IDB Invest, Tecnomyl Join Forces to Strengthen the Agricultural Value Chain in Paraguay
To continue fostering the development of the agricultural sector in Paraguay, IDB Invest has approved a $15 million revolving financing for up to four years for Tecnomyl, a company producing and selling agrochemicals in the country.
The financing will increase the production of agricultural inputs, promote foreign trade and strengthen the domestic supply chain. This financing will continue to support the expansion of Tecnomyl in Paraguay, Brazil and Bolivia, boosting agricultural production in the next four years with the goal of maximizing impact.
Given rising prices for agricultural inputs and raw materials, IDB Invest's support is key to strengthening value chains in the agricultural sector in Paraguay and alleviating food security challenges both in Paraguay and in the region.
Within the framework of the project, Tecnomyl is also working on substantial improvements in environmental and corporate governance procedures, such as the implementation of its environmental and social management system, and the construction of a new effluent treatment plant, which will comply with international standards.
The operation is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9), Reduction of Inequalities (SDG 10), Responsible Consumption and Production (SDG 12) and Alliances for 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 $15.3 billion in asset management and 375 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.
Tecnomyl was born in 1991 with a policy and conviction of offering solutions to the needs of the agricultural sector, with a view to the future, betting on innovative technologies, committing itself to its clients, society and its collaborators, and offering quality guarantees in the various production processes. Tecnomyl is the leading company in the formulation and marketing of agrochemicals in Paraguay. In addition to the Paraguayan agricultural market, Tecnomyl exports its products to Bolivia and Brazil.