IDB Invest and El Rosado Promote Reduced Emissions and Job Creation in Ecuador
IDB Invest has provided $25 million in financing to El Rosado in Ecuador, one of the most important business groups in the country and one of the largest employers.
The funds will be used to finance the company's capital investment plan that seeks to increase productivity and logistics efficiency, promote its expansion, and implement energy efficiency and clean energy projects that will reduce CO2 emissions by 56,310 equivalent tons through 2025.
In addition, this project will support direct job creation with an expected increase of more than 850 people during the life of the loan, and will contribute to strengthening El Rosado's value chain.
Additionally, IDB Invest will accompany El Rosado in strengthening its corporate governance and its environmental and social management system.
This deal is expected to contribute to four United Nations Sustainable Development Goals (SDGs): Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Climate Action (SDG 13 ), Partnerships for the goals (SDG 17).
About IDB Invest
IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $14.8 billion in asset management and 376 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About El Rosado
With more than 66 years of experience in the industry, El Rosado is one of the most important business groups in Ecuador with participation at the national level through its different lines of business that include the second largest supermarket chain in Ecuador and businesses in sectors real estate, entertainment and restaurants. Since it was founded, the company has been part of the development of the public and private sectors, currently being one of the largest employers in the country and headquartered in the city of Guayaquil.