IDB Invest, Pura Fruit to Boost Output & Productivity of Peru’s Agro-Export Industry
IDB Invest is providing $10 million in financing with a term of up to seven years to Pura Fruit, one of the main producers and exporters of table grapes in Peru, to expand its operations and improve efficiency.
The deal promoted by IDB Invest aims to support Pura Fruit in its growth strategy. It will expand Pura Fruit's agricultural production by planting 150 new hectares of table grapes, increasing water storage capacity and installing plant covers. This way, Pura Fruit is expected to produce 30,000 tons per year in 2025, almost three times more than in 2021.
Likewise, the investments contribute to efficiencies that will translate into an increase in productivity, and the creation of new jobs, both permanent and temporary, especially in northern Peru.
Additionally, IDB Invest will provide technical advisory services to Pura Fruit to develop a sustainability strategy at the corporate level. For this, an analysis of the company's operations will be carried out, resulting in a robust action plan with relevant metrics and ambitious goals, complemented with training to ensure a gender and diversity approach. In addition, a robust Environmental and Social Action Plan will be implemented where measures to preserve biodiversity, manage the participation of social actors, among others, will be prioritized.
The deal is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Responsible Consumption and Production (SDG 12) and Partnerships for the Goals (SDG 17).
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank 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 $16.33 billion in assets under management and 394 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 Pura Fruit
Pura Fruit Company is one of the 10 main exporters in Peru, with a production that exceeds 3MM boxes, with a total area of approximately 2,700 hectares. In addition, the company has packing and refrigeration facilities for all of its production. On the other hand, the company has excelled in the production of licensed varieties, organic production and has managed to implement two harvests a year (October and April) through new technologies. All of the above has been with Pura's strategic approach, which is to focus on quality and the end customer over volume in production. Today Pura Fruit is working together with the IDB and other institutions on a high-impact sustainability plan in the region.