Company name
Calox de Costa Rica S.A. (“Calox” or the “Company”)
Project number
13326-01
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
B
Country
Costa Rica
Sector
Manufacturing
Status
In implementation
Disclosed date
04/05/2021
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
06/07/2021
Approval date
06/07/2021
Signed date
06/11/2021
Sponsoring entity
Finalease
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 14,000,000
Currency
USD
Project scope and objective
This transaction consists of a long-term corporate loan of up to US$14 million to Calox de Costa Rica S.A. ("CALOX" or the "Company"). CALOX is a company that has operated for more than 25 years in Central America and the Caribbean, dedicated to the production, distribution, and sale of mainly generic pharmaceutical products.
The proposed financing includes two main objectives: the first consists of the acquisition of the current plant to make improvements in infrastructure and energy efficiency, which will allow it to become certified and expand its production capacity in the medium term; the second objective consists of providing medium-term financing for permanent working capital, to enhance: (i) the expansion of medicines under its own brand ("Xaikus"); (ii) the expansion into the South American market; and (iii) continuing research and development of new products, as well as strengthening its presence in the Central American market with drugs attending to the health crisis caused by the COVID-19 pandemic.
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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
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
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.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
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.
CALOX - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
655.4 Kb
CALOX - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)
747.5 Kb