IDB Invest Promotes Food Products in Mexico with Naturasol and Mielmex
IDB Invest has granted financing worth up to MXN300 million to Naturasol S.A. of C.V. (Naturasol) and Mielmex S.A. of C.V. (Mielmex), Mexican companies dedicated to the development, production and marketing of a wide variety of food products, mainly honey, peanuts, seeds, nuts and other processed foods, with particular emphasis on delivery reliability and product innovation.
The deal, with a term of 8 years, consists of a loan in two tranches: one of MXN120 million equivalent in U.S. dollars and another in local currency for MXN180 million.
The deal seeks to build a distribution center (CEDIS) with storage capacity for 20,000 slots that will serve to support the current operation and the expected growth for the installation of new lines, as a result of the freeing up of production areas which are currently used for storage and logistics. It also seeks to increase Naturasol's productivity, increase its workforce and support greater market linkages, including greater purchases from the domestic supply chain and greater exports.
IDB Invest will provide advisory services to Naturasol and Mielmex to implement an action plan that allows risk assessment and management, by updating its environmental and social management plan, while incorporating the impacts of the CEDIS. Likewise, a gender plan will be developed, as well as a traceability procedure to identify the risks associated with the supply chain. The action plan will ensure adequate working conditions, through compliance with labor standards (including noise levels, particulate matter, etc.). Finally, a safety and fire prevention plan will be drawn up for the CEDIS, as well as a plan to adapt the CEDIS facilities so that they are accessible to workers with disabilities.
This deal is expected to contribute to five United Nations Sustainable Development Goals (SDGs): Zero Hunger (SDG 2), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9), Responsible production and consumption (SDG 12) and Alliances to achieve the goals (SDG 17).
About IDB Invest
IDB Invest, a member of the IDB Group, 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 $14.1 billion in asset management and 325 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 Naturasol and Mielmex
Miel Mex and Naturasol are two companies with more than 30 years of experience in the food industry. We care about the best quality of our products, which are endorsed by more than 15 management, safety, social responsibility and emission control certifications, among others, to offer the highest standard to our valued customers and consumers, just as we care about the most important thing we have: our people. We now have a little more than 950 employees, four manufacturing plants and we have grown solidly since 2017, doubling our size in a few years, improving profitability month after month and year after year hand in hand with our Business Partners, Banks and other financial institutions, consolidating our role as the preferred option of the Self-service Channels, Price Clubs, Convenience Stores, Wholesale, and in continuous expansion towards other markets, within the 14 categories of products that we offer.