing a senior secured corporate loan of up to US$23.0 million to finance working capital needs, address refurbishment and upkeep needs, and provide growth CapEx to expand its portfolio footprint.
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Calidra Argentina Grupo Calidra, S.A. de C.V. (the “Company”or “Calidra”), with more than a century of history, is a Mexican company, leader in the production of lime, ready mixes and carbonates in Latin America with operations in Mexico, Honduras, Chile, Argentina, Colombia and Peru.The transaction consists of three secured long-term financings, for up to US$50 million for its operations in Peru (US$18 million), Colombia (US$22 million) and Argentina (US$10 million). The loans will have a term of up to ten years and will be used for working capital and capital investment requirements, including the potential purchase of efficient kilns and the possible opening of a lime deposit in Colombia. This transaction should be reviewed together with Project Grupo Calidra (13677-01).Amendment: Subsequently, in 2023 and 2024 IDB Invest approved certain modifications to the financing granted in 2022, including among others, the increase of the loan amount by to reach a total of US$35 million. Grupo Calidra, S.A. de C.V. (the “Company”or “Calidra”), with more than a century of history, is a Mexican company, leader in the production of lime, ready mixes and carbonates in Latin America with operations in Mexico, Honduras, Chile, Argentina, Colombia and Peru.The transaction consists of three secured long-term financings, for up to US$50 million for its operations in Peru (US$18 million), Colombia (US$22 million) and Argentina (US$10 million). The loans will have a term of up to ten years and will be used for working capital and capital investment requirements, including the potential purchase of efficient kilns and the possible opening of a lime deposit in Colombia. This transaction should be reviewed together with Project Grupo Calidra (13677-01).Amendment: Subsequently, in 2023 and 2024 IDB Invest approved certain modifications to the financing granted in 2022, including among others, the increase of the loan amount by to reach a total of US$35 million.
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Publicidad Sarmiento Project Description: Publicidad Sarmiento S.A. (PS) is an Argentine company with a track record of more than fifty years in the outdoor advertising market. The Publicidad Sarmiento project entails expanding PS's operations in Argentina and starting up and expanding the operations of its Chilean affiliate, Grupo Sarmiento S.A.(GSSA). In public bidding, GSSA has won concession contracts from the Ilustre Municipalidad de Santiago (the Santiago district) and the Ilustre Municipalidad de Vitacura (the Vitacura district) to provide urban fixtures for them. The project also entails investing in information systems and purchasing 47.9% of the shares of GSSA.IIC's role in the proposed transaction is important for the following reasons: By granting long-term financing on reasonable terms, the IIC will enable a Latin American corporation to compete internationally with non-Latin American companies that have access to long-term financing on terms that are more favorable than those that are available on the local market.By developing outdoor advertising venues and mainly the development of projects of urban fixtures, and especially by contracting through municipalities, municipal governments obtain new resources from hitherto nonexistent sources. This enables them to reduce their financial deficits and finance works for the community. Also, communities thus acquire urban fixtures that are not only attractive but also have functional value for their inhabitants. The project will also have a positive impact by creating jobs, both directly and indirectly. Project Description: Publicidad Sarmiento S.A. (PS) is an Argentine company with a track record of more than fifty years in the outdoor advertising market. The Publicidad Sarmiento project entails expanding PS's operations in Argentina and starting up and expanding the operations of its Chilean affiliate, Grupo Sarmiento S.A.(GSSA). In public bidding, GSSA has won concession contracts from the Ilustre Municipalidad de Santiago (the Santiago district) and the Ilustre Municipalidad de Vitacura (the Vitacura district) to provide urban fixtures for them. The project also entails investing in information systems and purchasing 47.9% of the shares of GSSA.IIC's role in the proposed transaction is important for the following reasons: By granting long-term financing on reasonable terms, the IIC will enable a Latin American corporation to compete internationally with non-Latin American companies that have access to long-term financing on terms that are more favorable than those that are available on the local market.By developing outdoor advertising venues and mainly the development of projects of urban fixtures, and especially by contracting through municipalities, municipal governments obtain new resources from hitherto nonexistent sources. This enables them to reduce their financial deficits and finance works for the community. Also, communities thus acquire urban fixtures that are not only attractive but also have functional value for their inhabitants. The project will also have a positive impact by creating jobs, both directly and indirectly.
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Cukra Industrial, S.A. Cukra is a company that warehouses peanuts for processing, sale, and export. The company also provides support services and inputs to approximately 30 independent peanut producers. In exchange, these producers guarantee the delivery of peanuts that meet the company’s uniform quality standards, which meet the rigorous demands of the international market.While the company’s main export is high-quality shelled peanuts (maní oro), it also has roasting facilities where it produces small quantities of processed peanuts for direct consumption. Cukra is the country’s second largest peanut warehouser and exporter. Its main markets are Mexico, Canada, Europe, and Central America.The IIC loan of up to US$2.5 million would be used to finance the company’s working capital needs, namely advance payments to its producers for the processing and sale of peanuts for export. Cukra is a company that warehouses peanuts for processing, sale, and export. The company also provides support services and inputs to approximately 30 independent peanut producers. In exchange, these producers guarantee the delivery of peanuts that meet the company’s uniform quality standards, which meet the rigorous demands of the international market.While the company’s main export is high-quality shelled peanuts (maní oro), it also has roasting facilities where it produces small quantities of processed peanuts for direct consumption. Cukra is the country’s second largest peanut warehouser and exporter. Its main markets are Mexico, Canada, Europe, and Central America.The IIC loan of up to US$2.5 million would be used to finance the company’s working capital needs, namely advance payments to its producers for the processing and sale of peanuts for export.
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GMG Holding S.A. The proposed project consists of providing GMG Holding with up to US$10 million in financing with a term of up to 6 years, to refinance its financial liabilities. The financing will be in the form of a syndicated loan with Central American commercial banks. It seeks to provide GMG Holding with the financial flexibility needed to support its projected growth over the next few years, as it opens new stores in different countries.GMG Holding S.A. operates throughout Central America. It is a chain that sells wholesale and retail household electrical appliances and offers medium-term credit for retail sales. GMG Holding is the market leader in Costa Rica and Nicaragua and it has a significant share in the other markets in which it operates. The proposed project consists of providing GMG Holding with up to US$10 million in financing with a term of up to 6 years, to refinance its financial liabilities. The financing will be in the form of a syndicated loan with Central American commercial banks. It seeks to provide GMG Holding with the financial flexibility needed to support its projected growth over the next few years, as it opens new stores in different countries.GMG Holding S.A. operates throughout Central America. It is a chain that sells wholesale and retail household electrical appliances and offers medium-term credit for retail sales. GMG Holding is the market leader in Costa Rica and Nicaragua and it has a significant share in the other markets in which it operates.
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Pamplona-Cúcuta Toll-road - Social Bond The Pamplona - Cúcuta corridor (the “Project”) is part of the fourth generation (“4G”) concessions program led by the Government of Colombia through the National Infrastructure Agency (“ANI”). The Project contemplates the financing, construction, improvement, rehabilitation and maintenance of a 62.00 km long road that connects the towns of Pamplona and Cúcuta (through the municipalities of Pamplona, Pamplonita, Chinácota, Bochalema and Los Patios), located in the department of Norte de Santander in Colombia, on the border with Venezuela. The concession contract, whose duration is 25 years, extendable up to 29 years, was awarded in June 2017 to Unión Vial Río Pamplonita S.A.S (“UVRP” or the “Concessionaire”).The Project will enhance commercial competitivity and connectivity of northeastern Colombia with Venezuela and promote the economic and social development of the communities that live in the 9 municipalities under direct influence: Pamplona, Pamplonita, El Diamante, Chinacota, Bochalema, La Donjuana, Los Vados, Los Patios and Cúcuta. The ultimate goal of the Project is to transform the existing infrastructure into a world-class dual carriageway highway, optimizing travel time between the border with Venezuela and the city of Pamplona, and significantly improving the safety and comfort of the road users.Construction activities of the Project began in August 2018. As of May 2022, civil works execution was close to 76% and estimated to be concluded by first half of 2023.The Project was originally funded through a medium-term financing structure (commonly known as "Mini-Perm"). For this reason, it requires a refinancing, in which IDB Invest is expected to participate, helping to mobilize resources from investors in the capital markets. The Pamplona - Cúcuta corridor (the “Project”) is part of the fourth generation (“4G”) concessions program led by the Government of Colombia through the National Infrastructure Agency (“ANI”). The Project contemplates the financing, construction, improvement, rehabilitation and maintenance of a 62.00 km long road that connects the towns of Pamplona and Cúcuta (through the municipalities of Pamplona, Pamplonita, Chinácota, Bochalema and Los Patios), located in the department of Norte de Santander in Colombia, on the border with Venezuela. The concession contract, whose duration is 25 years, extendable up to 29 years, was awarded in June 2017 to Unión Vial Río Pamplonita S.A.S (“UVRP” or the “Concessionaire”).The Project will enhance commercial competitivity and connectivity of northeastern Colombia with Venezuela and promote the economic and social development of the communities that live in the 9 municipalities under direct influence: Pamplona, Pamplonita, El Diamante, Chinacota, Bochalema, La Donjuana, Los Vados, Los Patios and Cúcuta. The ultimate goal of the Project is to transform the existing infrastructure into a world-class dual carriageway highway, optimizing travel time between the border with Venezuela and the city of Pamplona, and significantly improving the safety and comfort of the road users.Construction activities of the Project began in August 2018. As of May 2022, civil works execution was close to 76% and estimated to be concluded by first half of 2023.The Project was originally funded through a medium-term financing structure (commonly known as "Mini-Perm"). For this reason, it requires a refinancing, in which IDB Invest is expected to participate, helping to mobilize resources from investors in the capital markets.
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Redstart Guyana The IDB Invest’s financing of up to US$45 million with a 12 year-tenor to Redstart Investment Guyana Inc. (Redstart Guyana) seeks to support the construction of a distribution center and a commercial complex in Guyana. Redstart Guyana, areal estate developer under common control (ultimate shareholders) as Grupo Unicomer, was incorporated in Guyana in 1991 and specializes in developing and operating various real estate assets, including offices, distribution centers, stores, and services center for the local branch of Unicomer Group and third-party clients.The expected development impacts of IDB Invest’s financing include: (i) foster growth and job creation; (ii) enhance efficiency; (iii) contribute to domestic supply chain growth; and (iv) increase MSMEs access to economic activity. The IDB Invest’s financing of up to US$45 million with a 12 year-tenor to Redstart Investment Guyana Inc. (Redstart Guyana) seeks to support the construction of a distribution center and a commercial complex in Guyana. Redstart Guyana, areal estate developer under common control (ultimate shareholders) as Grupo Unicomer, was incorporated in Guyana in 1991 and specializes in developing and operating various real estate assets, including offices, distribution centers, stores, and services center for the local branch of Unicomer Group and third-party clients.The expected development impacts of IDB Invest’s financing include: (i) foster growth and job creation; (ii) enhance efficiency; (iii) contribute to domestic supply chain growth; and (iv) increase MSMEs access to economic activity.
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Alta Growth Capital Fund III IDB Invest is considering an equity investment of up to US$10.8 million in Alta Growth Capital Fund III, L.P. (“Alta Growth Capital” or the “Fund”) in Mexico. IDB Invest’s participation will allow the Fund to achieve the scalability necessary to effectively execute its investment strategy and achieve its target size of US$250 million. IDB Invest’s participation will increase the availability of private capital for medium-sized enterprises in Mexico, which will help to increase the country’s competitiveness and economic growth. The Fund will invest up to 20% of its commitment in other Latin American countries. The Fund will mainly acquire minority stakes with defined exit strategies. The Fund Manager is Alta Growth Capital S.C., a local investment management company with broad experience and a successful track record in private capital investment in Mexico. The Fund’s investors include the Deutsche Investitions- und Entwicklungsgesellschaft (“DEG”, German development bank), the International Finance Corporation (“IFC”), and Fondo de Fondos. IDB Invest is considering an equity investment of up to US$10.8 million in Alta Growth Capital Fund III, L.P. (“Alta Growth Capital” or the “Fund”) in Mexico. IDB Invest’s participation will allow the Fund to achieve the scalability necessary to effectively execute its investment strategy and achieve its target size of US$250 million. IDB Invest’s participation will increase the availability of private capital for medium-sized enterprises in Mexico, which will help to increase the country’s competitiveness and economic growth. The Fund will invest up to 20% of its commitment in other Latin American countries. The Fund will mainly acquire minority stakes with defined exit strategies. The Fund Manager is Alta Growth Capital S.C., a local investment management company with broad experience and a successful track record in private capital investment in Mexico. The Fund’s investors include the Deutsche Investitions- und Entwicklungsgesellschaft (“DEG”, German development bank), the International Finance Corporation (“IFC”), and Fondo de Fondos.
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FRISA - Supply Chain The transaction consists of an uncommitted revolving reverse factoring facility (the "Transaction") to be provided by IDB Invest to Frisa Industrias S.A. de C.V. and its subsidiaries incorporated in Mexico (“Frisa” or “the Company”). IDB Invest may, at its sole discretion: purchase and discount supplier credit rights payable by Frisa, previously confirmed by the latter, through an eligible electronic platform.Frisa is a Mexican company engaged in the design, forging, manufacturing, machining, and marketing of rolled rings for industrial uses, made from carbon, alloy, stainless, titanium, and superalloy steels for the following industries: aerospace, construction and mining, industrial machinery, oil and gas, wind energy, and power generation.Through the Transaction, IDB Invest seeks to facilitate financing at competitive prices to Frisa's Micro, Small and Medium-Sized Enterprises ("MSMEs") suppliers in Mexico, through the discount or monetization of their credit rights derived from the sale of goods and/or services to Frisa. The average maturity of the credit rights under the Transaction is expected to be 180 days. Reverse factoring solutions aim to facilitate access to affordable financing for suppliers, mostly MSMEs. The transaction consists of an uncommitted revolving reverse factoring facility (the "Transaction") to be provided by IDB Invest to Frisa Industrias S.A. de C.V. and its subsidiaries incorporated in Mexico (“Frisa” or “the Company”). IDB Invest may, at its sole discretion: purchase and discount supplier credit rights payable by Frisa, previously confirmed by the latter, through an eligible electronic platform.Frisa is a Mexican company engaged in the design, forging, manufacturing, machining, and marketing of rolled rings for industrial uses, made from carbon, alloy, stainless, titanium, and superalloy steels for the following industries: aerospace, construction and mining, industrial machinery, oil and gas, wind energy, and power generation.Through the Transaction, IDB Invest seeks to facilitate financing at competitive prices to Frisa's Micro, Small and Medium-Sized Enterprises ("MSMEs") suppliers in Mexico, through the discount or monetization of their credit rights derived from the sale of goods and/or services to Frisa. The average maturity of the credit rights under the Transaction is expected to be 180 days. Reverse factoring solutions aim to facilitate access to affordable financing for suppliers, mostly MSMEs.
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Banpro DPR – Supporting middle-sized agroindustry producers in Nicaragua The objective of this transaction is to increase access to financing for small and medium sized agroindustry producers in Nicaragua. Banco de la Producción, S.A. (“Banpro”) will create its Diversified Payments Rights Program (the “DRP Program”) and make an issuance of up to US$150 million. IDB Invest will purchase up to US$40 million in debt instruments under the Program with a tenor of up to 5 years including one year of grace period with a potential extension of up to 2 years. It is expected that the IDB Group will purchase up to US$27 million, and that the China Co-Financing Banco de la Producción, S.A. Fund for Latin America and the Caribbean - a fund under IDB´s administration - will purchase up to US$13 million. Under the DPR Program, Banpro (the “Sponsor”) will sell all its rights over its existing and future Diversified Payment Rights (“DPR”) to a Cayman Island Vehicle, NIC FLOWS SPV, Ltd., (the “SPV”). The proceeds from the DPR Program will be channeled by the SPV to Banpro as a payment for the DPRs sold. IDB Invest has a track record working with Banpro. In 2018 IDB Invest approved a US$20 million senior credit line to support the Bank’s efforts to build a green portfolio (US$10 million disbursed as of January 2019). The engagement included technical assistance and a US$1.5 million guarantee facility to enhance collateral to make viable to offer green lines to smaller companies and agricultural producers. Finally, Banpro is part of IBD Invest TFFP program with an approved line of US$30 million. The objective of this transaction is to increase access to financing for small and medium sized agroindustry producers in Nicaragua. Banco de la Producción, S.A. (“Banpro”) will create its Diversified Payments Rights Program (the “DRP Program”) and make an issuance of up to US$150 million. IDB Invest will purchase up to US$40 million in debt instruments under the Program with a tenor of up to 5 years including one year of grace period with a potential extension of up to 2 years. It is expected that the IDB Group will purchase up to US$27 million, and that the China Co-Financing Banco de la Producción, S.A. Fund for Latin America and the Caribbean - a fund under IDB´s administration - will purchase up to US$13 million. Under the DPR Program, Banpro (the “Sponsor”) will sell all its rights over its existing and future Diversified Payment Rights (“DPR”) to a Cayman Island Vehicle, NIC FLOWS SPV, Ltd., (the “SPV”). The proceeds from the DPR Program will be channeled by the SPV to Banpro as a payment for the DPRs sold. IDB Invest has a track record working with Banpro. In 2018 IDB Invest approved a US$20 million senior credit line to support the Bank’s efforts to build a green portfolio (US$10 million disbursed as of January 2019). The engagement included technical assistance and a US$1.5 million guarantee facility to enhance collateral to make viable to offer green lines to smaller companies and agricultural producers. Finally, Banpro is part of IBD Invest TFFP program with an approved line of US$30 million.
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Bebidas del Paraguay Bebidas del Paraguay S.A. ("BPy") and Distribuidora del Paraguay S.R.L. ("DPy") are in the business of carbonated beverages, mineral water, isotonic drinks, and natural fruit juice. BPy produces and DPy distributes and markets them. These enterprises have a portfolio of prestigious local brands such as: "PULP" (sodas with natural juice extracts), "MAXI" (sodas with synthetic flavors), "FULLPOWER" (isotonic drinks), and "LA FUENTE" (carbonated and non-carbonated mineral water). The "PULP" brand is a flagship domestic brand. It was created in 1937 and is the first carbonated drink made from natural juice extracts (orange and grapefruit).The proposed project’s objective is to expand an almost six-fold increase in production capacity by building and outfitting a new industrial plant for carbonated drinks, mineral water, and natural fruit juices. The plant is located on twelve hectares of land along the "Acceso Sur" route, in the city of San Antonio (about 12 km from Asunción). BPy would use the IIC loan to purchase machinery and equipment and pay off eventual short-term bridge loans from suppliers or financial institutions, in order to create an appropriate structure for financing its investments. Bebidas del Paraguay S.A. ("BPy") and Distribuidora del Paraguay S.R.L. ("DPy") are in the business of carbonated beverages, mineral water, isotonic drinks, and natural fruit juice. BPy produces and DPy distributes and markets them. These enterprises have a portfolio of prestigious local brands such as: "PULP" (sodas with natural juice extracts), "MAXI" (sodas with synthetic flavors), "FULLPOWER" (isotonic drinks), and "LA FUENTE" (carbonated and non-carbonated mineral water). The "PULP" brand is a flagship domestic brand. It was created in 1937 and is the first carbonated drink made from natural juice extracts (orange and grapefruit).The proposed project’s objective is to expand an almost six-fold increase in production capacity by building and outfitting a new industrial plant for carbonated drinks, mineral water, and natural fruit juices. The plant is located on twelve hectares of land along the "Acceso Sur" route, in the city of San Antonio (about 12 km from Asunción). BPy would use the IIC loan to purchase machinery and equipment and pay off eventual short-term bridge loans from suppliers or financial institutions, in order to create an appropriate structure for financing its investments.
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ImpactA Global Emerging Markets Sustainable Infrastructure Fund The Fund aims to provide debt financing for sustainable infrastructure in Emerging Markets, primarily in Latin America and the Caribbean (“LAC”), Africa, and South Asia. ImpactA Global Limited will be the Fund’s investment advisor.The proposed Project consists of an investment of up to the lesser of i) US$25 million, inclusive of a US$5 million Blended Finance participation with resources from funds managed by IDB Invest and ii) 20% of the total target Fund size.With a target size of approximately US$300 million, the Fund will seek projects that promote a sustainable and equitable climate transition, including renewable energy, clean mobility, and climate-resilient health and water and sanitation infrastructure. The Fund will have a 10-year term from its final closing date and will make approximately 15 to 20 investments with maturities between 3-10 years, targeting a high single-digit net IRR. The Fund intends to invest at least the equivalent of 3x IDB Invest’s investment in LAC. The Fund aims to provide debt financing for sustainable infrastructure in Emerging Markets, primarily in Latin America and the Caribbean (“LAC”), Africa, and South Asia. ImpactA Global Limited will be the Fund’s investment advisor.The proposed Project consists of an investment of up to the lesser of i) US$25 million, inclusive of a US$5 million Blended Finance participation with resources from funds managed by IDB Invest and ii) 20% of the total target Fund size.With a target size of approximately US$300 million, the Fund will seek projects that promote a sustainable and equitable climate transition, including renewable energy, clean mobility, and climate-resilient health and water and sanitation infrastructure. The Fund will have a 10-year term from its final closing date and will make approximately 15 to 20 investments with maturities between 3-10 years, targeting a high single-digit net IRR. The Fund intends to invest at least the equivalent of 3x IDB Invest’s investment in LAC.
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NASE Negocio Agrícola San Enrique, SA de C.V (“NASE”), located in the Northwest of Mexico, is a company with 25 years of experience in the horticultural sector, engaged in the production of organic and non-organic tomatoes, peppers, table grapes, nuts (pecan), strawberries, blackberries, and farmed shrimp, with a focus on the export market (90% of sales).NASE was born 50 years ago out of the Mazón family's agricultural business, which focused on the production of oranges, nuts, wheat, and chickpeas. Today, agricultural and aquacultural production is mainly located in the States of Sonora (near Hermosillo), Southern Baja California (near Melitón and Vizcaíno), Nayarit (shrimp farms), and on a smaller scale, in Culiacán, where mostly feed grain is still produced.NASE has driven its geographic diversification and constant operational growth through the purchase of new properties and water permits, thus achieving a greater market share and greater operating profit. NASE initially relied on 650 hectares for production, and now manages more than 4,962 hectares on 6,500 hectares of owned land. It is one of the leading Mexican groups in the production of tomatoes, peppers, and walnuts, a very fragmented sector. Tomatoes and peppers are produced using medium technology shade mesh. This type of production is carried out in regions where the climate allows it and highly technified greenhouses (glass) are not needed.NASE sells all its produce fresh. Vegetables are packaged on-site and sent to the American market. Walnuts undergo additional processing after the harvest and are then sent unhusked, mainly to the Asian market. As for the shrimp, it is sold in frozen portions in the Mexican and export markets.One of NASE's competitive advantages is its ability to produce throughout the year, especially during the winter season, since in general, during this period, open field vegetable production is only possible in Sinaloa, Mexico (mainly tomato), and in Florida, USA. This situation makes it possible for NASE to access the market when prices are higher in the US and Mexico.The proposed financing consists of a Committed Revolving Line without guarantee for US$ 15 million for a term of three years, with annual amortizations (“clean-ups”). The aim of this transaction is to substitute the credit lines from fertilizer and agricultural input suppliers, thereby extending the current term of only 180 days, which does not match the production cycles (between 180 days and more than 300 days for walnuts), to 360 days[1]. The financing will be used as working capital, mainly for the purchase of raw materials such as seeds, fertilizers, and for various agricultural works, as well as for purchasing inputs and financing works in the production of farmed shrimp (hereinafter “the Project”).The Project is consistent with IDB's regional strategy for Mexico, which focuses on stimulating the productivity of companies, potentiating the development of the economy and rural communities, and promoting sustainable business models by identifying competitive players in the region.[1] Today, the company relies on long-term bank financing with a working capital component, which has to be liquidated within 180 days. However, the company needs longer terms than the current scheme allows. Negocio Agrícola San Enrique, SA de C.V (“NASE”), located in the Northwest of Mexico, is a company with 25 years of experience in the horticultural sector, engaged in the production of organic and non-organic tomatoes, peppers, table grapes, nuts (pecan), strawberries, blackberries, and farmed shrimp, with a focus on the export market (90% of sales).NASE was born 50 years ago out of the Mazón family's agricultural business, which focused on the production of oranges, nuts, wheat, and chickpeas. Today, agricultural and aquacultural production is mainly located in the States of Sonora (near Hermosillo), Southern Baja California (near Melitón and Vizcaíno), Nayarit (shrimp farms), and on a smaller scale, in Culiacán, where mostly feed grain is still produced.NASE has driven its geographic diversification and constant operational growth through the purchase of new properties and water permits, thus achieving a greater market share and greater operating profit. NASE initially relied on 650 hectares for production, and now manages more than 4,962 hectares on 6,500 hectares of owned land. It is one of the leading Mexican groups in the production of tomatoes, peppers, and walnuts, a very fragmented sector. Tomatoes and peppers are produced using medium technology shade mesh. This type of production is carried out in regions where the climate allows it and highly technified greenhouses (glass) are not needed.NASE sells all its produce fresh. Vegetables are packaged on-site and sent to the American market. Walnuts undergo additional processing after the harvest and are then sent unhusked, mainly to the Asian market. As for the shrimp, it is sold in frozen portions in the Mexican and export markets.One of NASE's competitive advantages is its ability to produce throughout the year, especially during the winter season, since in general, during this period, open field vegetable production is only possible in Sinaloa, Mexico (mainly tomato), and in Florida, USA. This situation makes it possible for NASE to access the market when prices are higher in the US and Mexico.The proposed financing consists of a Committed Revolving Line without guarantee for US$ 15 million for a term of three years, with annual amortizations (“clean-ups”). The aim of this transaction is to substitute the credit lines from fertilizer and agricultural input suppliers, thereby extending the current term of only 180 days, which does not match the production cycles (between 180 days and more than 300 days for walnuts), to 360 days[1]. The financing will be used as working capital, mainly for the purchase of raw materials such as seeds, fertilizers, and for various agricultural works, as well as for purchasing inputs and financing works in the production of farmed shrimp (hereinafter “the Project”).The Project is consistent with IDB's regional strategy for Mexico, which focuses on stimulating the productivity of companies, potentiating the development of the economy and rural communities, and promoting sustainable business models by identifying competitive players in the region.[1] Today, the company relies on long-term bank financing with a working capital component, which has to be liquidated within 180 days. However, the company needs longer terms than the current scheme allows.
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Sicredi - Women-Led SMEs The transaction consists of a senior unsecured A/B and co-loan for up to US$100 million to BanSicredi, to be structured as follows: (i) an A Loan of up to US$25 million to be financed by IDB Invest; (ii)anALoan of up to US$60 million to be financed by DEG and Proparco; and (iii) B Loans of uptoUS$15million to be financed by institutional investors. The term of the A loan is seven years, with a grace period of one year and semi-annual installments, while the term of the B loans istwoyears, with interest with bullet repayment. The transaction has as a target to provide the Borrower with long-term senior funds for the financing of sub-loans to its women-led SMEs portfolio. The transaction consists of a senior unsecured A/B and co-loan for up to US$100 million to BanSicredi, to be structured as follows: (i) an A Loan of up to US$25 million to be financed by IDB Invest; (ii)anALoan of up to US$60 million to be financed by DEG and Proparco; and (iii) B Loans of uptoUS$15million to be financed by institutional investors. The term of the A loan is seven years, with a grace period of one year and semi-annual installments, while the term of the B loans istwoyears, with interest with bullet repayment. The transaction has as a target to provide the Borrower with long-term senior funds for the financing of sub-loans to its women-led SMEs portfolio.
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Copeval II Copeval's regional expansion and entry into new lines of business will significantly increase its operational funding needs. The US$10 million IIC loan will finance a portion of these needs. With this second operation the IIC will continue to support the growth of a leading market player, a company whose primary business is the marketing and credit sale of agricultural inputs used by small and medium-size producers. Copeval is completing its national distribution network to provide total coverage for regions III to X. This opportunity for Copeval to grow comes with the increase in agribusiness activity in Chile, the result of free trade agreements and regional expansion. Copeval's regional expansion and entry into new lines of business will significantly increase its operational funding needs. The US$10 million IIC loan will finance a portion of these needs. With this second operation the IIC will continue to support the growth of a leading market player, a company whose primary business is the marketing and credit sale of agricultural inputs used by small and medium-size producers. Copeval is completing its national distribution network to provide total coverage for regions III to X. This opportunity for Copeval to grow comes with the increase in agribusiness activity in Chile, the result of free trade agreements and regional expansion.
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PTI The proposed transaction consists of a Senior Loan for a period of 10 years for an amount up to US$60 million (the “IDB Group Financing”) to support PTI’s: (i) capital expenditure plan, and (ii) acquisitions. IDB Group’s market knowledge and expertise in developing markets is well suited to assist PTI in the Caribbean and South American market.The financing will consist of an A Loan of up to US$45 million and a B Loan for up to US$15 million.PTI is a leading independent owner and operator of wireless communications infrastructure leasing sites to Mobile Network Operators (“MNOs”) across the Caribbean and Latin American region.AMENDMENTDecember 4 of 2018:* Phoenix Tower US Holdings, LPand its relevant Subsidiaries.**Prior to SecondDisbursement.*** Regional: South America and the Caribbean. The proposed transaction consists of a Senior Loan for a period of 10 years for an amount up to US$60 million (the “IDB Group Financing”) to support PTI’s: (i) capital expenditure plan, and (ii) acquisitions. IDB Group’s market knowledge and expertise in developing markets is well suited to assist PTI in the Caribbean and South American market.The financing will consist of an A Loan of up to US$45 million and a B Loan for up to US$15 million.PTI is a leading independent owner and operator of wireless communications infrastructure leasing sites to Mobile Network Operators (“MNOs”) across the Caribbean and Latin American region.AMENDMENTDecember 4 of 2018:* Phoenix Tower US Holdings, LPand its relevant Subsidiaries.**Prior to SecondDisbursement.*** Regional: South America and the Caribbean.
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Línea STR Barranquilla The UPME STR 02-2019 project (the “Project” or “STR Barranquilla Line”), located in the Caribbean region of Colombia, in the Department of Atlántico, Special Port and Industrial District of Barranquilla and, in a minimal proportion, in the municipality of Soledad, was awarded in 2020 by the Mining and Energy Planning Unit (“UPME”) to the Energía de Colombia STR S.A.S E.S.P consortium (the “Concessionaire” or the “Client”), whose main shareholder is the firm Ortiz Construcciones y Proyectos S.A. with 80% participation, “Fondo para Inversiones en el Exterior” (FIDEX) with 18.62% and “Compañía Española de Financiación del Desarrollo” (COFIDES) with the remaining 1.38%.The general objective of the Project is to guarantee the improvement and reliability in the electrical supply for the Municipalities of Barranquilla and Soledad in the Department of Atlántico, through the design, supply, construction, operation and maintenance of: (i) the Estadio Substation 110 kV; (ii) the expansion and modernization of eight (8) substations and the interconnection of nine (9) substations; (iii) the installation of about twenty-four (24) kilometers of 110kV high voltage underground lines, of which 1.08 kilometers were carried out in the municipality of Soledad; and (iv) the construction of the associated works.The Project formally began the operation phase on November 2nd, 2023 for a period of 25 years, measured from the beginning of operation and after the conclusion of the basic and detailed engineering designs, permit and license procedures, the supply and assembly of equipment, the construction, commissioning and corresponding testing of the works.The Project was originally funded through a medium-term financing structure, and currently its refinancing is being considered. In this context, IDB Invest expects to grant up to COP 200,000 million within the longer-term and less liquid local currency tranche, helping to mobilize resources from local banks and institutional investors The UPME STR 02-2019 project (the “Project” or “STR Barranquilla Line”), located in the Caribbean region of Colombia, in the Department of Atlántico, Special Port and Industrial District of Barranquilla and, in a minimal proportion, in the municipality of Soledad, was awarded in 2020 by the Mining and Energy Planning Unit (“UPME”) to the Energía de Colombia STR S.A.S E.S.P consortium (the “Concessionaire” or the “Client”), whose main shareholder is the firm Ortiz Construcciones y Proyectos S.A. with 80% participation, “Fondo para Inversiones en el Exterior” (FIDEX) with 18.62% and “Compañía Española de Financiación del Desarrollo” (COFIDES) with the remaining 1.38%.The general objective of the Project is to guarantee the improvement and reliability in the electrical supply for the Municipalities of Barranquilla and Soledad in the Department of Atlántico, through the design, supply, construction, operation and maintenance of: (i) the Estadio Substation 110 kV; (ii) the expansion and modernization of eight (8) substations and the interconnection of nine (9) substations; (iii) the installation of about twenty-four (24) kilometers of 110kV high voltage underground lines, of which 1.08 kilometers were carried out in the municipality of Soledad; and (iv) the construction of the associated works.The Project formally began the operation phase on November 2nd, 2023 for a period of 25 years, measured from the beginning of operation and after the conclusion of the basic and detailed engineering designs, permit and license procedures, the supply and assembly of equipment, the construction, commissioning and corresponding testing of the works.The Project was originally funded through a medium-term financing structure, and currently its refinancing is being considered. In this context, IDB Invest expects to grant up to COP 200,000 million within the longer-term and less liquid local currency tranche, helping to mobilize resources from local banks and institutional investors
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PV Llanos 3 The Bosques Solares Los Llanos project (the "Project" or "BSL") of Matrix Renewables Colombia S.A.S. (the "Company" or "Matrix") is located in the municipality of Puerto Gaitan in the province of Meta, Colombia. The Project involves the construction and operation of: (i) three contiguous solar generation projects (BSL1, BSL2, and BSL3) with a total aggregate installed capacity of 81.7 Mega Watt peak (MWp), (ii) a 2,711-meter long, 34.5 kilovolts (kV) transmission line (TL), with 1,714 meters of underground wiring and 996 meters of overhead wiring, and (iii) the retrofitting of Altillanura electrical substation from Electrificadora del Meta S.A. (EMSA). The three BSLs were recently acquired by the Company from Trina Solar, a photovoltaic module manufacturing and installation company, which was also in charge of the construction of the three solar farms. The Project is in a leadership transition stage and, as of March 2021, it registers BSL1 and BSL2 in the operational phase under Trina Solar's guidelines, while BSL3 is in the technical testing phase before entering its operational phase. The Bosques Solares Los Llanos project (the "Project" or "BSL") of Matrix Renewables Colombia S.A.S. (the "Company" or "Matrix") is located in the municipality of Puerto Gaitan in the province of Meta, Colombia. The Project involves the construction and operation of: (i) three contiguous solar generation projects (BSL1, BSL2, and BSL3) with a total aggregate installed capacity of 81.7 Mega Watt peak (MWp), (ii) a 2,711-meter long, 34.5 kilovolts (kV) transmission line (TL), with 1,714 meters of underground wiring and 996 meters of overhead wiring, and (iii) the retrofitting of Altillanura electrical substation from Electrificadora del Meta S.A. (EMSA). The three BSLs were recently acquired by the Company from Trina Solar, a photovoltaic module manufacturing and installation company, which was also in charge of the construction of the three solar farms. The Project is in a leadership transition stage and, as of March 2021, it registers BSL1 and BSL2 in the operational phase under Trina Solar's guidelines, while BSL3 is in the technical testing phase before entering its operational phase.
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Cablemas With its participation, the IIC seeks to improve the risk profile of a bond issue (certificados bursátiles) to be carried out by Cablemás S.A. de C.V. by obtaining better financing terms and conditions for the company. By introducing a new product such as partial loan guarantees, the IIC also seeks to boost financial intermediation and foster savings in the local financial market. IIC's participation also opens the door to long-term financing in local currency for companies that are not necessarily exporters. With its participation, the IIC seeks to improve the risk profile of a bond issue (certificados bursátiles) to be carried out by Cablemás S.A. de C.V. by obtaining better financing terms and conditions for the company. By introducing a new product such as partial loan guarantees, the IIC also seeks to boost financial intermediation and foster savings in the local financial market. IIC's participation also opens the door to long-term financing in local currency for companies that are not necessarily exporters.
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Carnes Zamora Distribuidora de Carnes Zamora S.A. processes and distributes high-value-added pork products. It has been in business since 1995 and sells both on the domestic market and internationally. The company is the only pork processor in Costa Rica certified to export to Asia. It recently completed the vertical integration of its operations by taking over the management of two pig farms, thereby ensuring its supply of quality raw material. IIC involvement in the Distribuidora de Carnes Zamora project has two major benefits. First, the loan will increase the company’s permanent working capital by helping it refinance short-term debt into long-term debt. The company will also be able to purchase new machinery and equipment to improve its processing plant infrastructure and production processes.In addition, as a complement to the FINPYME program that the company registered for last year, Carnes Zamora will receive technical assistance for implementing ISO 9000 and 22000 quality standards. Distribuidora de Carnes Zamora S.A. processes and distributes high-value-added pork products. It has been in business since 1995 and sells both on the domestic market and internationally. The company is the only pork processor in Costa Rica certified to export to Asia. It recently completed the vertical integration of its operations by taking over the management of two pig farms, thereby ensuring its supply of quality raw material. IIC involvement in the Distribuidora de Carnes Zamora project has two major benefits. First, the loan will increase the company’s permanent working capital by helping it refinance short-term debt into long-term debt. The company will also be able to purchase new machinery and equipment to improve its processing plant infrastructure and production processes.In addition, as a complement to the FINPYME program that the company registered for last year, Carnes Zamora will receive technical assistance for implementing ISO 9000 and 22000 quality standards.
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Partnership with Banco Guayaquil for MSME Financing with Focus on Gender and Inclusion The objective of this project is to support Banco Guayaquil’s (BG) growth strategy for its Micro, Small and Medium-Sized Enterprise (“MSME”) portfolio in order to increase access to financing in these segments. Thus, it is proposed to grant BG a senior unsecured loan for up to US$70 million. The loan will consist of two tranches as follows: (i) committed tranche for up to US$40 million to be used in 2019; and (ii) uncommitted tranche for up to US$30 million to be used in 2020. The term of this operation is five years, with no grace period. Supplementing this loan, there is expected to be a Technical Assistance (“TA”) component with non-reimbursable funds. The principal objective of this TA is to strengthen the microcredit portfolio by developing a strategy with a gender approach. The objective of this project is to support Banco Guayaquil’s (BG) growth strategy for its Micro, Small and Medium-Sized Enterprise (“MSME”) portfolio in order to increase access to financing in these segments. Thus, it is proposed to grant BG a senior unsecured loan for up to US$70 million. The loan will consist of two tranches as follows: (i) committed tranche for up to US$40 million to be used in 2019; and (ii) uncommitted tranche for up to US$30 million to be used in 2020. The term of this operation is five years, with no grace period. Supplementing this loan, there is expected to be a Technical Assistance (“TA”) component with non-reimbursable funds. The principal objective of this TA is to strengthen the microcredit portfolio by developing a strategy with a gender approach.
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Almacenes del Norte This operation consists of a total financing of up to US$51.6 million with a term of up to 14 years to Proyecto Ventanilla S.A.C. (“Almacenes del Norte”).Proyecto Ventanilla S.A.C., a special purpose company established in Peru (the “Client”), was incorporated to build and operate the Almacenes del Norte logistics park, located in the district of Ventanilla, Constitutional Province of Callao, Peru (the "Project").The Project is located 20 km north of Jorge Chavez International Airport, 25 km from the Port of Callao and 40 km from the future Port of Chancay. The logistics warehouses will be developed on a total area of 504,220 m2 and a leasable area of 288,044 m2 (57% of the total). Construction began in 2022 (currently the earthworks phase is almost complete), and will be completed in 2027, with four types of warehouses: i) small, with areas of 150 m2; ii) medium, with areas between 200 and 400 m2; iii) large, with areas between 3,000 and 6,000 m2; and iv) “Build To Suit”, with areas greater than 10,000 m2. This operation consists of a total financing of up to US$51.6 million with a term of up to 14 years to Proyecto Ventanilla S.A.C. (“Almacenes del Norte”).Proyecto Ventanilla S.A.C., a special purpose company established in Peru (the “Client”), was incorporated to build and operate the Almacenes del Norte logistics park, located in the district of Ventanilla, Constitutional Province of Callao, Peru (the "Project").The Project is located 20 km north of Jorge Chavez International Airport, 25 km from the Port of Callao and 40 km from the future Port of Chancay. The logistics warehouses will be developed on a total area of 504,220 m2 and a leasable area of 288,044 m2 (57% of the total). Construction began in 2022 (currently the earthworks phase is almost complete), and will be completed in 2027, with four types of warehouses: i) small, with areas of 150 m2; ii) medium, with areas between 200 and 400 m2; iii) large, with areas between 3,000 and 6,000 m2; and iv) “Build To Suit”, with areas greater than 10,000 m2.
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Copeval Import Finance The proposed financing to Grupo Copeval consists of a 39-month revolving credit line, with a committed tranche and an uncommitted tranche for up to US$30 million, under which IDB Invest will extend financing for a term of up to 390 days with amortization at maturity, destined for the importation of machinery, inputs and raw materials, which were sold and financed to their agricultural producers.Copeval is the main distributor of agricultural inputs in Chile, with more than 65 years of experience in the market. It has a permanent stock of more than 28,700 products divided into the main lines of agrochemicals, fertilizers, food and grains, veterinary medicine, fuels and lubricants, machinery, seeds, technical irrigation, agricultural hardware, machinery rental and services. To carry out its operations, Copeval has a wide distribution network and a service model for all types of farmers, both multi-item and multi-size. The logistical efficiency of Copeval's distribution network allows it to deliver a comprehensive offer of agricultural inputs with a wide geographical coverage, serving more than 40,000 customers annually. The proposed financing to Grupo Copeval consists of a 39-month revolving credit line, with a committed tranche and an uncommitted tranche for up to US$30 million, under which IDB Invest will extend financing for a term of up to 390 days with amortization at maturity, destined for the importation of machinery, inputs and raw materials, which were sold and financed to their agricultural producers.Copeval is the main distributor of agricultural inputs in Chile, with more than 65 years of experience in the market. It has a permanent stock of more than 28,700 products divided into the main lines of agrochemicals, fertilizers, food and grains, veterinary medicine, fuels and lubricants, machinery, seeds, technical irrigation, agricultural hardware, machinery rental and services. To carry out its operations, Copeval has a wide distribution network and a service model for all types of farmers, both multi-item and multi-size. The logistical efficiency of Copeval's distribution network allows it to deliver a comprehensive offer of agricultural inputs with a wide geographical coverage, serving more than 40,000 customers annually.
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UTE Cidade do Livro The proposed operation consists of the design, construction, operation, and maintenance of the Usina Termelétrica Lençóis Paulista (“UTE Cidade do Livro”), an 80 megawatts (“MW”) Thermal Power Plant (“TPP”) fueled by biomass, using preferably wood chip or sugarcane bagasse, and a substation, as well as a 25-kilometer (“km”) long 138 kilovolts (“kV”) Transmission Line (“TL”) to connect the TPP to the Brazilian interconnected grid at the existing Barra Bonita Substation (“The Project”). The Project will be developed in the municipality of Lençóis Paulistas, São Paulo State, Brazil. The Project’s estimated CAPEX amounts up to BRL 590 million. The proposed operation consists of the design, construction, operation, and maintenance of the Usina Termelétrica Lençóis Paulista (“UTE Cidade do Livro”), an 80 megawatts (“MW”) Thermal Power Plant (“TPP”) fueled by biomass, using preferably wood chip or sugarcane bagasse, and a substation, as well as a 25-kilometer (“km”) long 138 kilovolts (“kV”) Transmission Line (“TL”) to connect the TPP to the Brazilian interconnected grid at the existing Barra Bonita Substation (“The Project”). The Project will be developed in the municipality of Lençóis Paulistas, São Paulo State, Brazil. The Project’s estimated CAPEX amounts up to BRL 590 million.
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Puerto Cabezas Power, S.A. Puerto Cabezas Power S.A. generates electricity in the municipality of Puerto Cabezas in Nicaragua’s Autonomous North Atlantic Region (RAAN). PCP commenced operations in 2001 after winning a tender issued by Empresa Nicaragüense de Electricidad (ENEL) to generate electricity and provide stable energy services to the independent grid that serves the town of Bilwi and neighboring communities.The IIC loan for up to US$1.5 million will be used to boost electricity-generating capacity to up to 7 MW, which will include the purchase and commissioning of two new 1.7 MW generators, offering the local population a more efficient, more reliable, and cleaner power supply system. Puerto Cabezas Power S.A. generates electricity in the municipality of Puerto Cabezas in Nicaragua’s Autonomous North Atlantic Region (RAAN). PCP commenced operations in 2001 after winning a tender issued by Empresa Nicaragüense de Electricidad (ENEL) to generate electricity and provide stable energy services to the independent grid that serves the town of Bilwi and neighboring communities.The IIC loan for up to US$1.5 million will be used to boost electricity-generating capacity to up to 7 MW, which will include the purchase and commissioning of two new 1.7 MW generators, offering the local population a more efficient, more reliable, and cleaner power supply system.
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Banco Promerica Costa Rica: SME Financing Partnership The proposed transaction consists of an unsecured financing to Banco Promerica de Costa Rica S.A. (“Promerica” or the “Bank”) denominated in United States Dollars (“US$”) of up to US$20 million to be funded by IDB Invest (“the “Project”). The purpose of the Project is to grant financing to Promerica to improve access to finance for small and medium sized enterprises (“SME”) and to support the growth of Promerica’s “Green Financing” portfolio. The Project will be complemented by a Technical Assistance that will focus on its “Green Financing” portfolio. The proposed transaction consists of an unsecured financing to Banco Promerica de Costa Rica S.A. (“Promerica” or the “Bank”) denominated in United States Dollars (“US$”) of up to US$20 million to be funded by IDB Invest (“the “Project”). The purpose of the Project is to grant financing to Promerica to improve access to finance for small and medium sized enterprises (“SME”) and to support the growth of Promerica’s “Green Financing” portfolio. The Project will be complemented by a Technical Assistance that will focus on its “Green Financing” portfolio.
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Confecciones Leonisa S.A. With the IIC loan, Leonisa will improve its financial profile with medium-term financing, making the company less vulnerable to changes in the financial market and in terms for accessing financing. The loan will also provide greater stability for Leonisa’s manufacturing and marketing activities. The company depends on a supply chain comprising twelve work cooperatives and over fifty small garment manufacturers, largely male and female microentrepreneurs, and accounting for approximately 2,500 direct and indirect jobs. Leonisa outsources a significant portion of its garment manufacturing. Three of the work cooperatives (Ecoelsa, Incomar, and Coopimar) were founded thanks to the Sponsors’ initiative and with Leonisa’s support. They are located near the city of Medellín in the towns of El Santuario and Marinilla. These towns, each with a population of approximately 25,000, have gone through periods of violence that generated insecurity and a lack of opportunities for young people, causing them to migrate to Medellín in poor living conditions. In spite of the insecurity in the region, these work cooperatives generated over 1,000 jobs, principally for women, who in many cases are heads of household or mothers. Also, women occupy all of the managerial positions in the cooperatives. The majority of the cooperatives’ workers are also members through an affiliation agreement; in turn, the cooperatives are responsible for fulfilling all labor requirements. Members receive benefits beyond those required by law: production incentives, bonuses, training, educational assistance, housing loans, and emergency assistance, among other benefits. The cooperatives have obtained ISO 9001:2000 certification and have the highest production standards of all of Leonisa’s garment manufacturers. In addition to being the main source of employment in their locations, the cooperatives offer the community important social services through artistic, cultural, sports, and recreational activities that take place on their premises. Facility maintenance, the quality and efficiency of the work carried out there, the care for the environment, and the respect for the social milieu all reflect the strong sense of ownership that the members have developed. The other garment manufacturers also comply with Leonisa’s requirements regarding environmental issues, safety, health, job security, and quality. In addition, Leonisa offers them training.With the experience gained through this operation, in the future the Corporation would be able to consider providing financing to this supply chain. With the IIC loan, Leonisa will improve its financial profile with medium-term financing, making the company less vulnerable to changes in the financial market and in terms for accessing financing. The loan will also provide greater stability for Leonisa’s manufacturing and marketing activities. The company depends on a supply chain comprising twelve work cooperatives and over fifty small garment manufacturers, largely male and female microentrepreneurs, and accounting for approximately 2,500 direct and indirect jobs. Leonisa outsources a significant portion of its garment manufacturing. Three of the work cooperatives (Ecoelsa, Incomar, and Coopimar) were founded thanks to the Sponsors’ initiative and with Leonisa’s support. They are located near the city of Medellín in the towns of El Santuario and Marinilla. These towns, each with a population of approximately 25,000, have gone through periods of violence that generated insecurity and a lack of opportunities for young people, causing them to migrate to Medellín in poor living conditions. In spite of the insecurity in the region, these work cooperatives generated over 1,000 jobs, principally for women, who in many cases are heads of household or mothers. Also, women occupy all of the managerial positions in the cooperatives. The majority of the cooperatives’ workers are also members through an affiliation agreement; in turn, the cooperatives are responsible for fulfilling all labor requirements. Members receive benefits beyond those required by law: production incentives, bonuses, training, educational assistance, housing loans, and emergency assistance, among other benefits. The cooperatives have obtained ISO 9001:2000 certification and have the highest production standards of all of Leonisa’s garment manufacturers. In addition to being the main source of employment in their locations, the cooperatives offer the community important social services through artistic, cultural, sports, and recreational activities that take place on their premises. Facility maintenance, the quality and efficiency of the work carried out there, the care for the environment, and the respect for the social milieu all reflect the strong sense of ownership that the members have developed. The other garment manufacturers also comply with Leonisa’s requirements regarding environmental issues, safety, health, job security, and quality. In addition, Leonisa offers them training.With the experience gained through this operation, in the future the Corporation would be able to consider providing financing to this supply chain.
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Hychico Hychico S.A. produces hydrogen, oxygen, and electric power from renewable energy sources.This IIC financing would be used to refinance the installation, start-up, and future operations of the Diadema Parque Eólico, comprising seven (7) 0.9-megawatt (MW) Enercon E-44 wind turbines with a nominal capacity of 6.3 MW, and anticipated power generation of 24,672 megawatt-hours per year that would be injected into the power grid of the Argentine Interconnected System (SADI). The Diadema wind farm lies in the sector known as "Pampa del F" of the Diadema oil field, operated by Compañías Asociadas Petroleras S.A. (CAPSA), located some 27 kilometers outside the city of Comodoro Rivadavia, Chubut Province, in southern Argentina. Hychico S.A. produces hydrogen, oxygen, and electric power from renewable energy sources.This IIC financing would be used to refinance the installation, start-up, and future operations of the Diadema Parque Eólico, comprising seven (7) 0.9-megawatt (MW) Enercon E-44 wind turbines with a nominal capacity of 6.3 MW, and anticipated power generation of 24,672 megawatt-hours per year that would be injected into the power grid of the Argentine Interconnected System (SADI). The Diadema wind farm lies in the sector known as "Pampa del F" of the Diadema oil field, operated by Compañías Asociadas Petroleras S.A. (CAPSA), located some 27 kilometers outside the city of Comodoro Rivadavia, Chubut Province, in southern Argentina.
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Grupo Portuario S.A. Grupo Portuario S.A. was founded in February 1996. It manages and operates one of the wharves of the Buenaventura Marine Terminal, Wharf 13. Buenaventura is Colombia’s main port, moving roughly 40 percent of the country’s cargo. Wharf 13 is a multipurpose wharf that handles different types of cargo, especially bulk and loose cargo, motor vehicles, and containers. This wharf was assigned to Grupo Portuario by the Colombian Navy’s Revolving Fund (currently the Armed Forces Logistics Agency) through a leasing agreement.The objective of the IIC operation is to finance the expansion of Wharf 13, an investment of around US$10 million. This expansion will enable Grupo Portuario to expand its installed capacity by some 35 percent and meet the growing demand. The loan requested from the IIC is for up to US$5 million. Grupo Portuario S.A. was founded in February 1996. It manages and operates one of the wharves of the Buenaventura Marine Terminal, Wharf 13. Buenaventura is Colombia’s main port, moving roughly 40 percent of the country’s cargo. Wharf 13 is a multipurpose wharf that handles different types of cargo, especially bulk and loose cargo, motor vehicles, and containers. This wharf was assigned to Grupo Portuario by the Colombian Navy’s Revolving Fund (currently the Armed Forces Logistics Agency) through a leasing agreement.The objective of the IIC operation is to finance the expansion of Wharf 13, an investment of around US$10 million. This expansion will enable Grupo Portuario to expand its installed capacity by some 35 percent and meet the growing demand. The loan requested from the IIC is for up to US$5 million.
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Agribusiness Financing Partnership with Banco Patagonia The proposed Project includes an unsecured senior loan for up to US$50 million for Banco Patagonia S.A. (“Patagonia”) that will allow that institution to support the financing of investment projects in small and medium-sized enterprises ("SMEs") in Argentina with a focus on the agricultural sector. The proposed loan will provide Patagonia with: (i) an A loan from IDB Invest for up to US$18 million; and (ii) another A loan from the Inter-American Development Bank ("IDB") for up to US$32 million. Total IDB Group financing will be disbursed over a maximum term of seven years in various tranches, for terms of three, four, and seven years. In addition, efforts will be made to mobilize additional funds from B lenders. The proposed Project includes an unsecured senior loan for up to US$50 million for Banco Patagonia S.A. (“Patagonia”) that will allow that institution to support the financing of investment projects in small and medium-sized enterprises ("SMEs") in Argentina with a focus on the agricultural sector. The proposed loan will provide Patagonia with: (i) an A loan from IDB Invest for up to US$18 million; and (ii) another A loan from the Inter-American Development Bank ("IDB") for up to US$32 million. Total IDB Group financing will be disbursed over a maximum term of seven years in various tranches, for terms of three, four, and seven years. In addition, efforts will be made to mobilize additional funds from B lenders.
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Banco Supervielle SME Partnership The proposed Project consists of a financing mechanism of up to US$ 40 million (“Financing Agreement for SMEs”) for Banco Supervielle S.A. (“Supervielle” or the “Bank”) that will allow the Bank to finance small and medium-sized enterprises (“SMEs”) sub-projects. The SME Financing Agreement will support the development and growth of SMEs, especially focusing in the province of Mendoza where at least 50% of the proposed financing will be directed. The financial instrument under review will provide Supervielle: (i) an A-Loan from the Inter American Investment Corporation (“IIC”) of up to US$ 15 million, and (ii) another A-Loan from the Inter-American Development Bank (“IDB”) of up to US$ 25 million. The aggregate financing amount from the IDB Group will be of up to US$40 million to be disbursed in several tranches between three and five year terms. The proposed Project consists of a financing mechanism of up to US$ 40 million (“Financing Agreement for SMEs”) for Banco Supervielle S.A. (“Supervielle” or the “Bank”) that will allow the Bank to finance small and medium-sized enterprises (“SMEs”) sub-projects. The SME Financing Agreement will support the development and growth of SMEs, especially focusing in the province of Mendoza where at least 50% of the proposed financing will be directed. The financial instrument under review will provide Supervielle: (i) an A-Loan from the Inter American Investment Corporation (“IIC”) of up to US$ 15 million, and (ii) another A-Loan from the Inter-American Development Bank (“IDB”) of up to US$ 25 million. The aggregate financing amount from the IDB Group will be of up to US$40 million to be disbursed in several tranches between three and five year terms.
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Telefónica Movistar Handset Financing in Costa Rica; Panamá and Guatemala The Project consists of an uncommitted receivable purchase facility individually set up for Telefónica de Costa Rica TC, S.A.; Telefónica Móviles Guatemala, S.A. and Telefónica Móviles Panamá, S.A. (“Telefonica Centroamérica” or “Movistar”) for up to US$14 million, US$5 million and US$5 million respectively (the "Facility") to sell mobile phone handset receivables originated by Movistar. The Facility will have an availability period of 48 months. The receivables have a repayment period of up to 24 months from the issuance date of the handset contract. Under the Facility, IDB Invest shall purchase, in its sole discretion, the mobile phone handset receivables.The Project seeks to support the adoption and use of smartphones that allow the final subscribers of Telefónica Centroamérica to access to data services. Greater access to data services has a positive impact on economic development since broadband penetration facilitates the creation of jobs, promotes the creation of business, increases productivity, and positively impacts per capita growth. However, there are important barriers to deal with dramatic growth in data uses, one of which is the cost of acquiring equipment and technologies that allow end users to use Internet services. The proposed Project is one of the ways that IDB Invest will seek to address this barrier. The Project consists of an uncommitted receivable purchase facility individually set up for Telefónica de Costa Rica TC, S.A.; Telefónica Móviles Guatemala, S.A. and Telefónica Móviles Panamá, S.A. (“Telefonica Centroamérica” or “Movistar”) for up to US$14 million, US$5 million and US$5 million respectively (the "Facility") to sell mobile phone handset receivables originated by Movistar. The Facility will have an availability period of 48 months. The receivables have a repayment period of up to 24 months from the issuance date of the handset contract. Under the Facility, IDB Invest shall purchase, in its sole discretion, the mobile phone handset receivables.The Project seeks to support the adoption and use of smartphones that allow the final subscribers of Telefónica Centroamérica to access to data services. Greater access to data services has a positive impact on economic development since broadband penetration facilitates the creation of jobs, promotes the creation of business, increases productivity, and positively impacts per capita growth. However, there are important barriers to deal with dramatic growth in data uses, one of which is the cost of acquiring equipment and technologies that allow end users to use Internet services. The proposed Project is one of the ways that IDB Invest will seek to address this barrier.
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Villanueva I and III and Don José Solar Projects Enel S.p.A. (Enel), through its renewable energy subsidiary Enel Green Power, S.p.A. (EGP or the Client), is seeking financing for a portfolio of three solar projects in México: the Villanueva I Solar Project (427 MW), the Villanueva III Solar Project (327 MW) and the Don José Solar Project (238 MW) (each, a Project and together, the Projects). The total estimated cost of the Project is approximately USD 1,032 million (the Project Cost). The equity requirement for the long-term financing to meet the debt sizing criteria is USD 314 million, and the remainder of the Project Cost is expected to be funded by Senior Loans from the IDB Group, other international financial institutions and a group of commercial banks. The Projects were awarded long-term Power Purchase Agreements (PPAs) in 2015 in the first energy auction held by Mexico’s Centro Nacional de Control de Energía (CENACE) under its new regulatory framework for the energy sector. Under the PPAs, the Projects will supply a fixed amount of energy (from years 1-15) and Mexican clean energy certificates (CELs) to the Comisión Federal de Electricidad (CFE), the state-owned Mexican generator, distributor and marketer of electricity.Brief Project Description:Villanueva I & III are located in the municipality of Viesca, in the North of Mexico in the Coahuila state. Don Jose is located in in the municipality of San Luis de Paz, in the center of Mexico in the Guanajuato state. The projects will connect into the CFE national grid system. The Projects are being developed by EGP through its Mexican subsidiary, Enel Green Power México S.R.L. de C.V. (EGP Mexico).The Projects will contribute to the Government of Mexico’s (GOM) objectives of diversifying its electricity matrix, by delivering clean, solar PV energy and supporting the push to create a wholesale electricity market, while reducing the Country’s dependency on thermal energy, as Mexico’s goal is for clean energy sources to provide 50% of the nation’s electricity generation mix by 2050. Enel S.p.A. (Enel), through its renewable energy subsidiary Enel Green Power, S.p.A. (EGP or the Client), is seeking financing for a portfolio of three solar projects in México: the Villanueva I Solar Project (427 MW), the Villanueva III Solar Project (327 MW) and the Don José Solar Project (238 MW) (each, a Project and together, the Projects). The total estimated cost of the Project is approximately USD 1,032 million (the Project Cost). The equity requirement for the long-term financing to meet the debt sizing criteria is USD 314 million, and the remainder of the Project Cost is expected to be funded by Senior Loans from the IDB Group, other international financial institutions and a group of commercial banks. The Projects were awarded long-term Power Purchase Agreements (PPAs) in 2015 in the first energy auction held by Mexico’s Centro Nacional de Control de Energía (CENACE) under its new regulatory framework for the energy sector. Under the PPAs, the Projects will supply a fixed amount of energy (from years 1-15) and Mexican clean energy certificates (CELs) to the Comisión Federal de Electricidad (CFE), the state-owned Mexican generator, distributor and marketer of electricity.Brief Project Description:Villanueva I & III are located in the municipality of Viesca, in the North of Mexico in the Coahuila state. Don Jose is located in in the municipality of San Luis de Paz, in the center of Mexico in the Guanajuato state. The projects will connect into the CFE national grid system. The Projects are being developed by EGP through its Mexican subsidiary, Enel Green Power México S.R.L. de C.V. (EGP Mexico).The Projects will contribute to the Government of Mexico’s (GOM) objectives of diversifying its electricity matrix, by delivering clean, solar PV energy and supporting the push to create a wholesale electricity market, while reducing the Country’s dependency on thermal energy, as Mexico’s goal is for clean energy sources to provide 50% of the nation’s electricity generation mix by 2050.
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Banca Afirme - PYMEs The proposed transaction consists of an unsecured financing to Banca Afirme, S.A., Institución de Banca Múltiple, (“Afirme” or the “Bank”) denominated in Mexican Pesos (“MXN”) for an amount of up to MXN600 million or up to the equivalent to US$30million with a tenor of up to four years. The purpose of the Project is to support the growth of the Bank’s Small and Medium-Sized Enterprises (“SMEs”) portfolio with an emphasis on green lending projects. In addition, IDB Invest engagement will include advisory services to support the client in building a top-notch environmental and social management system, a system to adequately classify green lending projects, and advisory to strengthen internal capacities in order to generate a strong pipeline of green projects and position the Bank as a market leader in green lending. The proposed transaction consists of an unsecured financing to Banca Afirme, S.A., Institución de Banca Múltiple, (“Afirme” or the “Bank”) denominated in Mexican Pesos (“MXN”) for an amount of up to MXN600 million or up to the equivalent to US$30million with a tenor of up to four years. The purpose of the Project is to support the growth of the Bank’s Small and Medium-Sized Enterprises (“SMEs”) portfolio with an emphasis on green lending projects. In addition, IDB Invest engagement will include advisory services to support the client in building a top-notch environmental and social management system, a system to adequately classify green lending projects, and advisory to strengthen internal capacities in order to generate a strong pipeline of green projects and position the Bank as a market leader in green lending.
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Caracol Knits III The objective of the Caracol Knits cogeneration project is to reduce the company’s energy costs and ensure its energy supply, eliminating costs due to power failures. To accomplish this, Caracol Knits has engaged the Spanish company INGEMAS to perform the construction work and install an engine manufactured by Mann B&W DIESEL AG, AUGSBURG (Germany). The project also includes the purchase and installation of a printing machine that will enable the company to broaden its product range. It also provides for complementary water treatment equipment to improve wastewater quality, substantially reducing the company’s costs. Through its participation, the IIC will be supporting the Honduran textile export industry because the Company is a major fabric supplier and exports all of its production. The Company is known both locally and internationally as a leader in the textile sector and is a major employer in northern Honduras. The cost savings resulting from this project will enable the company to maintain its competitive advantage and continue improving its efficiency. The objective of the Caracol Knits cogeneration project is to reduce the company’s energy costs and ensure its energy supply, eliminating costs due to power failures. To accomplish this, Caracol Knits has engaged the Spanish company INGEMAS to perform the construction work and install an engine manufactured by Mann B&W DIESEL AG, AUGSBURG (Germany). The project also includes the purchase and installation of a printing machine that will enable the company to broaden its product range. It also provides for complementary water treatment equipment to improve wastewater quality, substantially reducing the company’s costs. Through its participation, the IIC will be supporting the Honduran textile export industry because the Company is a major fabric supplier and exports all of its production. The Company is known both locally and internationally as a leader in the textile sector and is a major employer in northern Honduras. The cost savings resulting from this project will enable the company to maintain its competitive advantage and continue improving its efficiency.
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PROTEAK - Forestal La transacción propuesta consiste en un Préstamo Verde senior garantizado de hasta MXN 800 millones que se otorgará a Proteak Uno SAB de C.V. ("Proteak"), que consiste en: (i) un Préstamo comprometido de hasta MXN 400 millones con un plazo de hasta [diez/doce] años, incluido un período de gracia de [60] meses; y (ii) un préstamo no comprometido de hasta MXN 400 millones con un plazo de hasta [diez/doce] años, incluido un período de gracia de [60] meses (en conjunto, el "Préstamo"). Proteak ha elegido la Melina de manera estratégica debido a que sus características físicas y mecánicas permiten transformarla en diferentes productos por lo que su mercado es amplio. Además, es una especie de rápido crecimiento lo que permite tener un ciclo nuevo cada 6 años.El Préstamo financiará la reproducción de clones, el uso de tierras deforestadas para reforestación y el manejo sostenible de las plantaciones de Melina. Para ser clasificado como préstamo verde, el uso de fondos del proyecto se encuentra, y deberá continuar, alineado a los Principios de Préstamos Verdes de la lista[1]. El Proyecto estará ubicado estratégicamente en la región de Tabasco (México), donde el suelo y el clima aseguran condiciones ideales para este cultivo.[1]Loan Syndications and Trading Association La transacción propuesta consiste en un Préstamo Verde senior garantizado de hasta MXN 800 millones que se otorgará a Proteak Uno SAB de C.V. ("Proteak"), que consiste en: (i) un Préstamo comprometido de hasta MXN 400 millones con un plazo de hasta [diez/doce] años, incluido un período de gracia de [60] meses; y (ii) un préstamo no comprometido de hasta MXN 400 millones con un plazo de hasta [diez/doce] años, incluido un período de gracia de [60] meses (en conjunto, el "Préstamo"). Proteak ha elegido la Melina de manera estratégica debido a que sus características físicas y mecánicas permiten transformarla en diferentes productos por lo que su mercado es amplio. Además, es una especie de rápido crecimiento lo que permite tener un ciclo nuevo cada 6 años.El Préstamo financiará la reproducción de clones, el uso de tierras deforestadas para reforestación y el manejo sostenible de las plantaciones de Melina. Para ser clasificado como préstamo verde, el uso de fondos del proyecto se encuentra, y deberá continuar, alineado a los Principios de Préstamos Verdes de la lista[1]. El Proyecto estará ubicado estratégicamente en la región de Tabasco (México), donde el suelo y el clima aseguran condiciones ideales para este cultivo.[1]Loan Syndications and Trading Association
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Banpro: Access to Renewable Energy and Energy Efficiency in Nicaragua Banpro (the “Bank”) is the largest bank in Nicaragua, as measured by total assets, loan portfolio and deposits. The Bank offers commercial, consumer and mortgage loans, as well as foreign exchange and trade finance services, serving primarily corporate clients across industries, with a focus on the agriculture, industrial, commercial, construction, and tourism sectors.The purpose of the Project is to grant financing to Banpro in order to (a) support the growth of Banpro’s “Green Financing” portfolio; and (b) provide expanded access to finance for its corporate, small and medium-sized enterprises (“SMEs”) and small agricultural producers to implement the following solutions: (i) renewable energy technologies; (ii) energy efficiency measures; and (iii) improved water and irrigation systems and other adaptation methods to mitigate climate risks for the agricultural sector, commonly referred as Climate Smart Agriculture practices (“CSA”). Banpro (the “Bank”) is the largest bank in Nicaragua, as measured by total assets, loan portfolio and deposits. The Bank offers commercial, consumer and mortgage loans, as well as foreign exchange and trade finance services, serving primarily corporate clients across industries, with a focus on the agriculture, industrial, commercial, construction, and tourism sectors.The purpose of the Project is to grant financing to Banpro in order to (a) support the growth of Banpro’s “Green Financing” portfolio; and (b) provide expanded access to finance for its corporate, small and medium-sized enterprises (“SMEs”) and small agricultural producers to implement the following solutions: (i) renewable energy technologies; (ii) energy efficiency measures; and (iii) improved water and irrigation systems and other adaptation methods to mitigate climate risks for the agricultural sector, commonly referred as Climate Smart Agriculture practices (“CSA”).
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BPN Brasil Banco Multiplo S.A. The objective of this program is to finance eligible projects via loans to eligible enterprises in Brazil, that meet IIC and BPN Brasil’s loan eligibility criteria and environmental and labor requirements. These small and medium-size enterprises (SMEs) in Brazil require either medium or long-term financing in order to carry out their operations. Financing with appropriate terms will make it possible to generate direct and indirect employment and improve the financial structure of SMEs, which have limited access to financing with terms of more than one year. The objective of this program is to finance eligible projects via loans to eligible enterprises in Brazil, that meet IIC and BPN Brasil’s loan eligibility criteria and environmental and labor requirements. These small and medium-size enterprises (SMEs) in Brazil require either medium or long-term financing in order to carry out their operations. Financing with appropriate terms will make it possible to generate direct and indirect employment and improve the financial structure of SMEs, which have limited access to financing with terms of more than one year.
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BHD Bank- Subordinated Debt for Capital Strengthening and Financial Empowerment of Women-led SMEs The proposed transaction consists of a subordinated loan (Tier 2 capital) to Banco Múltiple BHD, S.A. ("Banco BHD" or the "Bank") of up to US$75 million (the "Project" or the "Financing") for a tenor of up to seven years. The Project will support Banco BHD's capital structure by increasing its Tier 2 capital base, and will promote the growth of the Bank's loan portfolio to small and medium-sized enterprises led or owned by women ("women-led SMEs") in the Dominican Republic. It is expected the Project will be complemented with technical advisory services that will support Banco BHD enhance its gender, diversity, and inclusion value proposition and data, to improve and increase access to financial and non-financial services for women-led SMEs. The proposed transaction consists of a subordinated loan (Tier 2 capital) to Banco Múltiple BHD, S.A. ("Banco BHD" or the "Bank") of up to US$75 million (the "Project" or the "Financing") for a tenor of up to seven years. The Project will support Banco BHD's capital structure by increasing its Tier 2 capital base, and will promote the growth of the Bank's loan portfolio to small and medium-sized enterprises led or owned by women ("women-led SMEs") in the Dominican Republic. It is expected the Project will be complemented with technical advisory services that will support Banco BHD enhance its gender, diversity, and inclusion value proposition and data, to improve and increase access to financial and non-financial services for women-led SMEs.
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Autopista Rio Magdalena 2 Located in Antioquia Department, the Magdalena River Highway 2 (the Project) is a key communication link connecting the department with the Magdalena River and providing an outlet to the Atlantic coast through integration with the Vías del Nus, Conexión Norte, and Ruta del Sol projects. The project is divided into functional units (Unidades Funcionales - UF) and includes the construction of a new 37 km road between Remedios and Vegachí (UF01), a new 35 km road between Vegachí and Alto de Dolores (UF02), the rehabilitation and improvement of the existing 49 km road between Alto de Dolores and Puerto Berrio (UF03), the construction of a 15 km alternate route in Puerto Berrío (UF04a), and improvements along 10 km of the connection between the alternate to Puerto Berrío and the Ruta del Sol (UF04b)). The project also includes the construction of 42 small bridges and a 1.5 km long bridge over the Magdalena River.The IIC’s participation in the financing will help to supplement long-term US dollar financing for the project, in collaboration with international commercial banks and local banks contributing financing in Colombian pesos. Located in Antioquia Department, the Magdalena River Highway 2 (the Project) is a key communication link connecting the department with the Magdalena River and providing an outlet to the Atlantic coast through integration with the Vías del Nus, Conexión Norte, and Ruta del Sol projects. The project is divided into functional units (Unidades Funcionales - UF) and includes the construction of a new 37 km road between Remedios and Vegachí (UF01), a new 35 km road between Vegachí and Alto de Dolores (UF02), the rehabilitation and improvement of the existing 49 km road between Alto de Dolores and Puerto Berrio (UF03), the construction of a 15 km alternate route in Puerto Berrío (UF04a), and improvements along 10 km of the connection between the alternate to Puerto Berrío and the Ruta del Sol (UF04b)). The project also includes the construction of 42 small bridges and a 1.5 km long bridge over the Magdalena River.The IIC’s participation in the financing will help to supplement long-term US dollar financing for the project, in collaboration with international commercial banks and local banks contributing financing in Colombian pesos.
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Aroeira Bioenergetica - Long Term Loan Bioenergética Aroeira S.A. (“Aroeira”) is seeking to increase the sugarcane crushing capacity of the economic group it belongs to from 3 million to 4 million tons to scale-up its sugar and ethanol outputs, and both its sugarcane supply and warehousing accordingly. As a subset of the planned investments, the Project will also increase Aroeira’s capacity to co-generate electricity by 40MWh through the burning of the greater volume of residual biomass (sugarcane bagasse), being the surpluses of electricity sold to the market.The proposed financing consists of a long-term loan of up to R$250 million, with a tenor of 8 years, and 30 months of grace period included for payments of principal only.ADDENDUM: August 15, 2022 – A change was made in the Amount of financing requested for up to R$250 million, reduced to up to R$244 million. Bioenergética Aroeira S.A. (“Aroeira”) is seeking to increase the sugarcane crushing capacity of the economic group it belongs to from 3 million to 4 million tons to scale-up its sugar and ethanol outputs, and both its sugarcane supply and warehousing accordingly. As a subset of the planned investments, the Project will also increase Aroeira’s capacity to co-generate electricity by 40MWh through the burning of the greater volume of residual biomass (sugarcane bagasse), being the surpluses of electricity sold to the market.The proposed financing consists of a long-term loan of up to R$250 million, with a tenor of 8 years, and 30 months of grace period included for payments of principal only.ADDENDUM: August 15, 2022 – A change was made in the Amount of financing requested for up to R$250 million, reduced to up to R$244 million.
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Cardal-Punta del Tigre-Salto T-Line B Bond On December 2019 the Uruguayan National Utility of Electric Plants and Transmission Administration (Administración Nacional de Usinas y Trasmisiones Electricas, herafater “UTE") awarded Tealov S. A. the design and construction of: i) a 60 km long 500 kV transmission line (“TL”); ii) a 20 km 150 kV TL; iii) a 500 kV substation in Cardal (southern central Uruguay); and iv) ancillary works for existing lines and substations allowing the interconnection of the new Cardal substation (“the Project”).Tealov S. A. ("Tealov") is the Uruguayan special purpose vehicle (“SPV”) owned by Invenergy Transmission International Holdings LLC (both indirectly owned by Invenergy Investment Company LLC). Tealov and UTE have executed an Operating Lease Contract (“OLC") with the following scope: 20 year for a 500 kV substation, and 30 year for the 500 kV TL and the 150 kV TL. After the Project has reached its commercial operation, UTE will take over its operation and maintenance.Both transmission lines stretch across rural areas of the country, mainly used for agriculture and as grasslands to raise cattle. However, some stretches of the Cardal – Punta del Tigre TL intersect areas of conservation interest. On December 2019 the Uruguayan National Utility of Electric Plants and Transmission Administration (Administración Nacional de Usinas y Trasmisiones Electricas, herafater “UTE") awarded Tealov S. A. the design and construction of: i) a 60 km long 500 kV transmission line (“TL”); ii) a 20 km 150 kV TL; iii) a 500 kV substation in Cardal (southern central Uruguay); and iv) ancillary works for existing lines and substations allowing the interconnection of the new Cardal substation (“the Project”).Tealov S. A. ("Tealov") is the Uruguayan special purpose vehicle (“SPV”) owned by Invenergy Transmission International Holdings LLC (both indirectly owned by Invenergy Investment Company LLC). Tealov and UTE have executed an Operating Lease Contract (“OLC") with the following scope: 20 year for a 500 kV substation, and 30 year for the 500 kV TL and the 150 kV TL. After the Project has reached its commercial operation, UTE will take over its operation and maintenance.Both transmission lines stretch across rural areas of the country, mainly used for agriculture and as grasslands to raise cattle. However, some stretches of the Cardal – Punta del Tigre TL intersect areas of conservation interest.
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Hidrowarm Hidrowarm is a new company that was created to implement the Normandía hydropower plant project. The project consists of designing, building, setting up, and operating a 48.51-MW hydropower plant (including five Pelton turbines) on the Upano River. The project is located 25 km from the city of Macas in the Province of Morona Santiago, in southwestern Ecuador.The purpose of this IIC operation is to provide financing for the development of the aforementioned project. The IIC loan will comprise an A loan and a B loan for a total of up to US$75 million, along with parallel loans, if necessary. The A loan, of up to US$10 million, will be funded by the IIC, and the B loan, and any parallel loans, in the amount of US$65 million, will be funded by participating banks acceptable to Hidrowarm and the IIC.The IIC loan to Hidrowarm will help expand the power pool of the Ecuadorian government’s energy programs by adding energy from renewable sources at competitive rates. This is the fourth IIC loan to companies related to Grupo One Energy, the main shareholder in Hidrowarm. The first and second IIC loans to this group, approved in 2005, totaled US$7 million and were provided to Hidroabanico S.A., a hydroelectric power plant with a capacity of 38 MW that is currently operational. In 2013, a third IIC loan in the amount of US$10 million was provided to Hidrosanbartolo, a hydroelectric power plant with a capacity of 48 MW that came online in 2015. Hidrowarm is a new company that was created to implement the Normandía hydropower plant project. The project consists of designing, building, setting up, and operating a 48.51-MW hydropower plant (including five Pelton turbines) on the Upano River. The project is located 25 km from the city of Macas in the Province of Morona Santiago, in southwestern Ecuador.The purpose of this IIC operation is to provide financing for the development of the aforementioned project. The IIC loan will comprise an A loan and a B loan for a total of up to US$75 million, along with parallel loans, if necessary. The A loan, of up to US$10 million, will be funded by the IIC, and the B loan, and any parallel loans, in the amount of US$65 million, will be funded by participating banks acceptable to Hidrowarm and the IIC.The IIC loan to Hidrowarm will help expand the power pool of the Ecuadorian government’s energy programs by adding energy from renewable sources at competitive rates. This is the fourth IIC loan to companies related to Grupo One Energy, the main shareholder in Hidrowarm. The first and second IIC loans to this group, approved in 2005, totaled US$7 million and were provided to Hidroabanico S.A., a hydroelectric power plant with a capacity of 38 MW that is currently operational. In 2013, a third IIC loan in the amount of US$10 million was provided to Hidrosanbartolo, a hydroelectric power plant with a capacity of 48 MW that came online in 2015.
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Empresa de Generación Eléctrica Canchayllo S.A.C. Empresa de Generación Eléctrica Canchayllo S.A.C. (EGECSAC) was established in 2011 to generate and sell electricity.The purpose of this IIC project is to provide EGECSAC with financing to build and operate a hydroelectric plant with a generating capacity of 5.3 megawatts in Canchayllo District, Department of Junín, some 230 km from Lima. The plant will generate around 38 gigawatt hours of clean energy per year, with an average plant factor of 83%. Located on the Pachacayo River (a tributary of the Mantaro River), this plant will generate hydropower using run-of-the-river technology. It has a design flow of 7.0 m3 per second. The power will be transmitted to the National Electrical Grid System (SEIN) through a 22.9 kV transmission line extending 4 km.Construction is expected to take 23 months, beginning in October 2012 and ending in September 2014. The total cost of the project is US$10,286,000. Empresa de Generación Eléctrica Canchayllo S.A.C. (EGECSAC) was established in 2011 to generate and sell electricity.The purpose of this IIC project is to provide EGECSAC with financing to build and operate a hydroelectric plant with a generating capacity of 5.3 megawatts in Canchayllo District, Department of Junín, some 230 km from Lima. The plant will generate around 38 gigawatt hours of clean energy per year, with an average plant factor of 83%. Located on the Pachacayo River (a tributary of the Mantaro River), this plant will generate hydropower using run-of-the-river technology. It has a design flow of 7.0 m3 per second. The power will be transmitted to the National Electrical Grid System (SEIN) through a 22.9 kV transmission line extending 4 km.Construction is expected to take 23 months, beginning in October 2012 and ending in September 2014. The total cost of the project is US$10,286,000.
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Texila American University Guyana Expansion Project Texila American University, Guyana (“Texila”) is a private University based in Guyana offering programs in Medicine, Public Health, Business Management and Information Technology. It was established in 2010 and was registered with the National Accreditation Council of Guyana (NACG). Texila is Accredited by the Caribbean Accreditation Authority for Education in Medicine and other Health Professions (CAAM-HP) and the Accreditation Commission on Colleges of Medicine (ACCM)This expansion of the campus consists of the construction of living accommodations for their students and staff (the “Project”). The student hostel will be constructed on the University’s existing premises at Providence and the staff housing will be built at Ellenville approximately 2km from the campus. Under the proposed financing IDB Invest will lend up to US$5 Million. Texila American University, Guyana (“Texila”) is a private University based in Guyana offering programs in Medicine, Public Health, Business Management and Information Technology. It was established in 2010 and was registered with the National Accreditation Council of Guyana (NACG). Texila is Accredited by the Caribbean Accreditation Authority for Education in Medicine and other Health Professions (CAAM-HP) and the Accreditation Commission on Colleges of Medicine (ACCM)This expansion of the campus consists of the construction of living accommodations for their students and staff (the “Project”). The student hostel will be constructed on the University’s existing premises at Providence and the staff housing will be built at Ellenville approximately 2km from the campus. Under the proposed financing IDB Invest will lend up to US$5 Million.
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CABO TELECOM The transaction consists of a senior loan for a period of 7 years in the amount of R$120 million Brazilian reais to a group of service provider companies that belong to Triple Play Brasil Participações S.A. The purpose is to finance: (a) capital related to the expansion and/or modernization of the company’s existing network, (b) business development costs and (c) general corporate uses.Triple Play Brasil Participações S.A. is a regional provider of bundled television, broadband and landline telephony services (“triple play”) in the northeastern (states of Rio Grande do Norte and Ceará) and southeastern (states of São Paulo and Minas Gerais) regions of Brazil. The company operates under five brand names: Cabo Telecom in Natal, Multiplay and Tecnet in Fortaleza, Alegra in São João de Boa Vista, and Direta, in Guaxupé. The transaction consists of a senior loan for a period of 7 years in the amount of R$120 million Brazilian reais to a group of service provider companies that belong to Triple Play Brasil Participações S.A. The purpose is to finance: (a) capital related to the expansion and/or modernization of the company’s existing network, (b) business development costs and (c) general corporate uses.Triple Play Brasil Participações S.A. is a regional provider of bundled television, broadband and landline telephony services (“triple play”) in the northeastern (states of Rio Grande do Norte and Ceará) and southeastern (states of São Paulo and Minas Gerais) regions of Brazil. The company operates under five brand names: Cabo Telecom in Natal, Multiplay and Tecnet in Fortaleza, Alegra in São João de Boa Vista, and Direta, in Guaxupé.
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Konfío Konfío is an online platform that revolutionizes corporate credit processes in Mexico, making it easier for micro, small, and medium enterprises ("MSMEs")to access formal financing through technology, data science, and efficient digital transactions.IDB Invest is considering granting a guaranteed facility of up to the equivalent in MXN of US$40 million to a Management and Source of Payment Trust created specifically to purchase loans granted to MSMEsand individuals conducting Konfío-sourced entrepreneurial activities. Konfío is an online platform that revolutionizes corporate credit processes in Mexico, making it easier for micro, small, and medium enterprises ("MSMEs")to access formal financing through technology, data science, and efficient digital transactions.IDB Invest is considering granting a guaranteed facility of up to the equivalent in MXN of US$40 million to a Management and Source of Payment Trust created specifically to purchase loans granted to MSMEsand individuals conducting Konfío-sourced entrepreneurial activities.
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Microfinace Growth Fund The purpose of the Microfinance Growth Fund (MiGroF) is to provide funding to microfinance institutions so that they may expand their loan portfolios and foster the sustained growth of micro and small enterprises, which are expected to help Latin America and the Caribbean recover from the crisis. MiGroF was established by its sponsors in response to the need to close gaps arising from the financial crisis in the United States and Europe.The MIF and the IIC, MiGroF’s lead investors, will hold up to approximately 30% of the fund’s total equity capital. To date, six other investors have approved investments of up to US$20 million in MiGroF.OPIC has approved a credit line of up to US$125 million to supply MiGroF with initial funding, thus bringing to US$156 million the funding that is expected to be made available to microfinance institutions in this initial phase. MiGroF is expected to reach US$250 million in resources during a second phase.Fund Manager: BlueOrchard Finance S.A. The purpose of the Microfinance Growth Fund (MiGroF) is to provide funding to microfinance institutions so that they may expand their loan portfolios and foster the sustained growth of micro and small enterprises, which are expected to help Latin America and the Caribbean recover from the crisis. MiGroF was established by its sponsors in response to the need to close gaps arising from the financial crisis in the United States and Europe.The MIF and the IIC, MiGroF’s lead investors, will hold up to approximately 30% of the fund’s total equity capital. To date, six other investors have approved investments of up to US$20 million in MiGroF.OPIC has approved a credit line of up to US$125 million to supply MiGroF with initial funding, thus bringing to US$156 million the funding that is expected to be made available to microfinance institutions in this initial phase. MiGroF is expected to reach US$250 million in resources during a second phase.Fund Manager: BlueOrchard Finance S.A.
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San Jacinto II The project consists of extending an "A" Loan of US$4.0 million and a "B" Loan of US$4.5 million for eight years, with a one-year grace period, to finance the investment program of Agroindustrias San Jacinto and term out the short-term debt the company incurred to finance infrastructure investments, increase and diversify its sources of water, and generate its own power. The company has been investing in ways to take and use water from the Chinecas channel, drilling twenty-five new irrigation wells, building the Motocachi reservoir (capacity: 5.5 million cubic meters), and purchasing farm machinery. It has also built repumping stations, a cooling water well for the factory, and recreational facilities for the its workers, and has carried out wellness campaigns for the residents of the village of San Jacinto. These investments have given Agroindustrias San Jacinto access to diversified sources of water, minimized its risk in times of drought, stabilized the sugar content obtained from the harvests, and provided a cushion against fluctuations in oil and gas prices.With this loan, the IIC will be contributing to Agroindustrias San Jacinto’s financial stability and helping protect the jobs the company generates and the significant social impact it has on the village of San Jacinto and the surrounding areas. Agroindustrias San Jacinto is the main employer in the area and makes a notable contribution to the social development of the local community and other villages nearby. Its activities include providing education, professional and technical training, scholarships for students, wellness campaigns, family recreation programs, and the restoration of archaeological monuments in the San Jacinto area. The company has set up a good corporate governance committee to improve communication among its affiliates, and its reforestation and environmental protection programs have a positive environmental impact. The project consists of extending an "A" Loan of US$4.0 million and a "B" Loan of US$4.5 million for eight years, with a one-year grace period, to finance the investment program of Agroindustrias San Jacinto and term out the short-term debt the company incurred to finance infrastructure investments, increase and diversify its sources of water, and generate its own power. The company has been investing in ways to take and use water from the Chinecas channel, drilling twenty-five new irrigation wells, building the Motocachi reservoir (capacity: 5.5 million cubic meters), and purchasing farm machinery. It has also built repumping stations, a cooling water well for the factory, and recreational facilities for the its workers, and has carried out wellness campaigns for the residents of the village of San Jacinto. These investments have given Agroindustrias San Jacinto access to diversified sources of water, minimized its risk in times of drought, stabilized the sugar content obtained from the harvests, and provided a cushion against fluctuations in oil and gas prices.With this loan, the IIC will be contributing to Agroindustrias San Jacinto’s financial stability and helping protect the jobs the company generates and the significant social impact it has on the village of San Jacinto and the surrounding areas. Agroindustrias San Jacinto is the main employer in the area and makes a notable contribution to the social development of the local community and other villages nearby. Its activities include providing education, professional and technical training, scholarships for students, wellness campaigns, family recreation programs, and the restoration of archaeological monuments in the San Jacinto area. The company has set up a good corporate governance committee to improve communication among its affiliates, and its reforestation and environmental protection programs have a positive environmental impact.
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Casa Pellas, S.A. The purpose of this IIC operation is to increase financing to Casa Pellas for permanent working capital. Casa Pellas, a distributor, was established in Nicaragua in 1913.Casa Pellas has been distributing Toyota vehicles since 1963. It has the infrastructure for selling parts and has auto service shops for servicing the vehicles it sells. Over the years, the company has diversified by adding machinery, industrial equipment, and other well-known vehicle makes such as Hino trucks and Suzuki. Since late 2012, Casa Pellas began efforts to boost growth primarily in the food, consumer goods, and food services distribution segments.The first IIC operation focused not only on growing the company, but on supplementing the financing of its operations, given the international financial crisis prevailing at the time. The reason for the proposed increase in the current loan is that Casa Pellas will be intensifying its retail goods distribution business in the food, consumer goods, and food services throughout most of the country. These segments are expected to account for most of the growth of the distribution division over the next three years, through more and better coverage in areas both inside and outside greater Managua, the country’s capital. The purpose of this IIC operation is to increase financing to Casa Pellas for permanent working capital. Casa Pellas, a distributor, was established in Nicaragua in 1913.Casa Pellas has been distributing Toyota vehicles since 1963. It has the infrastructure for selling parts and has auto service shops for servicing the vehicles it sells. Over the years, the company has diversified by adding machinery, industrial equipment, and other well-known vehicle makes such as Hino trucks and Suzuki. Since late 2012, Casa Pellas began efforts to boost growth primarily in the food, consumer goods, and food services distribution segments.The first IIC operation focused not only on growing the company, but on supplementing the financing of its operations, given the international financial crisis prevailing at the time. The reason for the proposed increase in the current loan is that Casa Pellas will be intensifying its retail goods distribution business in the food, consumer goods, and food services throughout most of the country. These segments are expected to account for most of the growth of the distribution division over the next three years, through more and better coverage in areas both inside and outside greater Managua, the country’s capital.
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Constructora Santa Fe Ltda. Santa Fe is a Costa Rican company specialized in the road construction and improvement, civil engineering and energy infrastructure, large scale earthworks, exploitation of materials for construction, and as contractor of multinationals companies in mining activities. Since 1974, it has developed projects in their country of origin as well as in Central and South America. Currently its main activities are concentrated in Nicaragua and Bolivia.The 18 months term loan is for a maximum amount of up to US$5 million. It aims to finance working capital needs for a specific road project, on which the Company requires resources to participate in tenders, commencement of operations, and other pre-operating expenses (that have been invested and are not reimbursed until project completion).The role of the BID Invest is important because this loan could be renewed at BID Invest ’s discretion and could be used in other road projects, which will need BID Invest's Environmental and Social clearance in order to be funded. This renewable loan will be used initially to finance the Rama-Kukra Hill project located in the Atlantic region of Nicaragua, thus will give financial flexibility to Santa Fe in continuing its operation in developing countries, where medium term financing is limited. At the same time, BID Invest will be supporting Santa Fe improving its corporate governance structure and practices, through technical assistance resources. Santa Fe is a Costa Rican company specialized in the road construction and improvement, civil engineering and energy infrastructure, large scale earthworks, exploitation of materials for construction, and as contractor of multinationals companies in mining activities. Since 1974, it has developed projects in their country of origin as well as in Central and South America. Currently its main activities are concentrated in Nicaragua and Bolivia.The 18 months term loan is for a maximum amount of up to US$5 million. It aims to finance working capital needs for a specific road project, on which the Company requires resources to participate in tenders, commencement of operations, and other pre-operating expenses (that have been invested and are not reimbursed until project completion).The role of the BID Invest is important because this loan could be renewed at BID Invest ’s discretion and could be used in other road projects, which will need BID Invest's Environmental and Social clearance in order to be funded. This renewable loan will be used initially to finance the Rama-Kukra Hill project located in the Atlantic region of Nicaragua, thus will give financial flexibility to Santa Fe in continuing its operation in developing countries, where medium term financing is limited. At the same time, BID Invest will be supporting Santa Fe improving its corporate governance structure and practices, through technical assistance resources.
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Yarnel The Project consists of the construction, operation and maintenance of two solar power plants and any related facilities, with an installed capacity of 9.5MW each. The plants will use Korean Hanwa Q-Cells photovoltaic panels, mounted over fixed structures and connected to inverters to provide power to the 31.5 kV distribution line grid of the Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE). The financial plan includes an IIC and Canadian Climate Fund (C2F) loan for 75% of the total cost of each Project (50% each entity). The Project will be sponsored by Solaria Energía y Medio Ambiente S.A., a Spanish company established in 2002 and listed on the Madrid Stock Exchange. The Project consists of the construction, operation and maintenance of two solar power plants and any related facilities, with an installed capacity of 9.5MW each. The plants will use Korean Hanwa Q-Cells photovoltaic panels, mounted over fixed structures and connected to inverters to provide power to the 31.5 kV distribution line grid of the Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE). The financial plan includes an IIC and Canadian Climate Fund (C2F) loan for 75% of the total cost of each Project (50% each entity). The Project will be sponsored by Solaria Energía y Medio Ambiente S.A., a Spanish company established in 2002 and listed on the Madrid Stock Exchange.
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Financial Inclusion Social Bond The transaction consists of IDB Invest underwriting two bond issues by a Peruvian financial company for up to US$20 million: (i) a subordinated social bond aimed at equal opportunities for women-led micro and small enterprises denominated in Peruvian Soles (“PEN”) for up to the equivalent of US$10 million, with an eight-year term and bullet payment; and (ii) a senior social bond aimed at equal opportunities for women-led micro and small enterprises denominated in PEN for up to the equivalent to US$10 million, with a four-year term and bullet payment. The bond issues are intended to increase the Issuer's accountable capital and support its portfolio growth strategy, which targets women-led micro and small enterprises in Peru. The creation of a fund usage framework in line with the principles and guidelines for social impact bonds is underway. IDB Invest will provide advisory servicesto obtain a second party opinion (“SPO”) to validate and confirm the appropriateness of the methodological framework used. The transaction consists of IDB Invest underwriting two bond issues by a Peruvian financial company for up to US$20 million: (i) a subordinated social bond aimed at equal opportunities for women-led micro and small enterprises denominated in Peruvian Soles (“PEN”) for up to the equivalent of US$10 million, with an eight-year term and bullet payment; and (ii) a senior social bond aimed at equal opportunities for women-led micro and small enterprises denominated in PEN for up to the equivalent to US$10 million, with a four-year term and bullet payment. The bond issues are intended to increase the Issuer's accountable capital and support its portfolio growth strategy, which targets women-led micro and small enterprises in Peru. The creation of a fund usage framework in line with the principles and guidelines for social impact bonds is underway. IDB Invest will provide advisory servicesto obtain a second party opinion (“SPO”) to validate and confirm the appropriateness of the methodological framework used.
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Boca Chica S.A. LSED is a company that was established recently to carry out a power generation project being developed for the municipality of Boca Chica, Santo Domingo province. It is a subsidiary of LS Energía Inc., a company domiciled in Panama, which consolidates all of the group’s international operations.The purpose of this IIC operation is to finance the construction, start-up, and operation of a combined-cycle, natural gas-fired thermoelectric power plant with a capacity of up to 82 megawatts. The project will be located on land already acquired by LSED.The IIC is evaluating a US$5.0 million A loan, a US$35.0 million B loan, and a US$5.0 million subordinated loan. LSED is a company that was established recently to carry out a power generation project being developed for the municipality of Boca Chica, Santo Domingo province. It is a subsidiary of LS Energía Inc., a company domiciled in Panama, which consolidates all of the group’s international operations.The purpose of this IIC operation is to finance the construction, start-up, and operation of a combined-cycle, natural gas-fired thermoelectric power plant with a capacity of up to 82 megawatts. The project will be located on land already acquired by LSED.The IIC is evaluating a US$5.0 million A loan, a US$35.0 million B loan, and a US$5.0 million subordinated loan.
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Scotia Leasing Regional Centroamérica Scotia Leasing Costa Rica, S.A., Scotia Leasing Guatemala, S.A., Scotia Leasing Honduras, S.A., and Scotia Leasing Panamá, S.A. are leasing companies that operate in their respective countries. They provide financial and operating leases. The purpose of the IIC project is to support each of the companies’ lending activities and partially fund the growth of their leasing portfolios. The US$15 million IIC loan will enable the companies to continue to diversify their sources of long-term funding. Scotia Leasing Costa Rica, S.A., Scotia Leasing Guatemala, S.A., Scotia Leasing Honduras, S.A., and Scotia Leasing Panamá, S.A. are leasing companies that operate in their respective countries. They provide financial and operating leases. The purpose of the IIC project is to support each of the companies’ lending activities and partially fund the growth of their leasing portfolios. The US$15 million IIC loan will enable the companies to continue to diversify their sources of long-term funding.
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Cajas y Bolsas Cajas y Bolsas S.A. (CYBSA) is a corrugated box company in the CYBSA Group. The goal of the project is to improve the company’s cash flow by financing permanent working capital, releasing revolving credit lines for financing seasonal and short-term growth.The IIC loan to Cajas y Bolsas S.A. entails two significant benefits. First, it provides financing that is otherwise scarce and difficult to obtain in El Salvador. Second, it supports an industry with a significant value-added component: thanks to the quality of its products, Cajas y Bolsas S.A. exports over 60% of its production to Central America and the Caribbean. Cajas y Bolsas S.A. (CYBSA) is a corrugated box company in the CYBSA Group. The goal of the project is to improve the company’s cash flow by financing permanent working capital, releasing revolving credit lines for financing seasonal and short-term growth.The IIC loan to Cajas y Bolsas S.A. entails two significant benefits. First, it provides financing that is otherwise scarce and difficult to obtain in El Salvador. Second, it supports an industry with a significant value-added component: thanks to the quality of its products, Cajas y Bolsas S.A. exports over 60% of its production to Central America and the Caribbean.
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Caribbean Craft Art can literally save lives, and employees of Caribbean Craft believe that it can also help save a nation. The company employs 300 Haitian artisans to produce carnival masks, sculptures, and paintings for export. The 2010 earthquake destroyed its only studio, but owner Magalie Dresse has not lost heart. Right now, Caribbean Craft’s artisans are working out of tents, turning recycled materials into folk art. However, the company’s small IIC loan will enable it to build a permanent studio and steel structure warehouse facility. According to Dresse, things can always change for the better and, thanks to foreign demand and aid, her company could be adding a thousand new artisans to its design team. Art can literally save lives, and employees of Caribbean Craft believe that it can also help save a nation. The company employs 300 Haitian artisans to produce carnival masks, sculptures, and paintings for export. The 2010 earthquake destroyed its only studio, but owner Magalie Dresse has not lost heart. Right now, Caribbean Craft’s artisans are working out of tents, turning recycled materials into folk art. However, the company’s small IIC loan will enable it to build a permanent studio and steel structure warehouse facility. According to Dresse, things can always change for the better and, thanks to foreign demand and aid, her company could be adding a thousand new artisans to its design team.
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"Coltel" Financiamiento para Inversiones Fijas, y Facilidad para compra de Cuentas por Cobrar The project consists of two types of financing: (i) a line of credit for up to US$100 million in local currency to finance the fixed investments of Colombia Telecomunicaciones S.A. ESP (hereinafter “Coltel,” “Enterprise,” or “Company”) during the 2019-2020 year (the “Financing”); and (ii) a facility for purchasing up to US$60 million of accounts receivable (the “Facility”) that will be used to discount invoices from Coltel’s program to finance individual and corporate subscribers’ purchase of mobile devices, communication equipment, and telecommunications service. The line of credit granted under the Financingwill have a term of up to seven years and a grace period of up to two years. The Facility will be available for a period of up to 48 months and invoices will have a payment period of up to 24 months.The company is not obliged or committed to take the line of credit under the Financing or the purchase of portfolio under the Facility. The project consists of two types of financing: (i) a line of credit for up to US$100 million in local currency to finance the fixed investments of Colombia Telecomunicaciones S.A. ESP (hereinafter “Coltel,” “Enterprise,” or “Company”) during the 2019-2020 year (the “Financing”); and (ii) a facility for purchasing up to US$60 million of accounts receivable (the “Facility”) that will be used to discount invoices from Coltel’s program to finance individual and corporate subscribers’ purchase of mobile devices, communication equipment, and telecommunications service. The line of credit granted under the Financingwill have a term of up to seven years and a grace period of up to two years. The Facility will be available for a period of up to 48 months and invoices will have a payment period of up to 24 months.The company is not obliged or committed to take the line of credit under the Financing or the purchase of portfolio under the Facility.
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Natelu The Project consists of the construction, operation and maintenance of two solar power plants and any related facilities, with an installed capacity of 9.5MW each. The plants will use Korean Hanwa Q-Cells photovoltaic panels, mounted over fixed structures and connected to inverters to provide power to the 31.5 kV distribution line grid of the Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE). The financial plan includes an IIC and Canadian Climate Fund (C2F) loan for 75% of the total cost of each Project (50% each entity). The Project will be sponsored by Solaria Energía y Medio Ambiente S.A., a Spanish company established in 2002 and listed on the Madrid Stock Exchange. The Project consists of the construction, operation and maintenance of two solar power plants and any related facilities, with an installed capacity of 9.5MW each. The plants will use Korean Hanwa Q-Cells photovoltaic panels, mounted over fixed structures and connected to inverters to provide power to the 31.5 kV distribution line grid of the Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE). The financial plan includes an IIC and Canadian Climate Fund (C2F) loan for 75% of the total cost of each Project (50% each entity). The Project will be sponsored by Solaria Energía y Medio Ambiente S.A., a Spanish company established in 2002 and listed on the Madrid Stock Exchange.
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Aguas de Manaus - Expansion CAPEX El proyecto consiste en la construcción, operación y mantenimiento de servicios de distribución de agua, recolección y tratamiento de aguas residuales en Manaus, estado de Amazonas, conforme a lo estipulado en el acuerdo de concesión otorgado a Manaus Ambiental S.A (“Aguas de Manaus o AdM”), una empresa constituida bajo las leyes de Brasil (la “Compañía” o el “Concesionario”). La inversión del proyecto (capex) está alineada con los objetivos contractuales de universalización, aumentando la cobertura actual de distribución de agua del 98% al 99% y la cobertura de recolección y tratamiento de aguas residuales del 27% al 90%. El proyecto consiste en la construcción, operación y mantenimiento de servicios de distribución de agua, recolección y tratamiento de aguas residuales en Manaus, estado de Amazonas, conforme a lo estipulado en el acuerdo de concesión otorgado a Manaus Ambiental S.A (“Aguas de Manaus o AdM”), una empresa constituida bajo las leyes de Brasil (la “Compañía” o el “Concesionario”). La inversión del proyecto (capex) está alineada con los objetivos contractuales de universalización, aumentando la cobertura actual de distribución de agua del 98% al 99% y la cobertura de recolección y tratamiento de aguas residuales del 27% al 90%.
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El Naranjal y Del Litoral The Borrowers, owners of two solar photovoltaic power plants of 50MWp and 17MWp are seeking to refinance its current financing through an IDB Invest Senior and Subordinated A/B Bond. The B-Bond will be sold into the private placement market under section 4 (a) (2) of the 1933 U.S. Securities and Exchange Commission Act.The proceeds will be used to: i) refinance the existing construction loan, and ii) pay related costs. As part of the financial plan the IDB Invest will provide a Senior A Loan for approximately US$10million, a Subordinate A loan of approximately US$2million. The tenor of the Senior A Loan and B Bond will be 25 years, and up to 15 years for the Subordinated A Loan and B Bond.El Naranjal and Del Litoral (the “Generators”) are 50MW (AC)/59MW peak (DC) and 16MW (AC)/ 17MW peak (DC) photovoltaic (“PV”) power plants, each one with its associated facilities. Both use Ingeteam inverters and NextTrackr trackers, are located in Salto, Department of Salto, Uruguay, and currently operate under a 30-year Power Purchase Agreement (“PPA”) with the Administración Nacional de Usinas y Trasmisiones Eléctricas (“UTE”), the state-owned utility company of Uruguay. The Borrowers, owners of two solar photovoltaic power plants of 50MWp and 17MWp are seeking to refinance its current financing through an IDB Invest Senior and Subordinated A/B Bond. The B-Bond will be sold into the private placement market under section 4 (a) (2) of the 1933 U.S. Securities and Exchange Commission Act.The proceeds will be used to: i) refinance the existing construction loan, and ii) pay related costs. As part of the financial plan the IDB Invest will provide a Senior A Loan for approximately US$10million, a Subordinate A loan of approximately US$2million. The tenor of the Senior A Loan and B Bond will be 25 years, and up to 15 years for the Subordinated A Loan and B Bond.El Naranjal and Del Litoral (the “Generators”) are 50MW (AC)/59MW peak (DC) and 16MW (AC)/ 17MW peak (DC) photovoltaic (“PV”) power plants, each one with its associated facilities. Both use Ingeteam inverters and NextTrackr trackers, are located in Salto, Department of Salto, Uruguay, and currently operate under a 30-year Power Purchase Agreement (“PPA”) with the Administración Nacional de Usinas y Trasmisiones Eléctricas (“UTE”), the state-owned utility company of Uruguay.
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Kahai Native Tree Nut Forestry Project DisclaimerEffective January 1, 2016, this operation is being managed by the Inter-American Investment Corporation (IDB Invest). For information disclosed by the Inter-American Development Bank (IDB) before that date, please refer to theProjects section on the IDB website.* Amendment July 24, 2020:The financing amount has incresed to US$3,100,000, and the approval date has been confirmed for August 26,2020.The Operation consists of providing resources to Agrocacay SAS in order to finance the planting and maintenance of 300 hectares of cacay,[1]a native tree of the Colombian Amazon, to be carried out in the district of Meta, in Los Llanos de Colombia ("The Project"). Kahai SAS, owner of Agrocacay SAS, which is in charge of transforming the fruit into final products, will act as guarantor of the terms of the financing in question. Kahai SAS will contribute capital to the Project in the form of cash and trees for planting.The total costs of the Project, including the acquisition of the lands for planting, are US$8 million, of which IDB Invest will contribute US$1.5 million from the Climate Smart Agriculture Fund (CSAF) of the Global Environment Facility. The financing includes a 12-year term and a 6-year grace period to ensure that the loan repayment profile is in line with the capability of the planted trees to produce fruit for harvesting.[1] The fruit of the cacay has multiple commercial uses that range from the production of snacks to its use as raw material for cosmetic and food products. DisclaimerEffective January 1, 2016, this operation is being managed by the Inter-American Investment Corporation (IDB Invest). For information disclosed by the Inter-American Development Bank (IDB) before that date, please refer to theProjects section on the IDB website.* Amendment July 24, 2020:The financing amount has incresed to US$3,100,000, and the approval date has been confirmed for August 26,2020.The Operation consists of providing resources to Agrocacay SAS in order to finance the planting and maintenance of 300 hectares of cacay,[1]a native tree of the Colombian Amazon, to be carried out in the district of Meta, in Los Llanos de Colombia ("The Project"). Kahai SAS, owner of Agrocacay SAS, which is in charge of transforming the fruit into final products, will act as guarantor of the terms of the financing in question. Kahai SAS will contribute capital to the Project in the form of cash and trees for planting.The total costs of the Project, including the acquisition of the lands for planting, are US$8 million, of which IDB Invest will contribute US$1.5 million from the Climate Smart Agriculture Fund (CSAF) of the Global Environment Facility. The financing includes a 12-year term and a 6-year grace period to ensure that the loan repayment profile is in line with the capability of the planted trees to produce fruit for harvesting.[1] The fruit of the cacay has multiple commercial uses that range from the production of snacks to its use as raw material for cosmetic and food products.
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Usina Maracaju S/A The IIC is evaluating a loan in the amount of US$8 million, of which US$5 million would be mobilized from a participant bank. The scope of the project comprises the expansion of the total cane growing area, an increase of processing capacity in the plant and building of additional support facilities such as housing for workers. The cane area will be increased by bringing into production additional land. The plant capacity will be raised by 450,000 tons from 900,000 tons to 1,350,000 tons by investing in its grinding capacity and upgrading technology in several of the industrial production departments. The IIC is evaluating a loan in the amount of US$8 million, of which US$5 million would be mobilized from a participant bank. The scope of the project comprises the expansion of the total cane growing area, an increase of processing capacity in the plant and building of additional support facilities such as housing for workers. The cane area will be increased by bringing into production additional land. The plant capacity will be raised by 450,000 tons from 900,000 tons to 1,350,000 tons by investing in its grinding capacity and upgrading technology in several of the industrial production departments.
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Derrimon Trading Co. Ltd. The proposed US$13 million financing to the Borrowers, consists of: Tranche I (committed): (i) up toUS$3million to support CAPEX investments including the modernization of Derrimon’s distribution center and the implementation of solar panels, and (ii) up to US$5 million of a revolving credit line (390-day tenor) to support Derrimon’s import of goods; Tranche II (uncommitted): facility up to US$5 million for future CAPEX investments.The main impacts of the financing include: (i) reduction of carbon emissions, related the implementation of solar panels, (ii) increasing productivity and competitiveness, (iii) inducing growth and job creation, and (iv) nearshoring and strengthening of regional supply chain (Caribbean region). The proposed US$13 million financing to the Borrowers, consists of: Tranche I (committed): (i) up toUS$3million to support CAPEX investments including the modernization of Derrimon’s distribution center and the implementation of solar panels, and (ii) up to US$5 million of a revolving credit line (390-day tenor) to support Derrimon’s import of goods; Tranche II (uncommitted): facility up to US$5 million for future CAPEX investments.The main impacts of the financing include: (i) reduction of carbon emissions, related the implementation of solar panels, (ii) increasing productivity and competitiveness, (iii) inducing growth and job creation, and (iv) nearshoring and strengthening of regional supply chain (Caribbean region).
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Aqua Capital Fund III The project consists of an investment of up to US$10 million in Aqua Capital Fund III (the “Fund”), a fund with equity or equity-linked instruments positions across the value chain in the agribusiness and food industry, with a focus on sustainable and transformational businesses, and a regional geographic scope including the Americas, with at least 80% invested in LAC, and Brazil potentially representing 50% of the overall allocation. The Fund will be managed by Aqua Capital (the “Fund Manager”) and has a target size of US$400 million and a term of 10 years, with a possible extension of two years. The current pipeline includes over 30 target companies, and the focus will be of Buy&Build and growth equity investments, which is consistent with the investment strategy that made Aqua Capital a reference private equity (PE) firm for Agribusiness & Food in the region. The Fund will promote digitalization, sustainability, climate change mitigation and regional integration in the Ag & Food Industry, by combining equity investment and strategic expertise to boost portfolio companies’ local and international expansion and to increase their operational efficiency; ultimately it will also foster job creation and impact on local communities and small farmers. The project consists of an investment of up to US$10 million in Aqua Capital Fund III (the “Fund”), a fund with equity or equity-linked instruments positions across the value chain in the agribusiness and food industry, with a focus on sustainable and transformational businesses, and a regional geographic scope including the Americas, with at least 80% invested in LAC, and Brazil potentially representing 50% of the overall allocation. The Fund will be managed by Aqua Capital (the “Fund Manager”) and has a target size of US$400 million and a term of 10 years, with a possible extension of two years. The current pipeline includes over 30 target companies, and the focus will be of Buy&Build and growth equity investments, which is consistent with the investment strategy that made Aqua Capital a reference private equity (PE) firm for Agribusiness & Food in the region. The Fund will promote digitalization, sustainability, climate change mitigation and regional integration in the Ag & Food Industry, by combining equity investment and strategic expertise to boost portfolio companies’ local and international expansion and to increase their operational efficiency; ultimately it will also foster job creation and impact on local communities and small farmers.
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BBVA Colombia - Biodiversity Bond The project consists of providing support to Banco Bilbao Vizcaya Argentaria Colombia S.A. (“BBVAColombia”), in the issuance of the first green biodiversity bond in the world. The bond issued in the international capital market will be for up to US$70 million, with a three-years tenor. BID Invest will act as a co-investor with a subscription for a total amount of up to US$35 million and the International Finance Corporation (“IFC”) will also participate as a co-investor, with a total amount of up to US$35 million. The financing aims to expand the portfolio of green projects related to biodiversity in Colombia. The project consists of providing support to Banco Bilbao Vizcaya Argentaria Colombia S.A. (“BBVAColombia”), in the issuance of the first green biodiversity bond in the world. The bond issued in the international capital market will be for up to US$70 million, with a three-years tenor. BID Invest will act as a co-investor with a subscription for a total amount of up to US$35 million and the International Finance Corporation (“IFC”) will also participate as a co-investor, with a total amount of up to US$35 million. The financing aims to expand the portfolio of green projects related to biodiversity in Colombia.
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Kubo Financiero The proposed financing consists of an equity investment in Ku-bo Financiero, S.A. de C.V., S.F.P. ("Kubo" or the "Company") of up to the Mexican peso equivalent of US$10 million. Kubo is a microfinance company with primarily digital operations that is regulated by the Mexican National Banking and Securities Commission. The Company offers loan, deposit and payment products through its online platform. IDB Invest's investment will consist of a subscription of the preferred shares to be issued by Kubo (the "Financing"). The Financing will serve as a stimulus to develop the fintech industry in Latin America and the Caribbean. The investment in Kubo will have strong financial additionality, as it will bolster the capital base to support the Company's growth, strengthen its IT systems and implement marketing strategies. Financing could be complemented with advisory services focused on creating inclusive financing products for Micro, Small and Medium Enterprises (“MSMEs”) and developing an alternative credit analysis system. The proposed financing consists of an equity investment in Ku-bo Financiero, S.A. de C.V., S.F.P. ("Kubo" or the "Company") of up to the Mexican peso equivalent of US$10 million. Kubo is a microfinance company with primarily digital operations that is regulated by the Mexican National Banking and Securities Commission. The Company offers loan, deposit and payment products through its online platform. IDB Invest's investment will consist of a subscription of the preferred shares to be issued by Kubo (the "Financing"). The Financing will serve as a stimulus to develop the fintech industry in Latin America and the Caribbean. The investment in Kubo will have strong financial additionality, as it will bolster the capital base to support the Company's growth, strengthen its IT systems and implement marketing strategies. Financing could be complemented with advisory services focused on creating inclusive financing products for Micro, Small and Medium Enterprises (“MSMEs”) and developing an alternative credit analysis system.
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AlphaCredit The Project is aimed at providing Colombian company Alpha Capital, S.A.S. (“AlphaCredit”) with financing for an equivalent of up to US$ 40 million in Colombian pesos with a 5-year tenor and two years of grace and quarterly amortization. The transaction will be guaranteed by the Mexico-based company Alpha Holding, S.A. de C.V. The proceeds of the Project will be used to support AlphaCredit grow their credit line for the self-employed and pensioners in the healthcare and education sectors, etc. They are also meant to support their small- and medium-sized enterprise (“SMEs”) portfolio in Colombia. IDB Invest will support the Project with technical assistance to identify service additionalities. The Project is aimed at providing Colombian company Alpha Capital, S.A.S. (“AlphaCredit”) with financing for an equivalent of up to US$ 40 million in Colombian pesos with a 5-year tenor and two years of grace and quarterly amortization. The transaction will be guaranteed by the Mexico-based company Alpha Holding, S.A. de C.V. The proceeds of the Project will be used to support AlphaCredit grow their credit line for the self-employed and pensioners in the healthcare and education sectors, etc. They are also meant to support their small- and medium-sized enterprise (“SMEs”) portfolio in Colombia. IDB Invest will support the Project with technical assistance to identify service additionalities.
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Megalabs The use of proceeds of the transaction will be for regional use, and will be deployed to 14 projects across eight countries in the region. The investment plan includes investments to implement and support pharmaceutical manufacturing best practices, the construction of a new antibiotics plant, and the construction of distribution and logistics centers, among others. The transaction will be structured as a senior loan with a tenor of 10 years, including a two-year grace period on the principal. The transaction will also involve technical assistance on gender, diversity, and inclusion, and corporate governance and environmental and social action plans.The majority of the projects are related to supporting and implementing continuous improvements in pharmaceutical manufacturing processes in the region: (i) Good Laboratory Practices (GLP); and (ii) Good Manufacturing Practices (GMP), which are necessary to comply with local and international legislation (for exports). These practices have positive effects for the majority of Grupo Megalabs’ processes and activities, including manufacturing, logistics, storage, quality control, and safety processes, among others. The impacts of this development include: (i) helping to expand the added value chain of the industry; (ii) promoting innovation through the development of new products; (iii) increasing exports; and (iv) contributing to job creation.Grupo Megalabs (“Megalabs”) is a conglomerate of companies in the pharmaceutical sector specialized in the production and distribution of a wide range of medications. Megalabs has a diversified product portfolio, and operates in both the manufacturing and distribution segments across 18 countries in Latin America and the Caribbean. Grupo Megalabs employs over 7,300 people in the region. The use of proceeds of the transaction will be for regional use, and will be deployed to 14 projects across eight countries in the region. The investment plan includes investments to implement and support pharmaceutical manufacturing best practices, the construction of a new antibiotics plant, and the construction of distribution and logistics centers, among others. The transaction will be structured as a senior loan with a tenor of 10 years, including a two-year grace period on the principal. The transaction will also involve technical assistance on gender, diversity, and inclusion, and corporate governance and environmental and social action plans.The majority of the projects are related to supporting and implementing continuous improvements in pharmaceutical manufacturing processes in the region: (i) Good Laboratory Practices (GLP); and (ii) Good Manufacturing Practices (GMP), which are necessary to comply with local and international legislation (for exports). These practices have positive effects for the majority of Grupo Megalabs’ processes and activities, including manufacturing, logistics, storage, quality control, and safety processes, among others. The impacts of this development include: (i) helping to expand the added value chain of the industry; (ii) promoting innovation through the development of new products; (iii) increasing exports; and (iv) contributing to job creation.Grupo Megalabs (“Megalabs”) is a conglomerate of companies in the pharmaceutical sector specialized in the production and distribution of a wide range of medications. Megalabs has a diversified product portfolio, and operates in both the manufacturing and distribution segments across 18 countries in Latin America and the Caribbean. Grupo Megalabs employs over 7,300 people in the region.
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AEGEA Águas do Rio In April 2021, a concession auction was held for CEDAE - Companhia Estadual de Águas e Esgoto do Rio de Janeiro. It was the largest sanitation infrastructure concession in the country's history. AEGEA won 2 lots (blocks 1& 4) of the dispute, with offers of more than 100% of goodwill on the concession fee. The two concessions will have 35 years tenor each, involving an investment that will sum altogether approx. BRL 24.4 billion, in addition to BRL 15.5 billion collected with the payment of the concession fees. The goal, in addition to water distribution universal, is to achieve 90% of sewage collection and treatment for 10 million people. In April 2021, a concession auction was held for CEDAE - Companhia Estadual de Águas e Esgoto do Rio de Janeiro. It was the largest sanitation infrastructure concession in the country's history. AEGEA won 2 lots (blocks 1& 4) of the dispute, with offers of more than 100% of goodwill on the concession fee. The two concessions will have 35 years tenor each, involving an investment that will sum altogether approx. BRL 24.4 billion, in addition to BRL 15.5 billion collected with the payment of the concession fees. The goal, in addition to water distribution universal, is to achieve 90% of sewage collection and treatment for 10 million people.
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Maderera Boliviana Etienne S.A. MABET's expansion project ("the Project") is intended to increase and diversify the plant's productive capacity, as well as to augment the production capacity of sawn lumber from Pacahuaras. The expansion will enable a 42% increase in production of exterior doors, from 38,000 units to 54,000 units per year, and will also expand the range of products offered. The production of interior doors, is proposed to increase from 10,000 units per year to 30,000 units per year in year four of the project. Planks and parquet flooring, production will triple to 60,000 sq. m per year in year 4 of the project. There is already an established demand for these products. As a byproduct of the expansion, MABET's productive capacity for seasoned wood, the main bottleneck to the company's growth, will increase by 85%. This means that annual access to dry wood will rise from 3,400,000 sq. ft to 6,300,000 sq. ft. The total project cost is estimated at US$7.3 million, of which the IIC would fund up to US$3.5 million. MABET's expansion project ("the Project") is intended to increase and diversify the plant's productive capacity, as well as to augment the production capacity of sawn lumber from Pacahuaras. The expansion will enable a 42% increase in production of exterior doors, from 38,000 units to 54,000 units per year, and will also expand the range of products offered. The production of interior doors, is proposed to increase from 10,000 units per year to 30,000 units per year in year four of the project. Planks and parquet flooring, production will triple to 60,000 sq. m per year in year 4 of the project. There is already an established demand for these products. As a byproduct of the expansion, MABET's productive capacity for seasoned wood, the main bottleneck to the company's growth, will increase by 85%. This means that annual access to dry wood will rise from 3,400,000 sq. ft to 6,300,000 sq. ft. The total project cost is estimated at US$7.3 million, of which the IIC would fund up to US$3.5 million.
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Pesquera Transantartic Trans Antartic cans fish and shellfish for sale in Chile under the Robinson Crusoe label and for export, principally to Spain. It is an affiliate of the Spanish company Jealsa Rianxeira S.A., which is the parent company of Grupo Jealsa. Grupo Jealsa ranks first in the Spanish canned fish and shellfish market and second in the European market.Trans Antartic has requested a 3 million euro A loan and a 5 million euro B loan from the IIC for refinancing liabilities incurred in building a new plant completed in late 2006 that is now fully operational, as well as for working capital. A supply agreement with Escurís S.R.L., another Grupo Jealsa affiliate, will make it possible for Trans Antartic's sales to grow considerably; this will increase its working capital requirements. Trans Antartic cans fish and shellfish for sale in Chile under the Robinson Crusoe label and for export, principally to Spain. It is an affiliate of the Spanish company Jealsa Rianxeira S.A., which is the parent company of Grupo Jealsa. Grupo Jealsa ranks first in the Spanish canned fish and shellfish market and second in the European market.Trans Antartic has requested a 3 million euro A loan and a 5 million euro B loan from the IIC for refinancing liabilities incurred in building a new plant completed in late 2006 that is now fully operational, as well as for working capital. A supply agreement with Escurís S.R.L., another Grupo Jealsa affiliate, will make it possible for Trans Antartic's sales to grow considerably; this will increase its working capital requirements.
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Cooperativa Nacional de Productores de Leche Conaprole is a dairy producer co-op that receives and processes approximately700 million liters of milk annually from some 2,600 producers. It producespasteurized milk and a broad range of other products that it markets locallyand for export. Exports account for more than 50% of Conaprole's sales and goto more than forty countries. The company is Latin America's second largestexporter of dairy products and one of Uruguay's leading exporters overall. Conaprole was created by law in 1935. The law merged severaldairy companies and cooperatives and gave the resulting company a monopoly onthe distribution of fluid milk in Uruguayuntil the monopoly was abolished in 1984. Conaprole has eight industrial plantsturning out more than 300 dairy products; fluid milk for consumption accountsfor approximately 20% of the total milk processed. Conaprole's range ofproducts also includes non-dairy food products (such as fruit juices and tomatopulp). Conaprole has a technical department that provides producers with adviceon production, sanitation, and quality. The company also provides financing forthe purchase of production supplies and dairy industry equipment.Through this project, the Corporation will help bolster theeconomic viability of this co-op consisting of small and medium-size milkproducers. This long-term financing from the Corporation will provide supportfor Conaprole's strategy by providing stable, timely coverage for its workingcapital requirements and helping finance the replacement of productive assets. Theproposed loan is part of the Supply Chain Financial Support Program. The specific purpose of this program is to increase theflow of financing for small and medium-size companies in Latin Americaand the Caribbean and identify potential clients that are part of a supplychain or suppliers of larger corporations, companies, or economic groupsoperating in the region. Conaprole is a dairy producer co-op that receives and processes approximately700 million liters of milk annually from some 2,600 producers. It producespasteurized milk and a broad range of other products that it markets locallyand for export. Exports account for more than 50% of Conaprole's sales and goto more than forty countries. The company is Latin America's second largestexporter of dairy products and one of Uruguay's leading exporters overall. Conaprole was created by law in 1935. The law merged severaldairy companies and cooperatives and gave the resulting company a monopoly onthe distribution of fluid milk in Uruguayuntil the monopoly was abolished in 1984. Conaprole has eight industrial plantsturning out more than 300 dairy products; fluid milk for consumption accountsfor approximately 20% of the total milk processed. Conaprole's range ofproducts also includes non-dairy food products (such as fruit juices and tomatopulp). Conaprole has a technical department that provides producers with adviceon production, sanitation, and quality. The company also provides financing forthe purchase of production supplies and dairy industry equipment.Through this project, the Corporation will help bolster theeconomic viability of this co-op consisting of small and medium-size milkproducers. This long-term financing from the Corporation will provide supportfor Conaprole's strategy by providing stable, timely coverage for its workingcapital requirements and helping finance the replacement of productive assets. Theproposed loan is part of the Supply Chain Financial Support Program. The specific purpose of this program is to increase theflow of financing for small and medium-size companies in Latin Americaand the Caribbean and identify potential clients that are part of a supplychain or suppliers of larger corporations, companies, or economic groupsoperating in the region.
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Social Bond of Diversity and Inclusion - Cooperativa Jardín Azuayo The project consists of supporting Cooperativa de Ahorro y Crédito Jardín Azuayo Ltda ("CJA"), in the first Senior Social Bond of Diversity and Inclusion in Ecuador and the region. The total amount of the Bond is up to US$20 million with a four-year term. IDB Invest will act as anchor investor with a subscription for a total amount of up to US$10 million. Other potential investors will participate with up to US$10 million. The proceeds of the Bond will be aimed at expanding the financing to micro, small and medium-sized enterprises (“MSMEs”) led by and/or owned by indigenous people, migrants, women, low-income people and/or people with low levels of education. Additionally, a technical advisory will be provided to: (i) better assess credit decisions towards women and under-represented groups by developing alternative credit scorings such as psychometric tools; (ii) to strengthen the gender and diversity impact measurement and reporting by improving their data collection systems; and (iii) design the conceptual framework of the Social Bond and finance the second party opinion (“SPO”). The project consists of supporting Cooperativa de Ahorro y Crédito Jardín Azuayo Ltda ("CJA"), in the first Senior Social Bond of Diversity and Inclusion in Ecuador and the region. The total amount of the Bond is up to US$20 million with a four-year term. IDB Invest will act as anchor investor with a subscription for a total amount of up to US$10 million. Other potential investors will participate with up to US$10 million. The proceeds of the Bond will be aimed at expanding the financing to micro, small and medium-sized enterprises (“MSMEs”) led by and/or owned by indigenous people, migrants, women, low-income people and/or people with low levels of education. Additionally, a technical advisory will be provided to: (i) better assess credit decisions towards women and under-represented groups by developing alternative credit scorings such as psychometric tools; (ii) to strengthen the gender and diversity impact measurement and reporting by improving their data collection systems; and (iii) design the conceptual framework of the Social Bond and finance the second party opinion (“SPO”).
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Residencial Atlas, S. de R.L. de C.V. The proceeds of the IIC loan will be used to purchase land for the construction of a housing development project in Mexico and for the initial construction of utilities infrastructure for this development.Residential Atlas is a company that develops middle-income housing projects in Mexico. It was established in 2002 in Torreón, Coahuila, in northern Mexico, and is currently developing 18 projects in the states of Querétaro, Aguascalientes, Nuevo León, Baja California Sur, Coahuila, and Chihuahua. The proceeds of the IIC loan will be used to purchase land for the construction of a housing development project in Mexico and for the initial construction of utilities infrastructure for this development.Residential Atlas is a company that develops middle-income housing projects in Mexico. It was established in 2002 in Torreón, Coahuila, in northern Mexico, and is currently developing 18 projects in the states of Querétaro, Aguascalientes, Nuevo León, Baja California Sur, Coahuila, and Chihuahua.
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Casa Mantica - Diano Marina The project’s scope consists of: (i) financing for expansion of the Mantica Group’s supermarket chain and working capital requirements for its projected growth;(ii) financial support to improve its environmental performance by financing solar panels; and (iii) financial and nonfinancial support to improve corporate governance practices and the handling of food and plastic wastes (the “Project” as a whole). With this, IDB Invest and the Mantica Group expect to achieve the following objectives: (i) economic growth and job creation; (ii) net reduction in the carbon footprint of the new branches; and (iii) increased sustainability of the Mantica Group’s business through improved corporate governance practices and better waste management. The project’s scope consists of: (i) financing for expansion of the Mantica Group’s supermarket chain and working capital requirements for its projected growth;(ii) financial support to improve its environmental performance by financing solar panels; and (iii) financial and nonfinancial support to improve corporate governance practices and the handling of food and plastic wastes (the “Project” as a whole). With this, IDB Invest and the Mantica Group expect to achieve the following objectives: (i) economic growth and job creation; (ii) net reduction in the carbon footprint of the new branches; and (iii) increased sustainability of the Mantica Group’s business through improved corporate governance practices and better waste management.
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ECOGAL The Seymour Airport, also known as the Galapagos Ecological Airport, on Baltra Island is the airport which attracts the majority of air traffic to the Galapagos. In August 2008, Ecogal was awarded the concession of the Seymour Airport on Baltra Island in Galápagos following an international bidding process. On April 2011, the Dirección General de Aviación Civil (“DGAC”) and Ecogal entered into the concession contract which remains valid until July 2026. The contract includes the obligation of Ecogal to develop, construct and operate the airport in three construction phases of which the first two have already been completed, while the third (consisting of the re-pavement of the entire existing runway and platform) will entail a total investment for approximately US$10.0 million and will be completed by 2021 (the “Capex Plan”).The proposed financing is a senior loan in favor of Ecogal of up to US$22.3 million consisting of an IDB Invest A Loan of up to US$5.0 million and B-Loans of up to US$17.3 million. The funds will be allocated to: (i) finance up to 50% of the Capex Plan (US$5.0 million); (ii) the redemption of the outstanding balance of the bonds issued by the Company in the local market (up to US$6.5 million); (iii) pay closing expense and funding of a 6-month Debt Service Reserve Account (US$2.8 million); and (iv) payment of accrued but unpaid management fees and accrued but unpaid interest of shareholder subordinated loans (US$8.0 million). The Seymour Airport, also known as the Galapagos Ecological Airport, on Baltra Island is the airport which attracts the majority of air traffic to the Galapagos. In August 2008, Ecogal was awarded the concession of the Seymour Airport on Baltra Island in Galápagos following an international bidding process. On April 2011, the Dirección General de Aviación Civil (“DGAC”) and Ecogal entered into the concession contract which remains valid until July 2026. The contract includes the obligation of Ecogal to develop, construct and operate the airport in three construction phases of which the first two have already been completed, while the third (consisting of the re-pavement of the entire existing runway and platform) will entail a total investment for approximately US$10.0 million and will be completed by 2021 (the “Capex Plan”).The proposed financing is a senior loan in favor of Ecogal of up to US$22.3 million consisting of an IDB Invest A Loan of up to US$5.0 million and B-Loans of up to US$17.3 million. The funds will be allocated to: (i) finance up to 50% of the Capex Plan (US$5.0 million); (ii) the redemption of the outstanding balance of the bonds issued by the Company in the local market (up to US$6.5 million); (iii) pay closing expense and funding of a 6-month Debt Service Reserve Account (US$2.8 million); and (iv) payment of accrued but unpaid management fees and accrued but unpaid interest of shareholder subordinated loans (US$8.0 million).
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Latin American Agribusiness Development Agency Line Agency line arrangement by which LAAD will identify, evaluate, structure and supervise loans to companies in the agribusiness sector, majority-owned by citizens of the region with annual sales and total assets which do not exceed US$15 million. Under the terms of the agency line, the IIC and LAAD will lend an equal amount of between US$300,000 and US$1,500,000 each to eligible companies in The Bahamas, Barbados, Belize, Bolivia, Costa Rica, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Panama, Paraguay, Dominican Republic, Suriname, Trinidad and Tobago, and Uruguay. Agency line arrangement by which LAAD will identify, evaluate, structure and supervise loans to companies in the agribusiness sector, majority-owned by citizens of the region with annual sales and total assets which do not exceed US$15 million. Under the terms of the agency line, the IIC and LAAD will lend an equal amount of between US$300,000 and US$1,500,000 each to eligible companies in The Bahamas, Barbados, Belize, Bolivia, Costa Rica, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Panama, Paraguay, Dominican Republic, Suriname, Trinidad and Tobago, and Uruguay.
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Soleco Energy Jamaica The proposed operation consists of the financing of: (i) the development, construction, operation and maintenance of a portfolio of distributed generation assets in Jamaica, including ground mounted, rooftop and carport solar photovoltaic (“PV”) installations as well as energy storage solutions and interconnection facilities (each, an “Installation”) with an initial aggregate generating capacity of approximately 11.25 mega-watt peak (“MWp”), which will be contracted with commercial and industrial clients through long-term lease contracts (“Phase I”); and (ii) a subsequent set of Installations for additional generation capacity following the same long-term leasing structure (“Phase II”). Together, (i) and (ii) are the “Project”. The construction period is expected to be no longer than 12 months. The Project developer, Soleco Energy Limited (“SEL” or the “Company”) manages the Engineering, Procurement and Construction (“EPC”) and Operations and Maintenance (“O&M”) works contracted to Grupotec Servicios Avanzados, S.A. (or “Grupotec”) for Phase I of the Project. The proposed operation consists of the financing of: (i) the development, construction, operation and maintenance of a portfolio of distributed generation assets in Jamaica, including ground mounted, rooftop and carport solar photovoltaic (“PV”) installations as well as energy storage solutions and interconnection facilities (each, an “Installation”) with an initial aggregate generating capacity of approximately 11.25 mega-watt peak (“MWp”), which will be contracted with commercial and industrial clients through long-term lease contracts (“Phase I”); and (ii) a subsequent set of Installations for additional generation capacity following the same long-term leasing structure (“Phase II”). Together, (i) and (ii) are the “Project”. The construction period is expected to be no longer than 12 months. The Project developer, Soleco Energy Limited (“SEL” or the “Company”) manages the Engineering, Procurement and Construction (“EPC”) and Operations and Maintenance (“O&M”) works contracted to Grupotec Servicios Avanzados, S.A. (or “Grupotec”) for Phase I of the Project.
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Vamos JSL, Vamos and CSB are Brazilian companies controlled by the SIMPAR Group, (“SIMPAR”, or the “Group”). SIMPAR controls and manages six independent companies that provide value-added rental, logistics, mobility and financial services, focused on long-term contracts. Overall, the companies that are part of SIMPAR buy, rent, maintain, finance, operate and sell vehicles and equipment. JSL is the leader in road logistics services in Brazil; Vamos s is the leader of rental and sale of trucks, machinery, and equipment in Brazil; and CSB focuses on providing long term services to public companies, including passenger transportation, waste disposal, road and port terminal concessions.The proposed operation for Vamos (the “Project”) aims at supporting the Client efforts to reduce Greenhouse Gas emissions (“GHG”) in its operations. Transaction objectives include: (i) increase the participation of electric, hybrid and/or biofuel heavy vehicles in its fleet; and (ii) innovation projects to optimize its operational process and integrating systems through the inclusion of technologies and programs to reduce the overall carbon footprint of its operations.The impact story of this project was highlighted on our 2021 Annual Report. JSL, Vamos and CSB are Brazilian companies controlled by the SIMPAR Group, (“SIMPAR”, or the “Group”). SIMPAR controls and manages six independent companies that provide value-added rental, logistics, mobility and financial services, focused on long-term contracts. Overall, the companies that are part of SIMPAR buy, rent, maintain, finance, operate and sell vehicles and equipment. JSL is the leader in road logistics services in Brazil; Vamos s is the leader of rental and sale of trucks, machinery, and equipment in Brazil; and CSB focuses on providing long term services to public companies, including passenger transportation, waste disposal, road and port terminal concessions.The proposed operation for Vamos (the “Project”) aims at supporting the Client efforts to reduce Greenhouse Gas emissions (“GHG”) in its operations. Transaction objectives include: (i) increase the participation of electric, hybrid and/or biofuel heavy vehicles in its fleet; and (ii) innovation projects to optimize its operational process and integrating systems through the inclusion of technologies and programs to reduce the overall carbon footprint of its operations.The impact story of this project was highlighted on our 2021 Annual Report.
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Plastech III The financing seeks to support the growth and competitiveness of Les Entreprises Plastech Haiti S.A. and Plastech Solutions S.A. (the “Companies”, “Plastech” or the “Borrowers”), a leading company in the plastic industry in Haiti. Plastech has embarked on a multiyear (2022-2023) US$17.2 million investment plan to increase capacity and to optimize production efficiencies while expanding its regional presence. The investment plan includes the purchase industrial machinery and equipment with more efficient technology (less use of raw material) to serve its increasing demand from main clients in Haiti and exports to some countries in the Caribbean region. The IDB Invest will provide an A Loan of up to US$9 million to be complemented by internal cash flow and additional debt. IDB Invest financing will have a 10-year tenor including 12 months of grace period.ADDENDUM: May 25, 2022 - A change was made in the Project Scope and Objective, please read correctly as follows:The financing seeks to support the growth and competitiveness of Les Entreprises Plastech Haiti S.A. and Plastech Solutions S.A. (the “Companies”, “Plastech” or the “Borrowers”), a leading company in the plastic industry in Haiti. Plastech has embarked on a US$13.6 million investment plan to increase capacity and to optimize production efficiencies while expanding its regional presence. The investment plan includes the purchase industrial machinery and equipment with more efficient technology (less use of raw material) to serve its increasing demand from main clients in Haiti and exports to some countries in the Caribbean region. The IDB Invest will provide an A Loan of up to US$9 million to be complemented by internal cash flow and additional debt. IDB Invest financing will have a 10-year tenor including 12 months of grace period. The financing seeks to support the growth and competitiveness of Les Entreprises Plastech Haiti S.A. and Plastech Solutions S.A. (the “Companies”, “Plastech” or the “Borrowers”), a leading company in the plastic industry in Haiti. Plastech has embarked on a multiyear (2022-2023) US$17.2 million investment plan to increase capacity and to optimize production efficiencies while expanding its regional presence. The investment plan includes the purchase industrial machinery and equipment with more efficient technology (less use of raw material) to serve its increasing demand from main clients in Haiti and exports to some countries in the Caribbean region. The IDB Invest will provide an A Loan of up to US$9 million to be complemented by internal cash flow and additional debt. IDB Invest financing will have a 10-year tenor including 12 months of grace period.ADDENDUM: May 25, 2022 - A change was made in the Project Scope and Objective, please read correctly as follows:The financing seeks to support the growth and competitiveness of Les Entreprises Plastech Haiti S.A. and Plastech Solutions S.A. (the “Companies”, “Plastech” or the “Borrowers”), a leading company in the plastic industry in Haiti. Plastech has embarked on a US$13.6 million investment plan to increase capacity and to optimize production efficiencies while expanding its regional presence. The investment plan includes the purchase industrial machinery and equipment with more efficient technology (less use of raw material) to serve its increasing demand from main clients in Haiti and exports to some countries in the Caribbean region. The IDB Invest will provide an A Loan of up to US$9 million to be complemented by internal cash flow and additional debt. IDB Invest financing will have a 10-year tenor including 12 months of grace period.
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Neopak Fábrica de Papeles Carrascal, S.A. was founded in 1964 and produces several types of paper (liner and corrugated paper) and corrugated cardboard boxes from recycled paper. Carrascal sells the paper to third parties. It also uses it to produce corrugated cardboard sheets that are sold to small and medium-size companies, and cardboard boxes, sold mainly to the industrial market. In 2005, Carrascal established a 99.9%-owned subsidiary, Neopak, S.A. With its modern machinery, Neopak’s new plant will help improve the group’s production efficiency and enable it to enter the corrugated cardboard box export market.Neopak has requested a US$5,000,000 loan from the IIC to finance working capital needed to start the production of corrugated cardboard boxes, mainly for fruit export companies. Fábrica de Papeles Carrascal, S.A. was founded in 1964 and produces several types of paper (liner and corrugated paper) and corrugated cardboard boxes from recycled paper. Carrascal sells the paper to third parties. It also uses it to produce corrugated cardboard sheets that are sold to small and medium-size companies, and cardboard boxes, sold mainly to the industrial market. In 2005, Carrascal established a 99.9%-owned subsidiary, Neopak, S.A. With its modern machinery, Neopak’s new plant will help improve the group’s production efficiency and enable it to enter the corrugated cardboard box export market.Neopak has requested a US$5,000,000 loan from the IIC to finance working capital needed to start the production of corrugated cardboard boxes, mainly for fruit export companies.
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Gandules Inc. S.A.C. The proposed operation consists of a senior loan to Gandules, which includes two tranches: (i) Commitment Tranche of up to US$15 million for: (a) US$8.0 million for investments in industrial fixed assets to automate processes, improve quality and increase capacity, (b) US$1.0 million for investments in water wells to increase the water resources, and (c) US$6.0 million for refinancing of financial debt; (ii) Non-Committed Tranche for up to US$5.0 million for investments acceptable to the IIC in fixed assets or expansion of agricultural frontier (jointly (i) and (ii) "Project").Gandules began operations in 2002, is a partially vertically integrated business with activities spanning the whole agricultural value chain, incorporating farming, processing, marketing, and trading. Is a leading export market in Capsicums (green chili, jalapeños, cherry, peppadew, etc.). Other crops include mango, pineapple and beans. Gandules operates 1.135 Ha through a mix of own and third party (53%) lands. Additionally, Gandules owns 2914 Ha of uncropped lands. Processing output is 724 Tons/day from two canning facilities (480t/day), frozen food plant (64 t/day), and one plant devoted to fresh produce (180 t/day). With this project, Gandules will increase its canned and frozen production capacity by 27% and 14%, respectively. It employs a working population that varies between 3,500 and 6,000 workers in all stages of its productive chain, 70% of whom are women. The proposed operation consists of a senior loan to Gandules, which includes two tranches: (i) Commitment Tranche of up to US$15 million for: (a) US$8.0 million for investments in industrial fixed assets to automate processes, improve quality and increase capacity, (b) US$1.0 million for investments in water wells to increase the water resources, and (c) US$6.0 million for refinancing of financial debt; (ii) Non-Committed Tranche for up to US$5.0 million for investments acceptable to the IIC in fixed assets or expansion of agricultural frontier (jointly (i) and (ii) "Project").Gandules began operations in 2002, is a partially vertically integrated business with activities spanning the whole agricultural value chain, incorporating farming, processing, marketing, and trading. Is a leading export market in Capsicums (green chili, jalapeños, cherry, peppadew, etc.). Other crops include mango, pineapple and beans. Gandules operates 1.135 Ha through a mix of own and third party (53%) lands. Additionally, Gandules owns 2914 Ha of uncropped lands. Processing output is 724 Tons/day from two canning facilities (480t/day), frozen food plant (64 t/day), and one plant devoted to fresh produce (180 t/day). With this project, Gandules will increase its canned and frozen production capacity by 27% and 14%, respectively. It employs a working population that varies between 3,500 and 6,000 workers in all stages of its productive chain, 70% of whom are women.
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ALIV The proposed transaction consists of a Senior Loan for a period of 8 years for an amount up to US$50 million (the “IDB Group Financing”) to support ALIV’s (i) capital expenditure plan, (ii) customer acquisition, and (iii) refinancing of existing debt in The Bahamas. The proposed transaction is in line with IDB Invest’s strategic objective of promoting innovation and technological development and support infrastructure to enhance competitiveness and productivity.The financing will consist of an A Loan of up to US$14 million and a B Loan for up to US$36 million.Be Aliv Ltd. (“ALIV”) is the second largest mobile network operator in The Bahamas, created in 2016 as a JV between publicly listed leading fixed cable operator, Cable Bahamas Ltd. (“CBL”) and the Government of the Bahamas (“GoB”). ALIV has approximately 150,000 individual and corporate subscribers and 38% market share. The proposed transaction consists of a Senior Loan for a period of 8 years for an amount up to US$50 million (the “IDB Group Financing”) to support ALIV’s (i) capital expenditure plan, (ii) customer acquisition, and (iii) refinancing of existing debt in The Bahamas. The proposed transaction is in line with IDB Invest’s strategic objective of promoting innovation and technological development and support infrastructure to enhance competitiveness and productivity.The financing will consist of an A Loan of up to US$14 million and a B Loan for up to US$36 million.Be Aliv Ltd. (“ALIV”) is the second largest mobile network operator in The Bahamas, created in 2016 as a JV between publicly listed leading fixed cable operator, Cable Bahamas Ltd. (“CBL”) and the Government of the Bahamas (“GoB”). ALIV has approximately 150,000 individual and corporate subscribers and 38% market share.
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Banco de Comercio Exterior de Colombia S.A. - Bancóldex The purpose of this revolving credit line is to provide financing for eligible projects through subloans to eligible enterprises, according to IIC criteria.Bancóldex is Colombia's business development bank. It designs and provides new financial and nonfinancial instruments to boost the competitiveness, productivity, growth, and development of Colombian micro, small, medium-sized, and large companies, both in the export or domestic markets. It is a mixed-economy entity in which the Colombian government has a majority shareholding through the Finance Ministry and the Ministry of Trade, Industry, and Tourism. The purpose of this revolving credit line is to provide financing for eligible projects through subloans to eligible enterprises, according to IIC criteria.Bancóldex is Colombia's business development bank. It designs and provides new financial and nonfinancial instruments to boost the competitiveness, productivity, growth, and development of Colombian micro, small, medium-sized, and large companies, both in the export or domestic markets. It is a mixed-economy entity in which the Colombian government has a majority shareholding through the Finance Ministry and the Ministry of Trade, Industry, and Tourism.
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Movistar Ecuador Handset Financing The Project consists of a uncommitted line of credit for US $ 50 million ("Facility") to discount the invoices originated from the program of Otecel S.A. (the "Company" or "Movistar Ecuador") to finance the subscribers for the purchase of mobile devices. The Facility will have an availability period of 48 months. The Invoices have a repayment period of 24 months. Under the Facility, IDB Invest will establish a trust that will acquire, in its sole discretion, the contracts and invoices from the mobile device financing program.The Project seeks to support the adoption and use of new handsets that allow the final subscribers of Movistar Ecuador to access the broadband service. Greater access to broadband has a positive impact on economic development since broadband penetration facilitates the creation of jobs, promotes the creation of businesses, increases productivity, and positively impacts per capita growth. However, there are important barriers to broader broadband adoption, one of which is the cost of acquiring equipment and technologies that allow end users to use broadband. The proposed Project is one of the ways that IDB Invest will seek to address this barrier. The Project consists of a uncommitted line of credit for US $ 50 million ("Facility") to discount the invoices originated from the program of Otecel S.A. (the "Company" or "Movistar Ecuador") to finance the subscribers for the purchase of mobile devices. The Facility will have an availability period of 48 months. The Invoices have a repayment period of 24 months. Under the Facility, IDB Invest will establish a trust that will acquire, in its sole discretion, the contracts and invoices from the mobile device financing program.The Project seeks to support the adoption and use of new handsets that allow the final subscribers of Movistar Ecuador to access the broadband service. Greater access to broadband has a positive impact on economic development since broadband penetration facilitates the creation of jobs, promotes the creation of businesses, increases productivity, and positively impacts per capita growth. However, there are important barriers to broader broadband adoption, one of which is the cost of acquiring equipment and technologies that allow end users to use broadband. The proposed Project is one of the ways that IDB Invest will seek to address this barrier.
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Agrícola Ganadera Reysahiwal II With the IIC loan, Agrícola Ganadera Reysahiwal S.A. (AGR) will improve its financial profile with long-term financing, making the company less vulnerable to changes in the financial market and in terms for accessing financing. The IIC’s loan will be used to refinance debt incurred to finance the construction of a plant in Sangolquí, built to meet the increasing demand for dairy products.The IIC is providing needed financing for the orderly expansion of an existing company that is increasing its production capacity to satisfy the growing demand for the hygienic processing and distribution of basic dairy products that provide essential nutrients and are not always available in developing nations. The proposed operation will allow the company to continue to plan its growth and operate under more stable conditions. Through this operation, the IIC will strengthen its support for project sponsors that are involved in several highly developmental activities that demonstrate their commitment to corporate social responsibility. These include (i) education and health-care services for children living in rural areas; (ii) scientific research on the rainforest; (iii) a forestry program that has earned SmartWood international certification; and (iv) the promotion of ecotourism. With the IIC loan, Agrícola Ganadera Reysahiwal S.A. (AGR) will improve its financial profile with long-term financing, making the company less vulnerable to changes in the financial market and in terms for accessing financing. The IIC’s loan will be used to refinance debt incurred to finance the construction of a plant in Sangolquí, built to meet the increasing demand for dairy products.The IIC is providing needed financing for the orderly expansion of an existing company that is increasing its production capacity to satisfy the growing demand for the hygienic processing and distribution of basic dairy products that provide essential nutrients and are not always available in developing nations. The proposed operation will allow the company to continue to plan its growth and operate under more stable conditions. Through this operation, the IIC will strengthen its support for project sponsors that are involved in several highly developmental activities that demonstrate their commitment to corporate social responsibility. These include (i) education and health-care services for children living in rural areas; (ii) scientific research on the rainforest; (iii) a forestry program that has earned SmartWood international certification; and (iv) the promotion of ecotourism.
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Achiras Wind Power Project The Achiras Wind Power Project (the “Project”) consists of the construction, operation, and maintenance of a 47,25MW wind farm and related facilities, including a 132KV 16 km-long transmission line that will be located in the Rio Cuarto Department, in the southwest area of the Cordoba Province in Argentina. The Project total cost is estimated in US$81 million, to be financed with an IDB Group “A” Loan of approximately US$27 million. Such financing will be supplemented by an IFC “A” Loan, and the participation of a local bank for local content equipment financing, and capital contributions. The Project will have positive impacts on development, such as: (i) adding 47,25MW of renewable capacity to the Argentine grid in order to diversify the energy matrix that relies mostly on hydro and thermal power generation, and representing 20% of the total installed capacity goal of non-conventional renewable energy (NCRE) by 2025, and (ii) displacing around 100,000 equivalent tons of carbon emissions per year. The Achiras Wind Power Project (the “Project”) consists of the construction, operation, and maintenance of a 47,25MW wind farm and related facilities, including a 132KV 16 km-long transmission line that will be located in the Rio Cuarto Department, in the southwest area of the Cordoba Province in Argentina. The Project total cost is estimated in US$81 million, to be financed with an IDB Group “A” Loan of approximately US$27 million. Such financing will be supplemented by an IFC “A” Loan, and the participation of a local bank for local content equipment financing, and capital contributions. The Project will have positive impacts on development, such as: (i) adding 47,25MW of renewable capacity to the Argentine grid in order to diversify the energy matrix that relies mostly on hydro and thermal power generation, and representing 20% of the total installed capacity goal of non-conventional renewable energy (NCRE) by 2025, and (ii) displacing around 100,000 equivalent tons of carbon emissions per year.
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Almacenadora The proceeds of the IIC loans will be used for working capital.Almacenadora is a Costa Rican company specializing in bonded and general warehousing services that employ state-of-the-art technology. It has more than 8,000 m2 of warehouse space in excellent physical condition, surrounded by 10,000 m2 and 11,200 m2 of yards, respectively, at two different locations in the Greater Metropolitan Area. The warehouses also have internal racks for greater storage capacity and a barcode localization system that ensures proper management and traceability.Grupo Pasquí (formerly Grupo Flor de Lis S.A.) is a diversified Costa Rican group of small and medium-sized enterprises that sell telecommunications equipment and industrial raw materials; provide logistics, transportation, warehousing, and air cargo terminal services; generate electricity; represent foreign companies; and distribute consumer goods.The group was established in October 1964, and in 2010, management renamed it Grupo Pasquí for purely commercial purposes. The proceeds of the IIC loans will be used for working capital.Almacenadora is a Costa Rican company specializing in bonded and general warehousing services that employ state-of-the-art technology. It has more than 8,000 m2 of warehouse space in excellent physical condition, surrounded by 10,000 m2 and 11,200 m2 of yards, respectively, at two different locations in the Greater Metropolitan Area. The warehouses also have internal racks for greater storage capacity and a barcode localization system that ensures proper management and traceability.Grupo Pasquí (formerly Grupo Flor de Lis S.A.) is a diversified Costa Rican group of small and medium-sized enterprises that sell telecommunications equipment and industrial raw materials; provide logistics, transportation, warehousing, and air cargo terminal services; generate electricity; represent foreign companies; and distribute consumer goods.The group was established in October 1964, and in 2010, management renamed it Grupo Pasquí for purely commercial purposes.
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Varmoxz The project, in which Grupo Arzyz participates, consists of a long-term loan for up to US$66.5 million to finance the construction, equipment, and operation of a new aluminum recycling plant to be located in northeastern Mexico, in the municipality of Cienega de Flores. The project is intended to strengthen the company's raw material processing capacity from recycled aluminum, promoting circularity in the economy circularity as regards the country’s aluminum industry.Grupo Arzyz is a Mexican company established in 1980, whose main activity is the manufacture of aluminum alloys and marketing of non-ferrous metals for different industry sectors, such as automotive, energy, construction, and the steel industry. The company’s operations comprise from scrap collection activities to the sale and recovery of products. The project, in which Grupo Arzyz participates, consists of a long-term loan for up to US$66.5 million to finance the construction, equipment, and operation of a new aluminum recycling plant to be located in northeastern Mexico, in the municipality of Cienega de Flores. The project is intended to strengthen the company's raw material processing capacity from recycled aluminum, promoting circularity in the economy circularity as regards the country’s aluminum industry.Grupo Arzyz is a Mexican company established in 1980, whose main activity is the manufacture of aluminum alloys and marketing of non-ferrous metals for different industry sectors, such as automotive, energy, construction, and the steel industry. The company’s operations comprise from scrap collection activities to the sale and recovery of products.
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Banco Patagonia The project consists of a US$5 million, five-year loan for providing financing to small and medium-size enterprises in Argentina. It will have an eighteen-month grace period and will be payable in fifteen quarterly installments. The loan proceeds will be used to provide small and medium-size Argentine companies with financing for working capital or the purchase of fixed assets and machinery originating in IIC member countries. The beneficiary companies shall not exceed US$20 million in assets or revenue. The project consists of a US$5 million, five-year loan for providing financing to small and medium-size enterprises in Argentina. It will have an eighteen-month grace period and will be payable in fifteen quarterly installments. The loan proceeds will be used to provide small and medium-size Argentine companies with financing for working capital or the purchase of fixed assets and machinery originating in IIC member countries. The beneficiary companies shall not exceed US$20 million in assets or revenue.
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Banco Financiera Comercial Hondureña The project consists of a 7 year US$4.0 million senior loan and a US$3.0 million subordinated loan to Ficohsa. The senior loan will be used to provide small and medium-size Honduran enterprises with medium and long-term financing otherwise unavailable in the country. The subordinated loan will strengthen Ficohsa’s capital structure and will also be used for on-lending to Honduran companies in productive sectors.The project is expected to result in the creation of about 450 jobs and contribute US$45.0 million to the annual Honduran GDP. The project consists of a 7 year US$4.0 million senior loan and a US$3.0 million subordinated loan to Ficohsa. The senior loan will be used to provide small and medium-size Honduran enterprises with medium and long-term financing otherwise unavailable in the country. The subordinated loan will strengthen Ficohsa’s capital structure and will also be used for on-lending to Honduran companies in productive sectors.The project is expected to result in the creation of about 450 jobs and contribute US$45.0 million to the annual Honduran GDP.
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ProducePay IDB Invest is considering an investment of up to US$8 million in Produce Pay Inc. (the “Company”). The Company develops, manages, and operates a proprietary agri-fintech platform that provides fruits and vegetables growers with financing, marketplace, and market intelligence. The innovative and disruptive business model facilitates access to working capital financing to mostly small and medium growers in Latin America exporting their produce to the United States, while its marketplace and market insights services help them create new business opportunities with fair and transparent commercial conditions.The impact of this project was highlighted on our 2021 Annual Report.The Company will utilize the proceeds of the new equity round to enhance its online platform and operating capacity in order to expand further its operations in Latin America. As the Company grows, it expects to positively impact growers enabling them to scale up their businesses. IDB Invest is considering an investment of up to US$8 million in Produce Pay Inc. (the “Company”). The Company develops, manages, and operates a proprietary agri-fintech platform that provides fruits and vegetables growers with financing, marketplace, and market intelligence. The innovative and disruptive business model facilitates access to working capital financing to mostly small and medium growers in Latin America exporting their produce to the United States, while its marketplace and market insights services help them create new business opportunities with fair and transparent commercial conditions.The impact of this project was highlighted on our 2021 Annual Report.The Company will utilize the proceeds of the new equity round to enhance its online platform and operating capacity in order to expand further its operations in Latin America. As the Company grows, it expects to positively impact growers enabling them to scale up their businesses.
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Debt Capital Markets (DCM) Program Development of local bond markets contributes to deepen the financial system and increases countries’ resilience to the reversal of capital flows during periods of financial instability; capital markets help mobilize domestic savings for financing long-term investments reducing dependency on external borrowing. Latin America and the Caribbean countries (“LAC”) lag other emerging markets regions in terms of capital market development, namely in private sector participation. LAC corporate bond issuances represent only 33% of GDP vs. East Asia with 95% and Eastern Europe with 43%. Corporate bond markets in LAC are also characterized by a high concentration in highly rated companies (AA rating or above), lack of liquidity, small size of corporate issuances and shorter maturities than sovereign bonds.The IDB Group is seeking to support LAC private sector issuers1 in accessing Debt Capital Markets financing with two products both in local currency and USD: (i) partial credit guarantees (“PCGs”) that will act as credit enhancement to meet local institutional investors’ risk appetite and rating requirements; and (ii) the subscription of debt securities2 which is expected to act as “seal of quality” to boost investors’ confidence. Private sector issuers are expected to benefit from bond issuances as they provide a more diversified base of financing, and better financial terms (longer maturities, larger ticket sizes, etc.). The Program is expected to contribute to deepen financial systems of LAC.______________________1 Private sector issuers include: Corporates, Financial Intermediaries, Special, Purpose Vehicles, and any other entity eligible to receive financing in accordance to IDB Group policies.2 Debt securities are debt instruments issued by corporates, financial institutions, sub-nationals entities, included among others: bonds, notes, debentures, certificates, commercial paper that are traded in the capital markets. Development of local bond markets contributes to deepen the financial system and increases countries’ resilience to the reversal of capital flows during periods of financial instability; capital markets help mobilize domestic savings for financing long-term investments reducing dependency on external borrowing. Latin America and the Caribbean countries (“LAC”) lag other emerging markets regions in terms of capital market development, namely in private sector participation. LAC corporate bond issuances represent only 33% of GDP vs. East Asia with 95% and Eastern Europe with 43%. Corporate bond markets in LAC are also characterized by a high concentration in highly rated companies (AA rating or above), lack of liquidity, small size of corporate issuances and shorter maturities than sovereign bonds.The IDB Group is seeking to support LAC private sector issuers1 in accessing Debt Capital Markets financing with two products both in local currency and USD: (i) partial credit guarantees (“PCGs”) that will act as credit enhancement to meet local institutional investors’ risk appetite and rating requirements; and (ii) the subscription of debt securities2 which is expected to act as “seal of quality” to boost investors’ confidence. Private sector issuers are expected to benefit from bond issuances as they provide a more diversified base of financing, and better financial terms (longer maturities, larger ticket sizes, etc.). The Program is expected to contribute to deepen financial systems of LAC.______________________1 Private sector issuers include: Corporates, Financial Intermediaries, Special, Purpose Vehicles, and any other entity eligible to receive financing in accordance to IDB Group policies.2 Debt securities are debt instruments issued by corporates, financial institutions, sub-nationals entities, included among others: bonds, notes, debentures, certificates, commercial paper that are traded in the capital markets.
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Banco Agrícola - PYMES The Project consists of a total financing package of up to US$30 million to support the small and medium enterprises (“SMEs”) strategy of Banco Agrícola, S.A. (“Banco Agrícola”). The Inter American Development Bank Group (“IDB Group”) will participate through an unsecured A Loan of up to US$18 million with a four year term and includes the participation of B Lenders for up to US$12 million.The purpose of the Loan is to provide medium-term financing to support the growth of Banco Agrícola’s SMEs portfolio. In the last year, Banco Agrícola has worked to strengthen its portfolio of services and support model to this segment with the purpose of strengthening its positioning as a strategic partner of SMEs. Banco Agrícola currently serves more than 35,000 SMEs with a particular focus on commerce and services sectors. The Project consists of a total financing package of up to US$30 million to support the small and medium enterprises (“SMEs”) strategy of Banco Agrícola, S.A. (“Banco Agrícola”). The Inter American Development Bank Group (“IDB Group”) will participate through an unsecured A Loan of up to US$18 million with a four year term and includes the participation of B Lenders for up to US$12 million.The purpose of the Loan is to provide medium-term financing to support the growth of Banco Agrícola’s SMEs portfolio. In the last year, Banco Agrícola has worked to strengthen its portfolio of services and support model to this segment with the purpose of strengthening its positioning as a strategic partner of SMEs. Banco Agrícola currently serves more than 35,000 SMEs with a particular focus on commerce and services sectors.
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Arteche Energy and Transmission Supply Chain Finance The Project consists of an unguaranteed and uncommitted revolving discount line granted to Grupo Arteche (Arteche Lantegi Elkartea S.A.) to promote financial support and ease of payment for the suppliers that make up its supply chain in Mexico, Brazil and Argentina. IDB Invest will purchase the irrevocable and unconditional payment obligations/accounts payable with a future date denominated in USD$, MXN and/or other currencies for the execution of payments duly approved by IDB Invest.In addition, IDB Invest will support Grupo Arteche in sustainability practices in three main areas: (1) training of employees on issues of gender equality and diversity; (2) reduction in the use of wood/cardboard in packaging processes and (3) the overall life cycle of the project. The Project consists of an unguaranteed and uncommitted revolving discount line granted to Grupo Arteche (Arteche Lantegi Elkartea S.A.) to promote financial support and ease of payment for the suppliers that make up its supply chain in Mexico, Brazil and Argentina. IDB Invest will purchase the irrevocable and unconditional payment obligations/accounts payable with a future date denominated in USD$, MXN and/or other currencies for the execution of payments duly approved by IDB Invest.In addition, IDB Invest will support Grupo Arteche in sustainability practices in three main areas: (1) training of employees on issues of gender equality and diversity; (2) reduction in the use of wood/cardboard in packaging processes and (3) the overall life cycle of the project.
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Banco Hipotecario de El Salvador, S.A. The project consists of a medium-term IIC loan for up to US$5 million to Banco Hipotecario. Banco Hipotecario will use the loan proceeds to finance the expansion of its portfolio of loans to small and medium-sized enterprises (SMEs) by providing medium-term loans to eligible clients, pursuant to criteria established by the IIC.Banco Hipotecario is the leading first-tier state-owned bank in El Salvador. It focuses on meeting the financing needs of Salvadoran SMEs in several economic sectors, offering services throughout the country. The project consists of a medium-term IIC loan for up to US$5 million to Banco Hipotecario. Banco Hipotecario will use the loan proceeds to finance the expansion of its portfolio of loans to small and medium-sized enterprises (SMEs) by providing medium-term loans to eligible clients, pursuant to criteria established by the IIC.Banco Hipotecario is the leading first-tier state-owned bank in El Salvador. It focuses on meeting the financing needs of Salvadoran SMEs in several economic sectors, offering services throughout the country.
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Itapoá Container Terminal The project, under implementation of Itapoá Terminais Portuários S.A, consists of an expansion on the capacity of the quay and storage yard of the Itapoá Container Port, located in Santa Catarina, Brazil. The current Itapoá port has been operating above its capacity for the last two years and the expansion will allow it to adequate to the current market conditions and more efficiently serve the region.The project includes the following:• Yard expansion from 146k sqm to 296k sqm.• Wharf adequacy from 630m to 800m, in order to receive two ships at the same time• Container handling capacity increase from ~510,000 to ~1.2 mm TEUsThe financing from the IDB Group will consist of either one or two A Loans for an aggregate amount of up to one hundred and fifty million Brazilian Reais (RS$ 150,000,000), each to be funded by IDB Invest and/or the IDB. The project, under implementation of Itapoá Terminais Portuários S.A, consists of an expansion on the capacity of the quay and storage yard of the Itapoá Container Port, located in Santa Catarina, Brazil. The current Itapoá port has been operating above its capacity for the last two years and the expansion will allow it to adequate to the current market conditions and more efficiently serve the region.The project includes the following:• Yard expansion from 146k sqm to 296k sqm.• Wharf adequacy from 630m to 800m, in order to receive two ships at the same time• Container handling capacity increase from ~510,000 to ~1.2 mm TEUsThe financing from the IDB Group will consist of either one or two A Loans for an aggregate amount of up to one hundred and fifty million Brazilian Reais (RS$ 150,000,000), each to be funded by IDB Invest and/or the IDB.
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Pesquera Diamante II Pesquera Diamante produces fishmeal and its byproduct, fish oil. It has a fleet of twenty-four fishing vessels and five plants located in Callao, Pisco, Supe, Samanco, and Mollendo. Fishmeal is processed in steam drying lines equipped with direct flame dryers (for FAQ/flame dried quality products). The IIC loan of up to US$8 million will be used to refinance the short-term debt incurred by the company when it expanded its fleet, and to refinance other short-term debts. The IIC loan will enable Pesquera Diamante S.A. to improve its funding structure, adapt is repayment flow to natural business cycles, and thus ensure proper cash flow management. Pesquera Diamante produces fishmeal and its byproduct, fish oil. It has a fleet of twenty-four fishing vessels and five plants located in Callao, Pisco, Supe, Samanco, and Mollendo. Fishmeal is processed in steam drying lines equipped with direct flame dryers (for FAQ/flame dried quality products). The IIC loan of up to US$8 million will be used to refinance the short-term debt incurred by the company when it expanded its fleet, and to refinance other short-term debts. The IIC loan will enable Pesquera Diamante S.A. to improve its funding structure, adapt is repayment flow to natural business cycles, and thus ensure proper cash flow management.
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