Company name

Agrícola Cerro Prieto S.A.

Project number

12015-02

Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.

E&S category
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B

Country

Peru

Sector

Agribusiness

Status

In implementation

Disclosed date

07/29/2021

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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08/31/2021

Approval date

08/31/2021

Signed date

08/31/2021

Sponsoring entity

Agrícola Cerro Prieto S.A., Qali Fruits S.A.C. & Cerro Prieto Colombia S.A.S.

Team leader

Narvaez, Carlos Eduardo

Investment type

Financing requested

USD $ 70,000,000

Syndicated amount

N/A

Financing amount

USD $ 70,000,000

Currency

USD

Project scope and objective

The Company is a fruit and vegetable agro-export company, specifically in grapes, asparagus, avocados and blueberries, for which a Senior Loan for up to US$160 million will be structured to be granted as follows: (i) IDB Invest for up to US$50 million; (ii) Interbank for up to US$60 million; and (iii) BBVA for up to US$50 million. The uses of financing funds are: (i) US$110 million for investments in the expansion of the Company's operations in Peru and its internationalization in Colombia; and (ii) US$70 million to refinance the existing debt, mainly the exposures of Interbank and BBVA to homogenize terms and conditions with the new financing. Additionally, an uncommitted tranche of up to US$20 million from IDB Invest is included for new investments in Colombia in the 2022 and 2023 years.

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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

ACP - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY JULY-2021 SR ENG

286.7 Kb

ACP - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP) JULY-2021 SR ENG

143.4 Kb

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

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POSITION

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PHONE NUMBER

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EMAIL

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IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices