Company name
Aquamar S. A.
Project number
EC1038A-01
N/A
E&S category
N/A
Country
Ecuador
Sector
Agribusiness
Status
Completed
Disclosed date
04/23/2002
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
05/23/2002
Approval date
05/23/2002
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 11,800,000
Currency
USD
Project scope and objective
Aquamar is a corporation whose line of business has always been that of aquaculture and, originally, that of shrimp farming. In 1998, Aquamar adapted its facilities to farm tilapia in order to export fresh and frozen tilapia to the U.S., quickly becoming a leader in this sector. The market's rapid growth and the technological and space limitations of Aquamar's existing processing plant have made it necessary to build a new processing plant.
The new plant, currently under construction near Guayaquil, will make it possible to have more efficient processing operations and to obtain higher value added products, with the resulting increase in earnings. Currently, only 30% of tilapia is used for fillet production, while the remaining 70% is sold to produce fishmeal at a very low margin. The new plant will make it possible to use part of this 70% to make shaped and breaded products (a new product line), which command higher sales margins.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
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As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
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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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