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Company name

Invalar Group (Albir Family)

Project number

HO1043A-01

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E&S category
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Country

Honduras

Sector

Agribusiness

Status

Completed

Disclosed date

10/10/2003

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

Projected board date
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11/12/2003

Approval date

11/12/2003

Signed date

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Sponsoring entity

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Investment Operations Department Contact

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Investment type

Syndicated amount

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Financing amount

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Currency

USD

Project scope and objective

The purpose of Aqua Honduras' expansion project is to increase the annual output of tilapia from 5,750 MT to 9,000 MT by around 2006. This requires building new fish ponds and increasing the processing and packaging capacity, as well as additional working capital. The project also envisages the construction of a new waste treatment plant that will enable the company to process solid fish scraps. Partial refinancing of the company's debt is also included, in order to release essential assets that will be required by the IIC as part of the security package.



The fish farms currently cover a 16-hectare area and include ponds of different sizes, intended for various purposes (for example, hatcheries, reproduction ponds, grow-out ponds), in an intensive and fully-controlled tilapia farming process. The proposed project involves 60 additional hectares for 58 new ponds, a 5-hectare water reservoir and additional storage space for feed and other materials.



IIC's participation has been crucial because we have assisted the company in structuring the project investments and the financial plan. Other investments that the company was considering were incorporated into an integral investment program like the one being proposed. The project includes the construction of a solid waste treatment plant to process fish scraps. This will have a positive environmental impact and will also be an example and a model for other fish farms to follow. At the company's request, IIC has invited another financial institution to participate in the project financing.



By taking part in the project, IIC will support the Honduran tilapia export industry, because the company is the country's largest tilapia farming business. Moreover, Aqua Honduras is promoting and leading a market alliance (and a joint venture in some cases) with other tilapia farming businesses in Latin American countries such as El Salvador, Belize, Peru, and Panama. Tilapia farming is growing steadily and has considerable potential.


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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. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

ENVIRONMENTAL AND SOCIAL REVIEW

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

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PHONE NUMBER

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POST OFFICE ADDRESS

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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

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