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Company name

Citrusvil S.A.

Project number

AR3966A-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
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B

Country

Argentina

Sector

Agribusiness

Status

Completed

Disclosed date

07/21/2016

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

Projected board date
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08/23/2016

Approval date

08/29/2016

Signed date

12/29/2016

Sponsoring entity

N/A

Investment Operations Department Contact

N/A

Investment type

Syndicated amount

USD $ 40,000,000

Financing amount

USD $ 25,000,000

Currency

USD

Project scope and objective

Citrusvil is an Argentinian company that grows, processes, and sells lemons and lemon derivatives. The company, domiciled in Tucumán, has more than 7,500 hectares of lemon trees on 21 farms, supplying approximately 65% of the fruit it packs or processes. It has its own nursery with capacity of approximately 256,000 plants. Citrusvil has the capacity to process about 350,000 tons of lemon per year to produce juice in concentrate, essential oil, and dehydrated peel. It also has two fresh fruit packing units with capacity to pack 3 million cases (50,000 pallets). The products are exported all over the world from Buenos Aires’ various ports in containers or in bulk, with the main markets being the European Union, Eastern Europe, Russia, Canada, the Middle East, and the Far East.

The purpose of the loan is to refinance short-term debt and support a second Grupo Lucci company. The IIC began a relationship with Grupo Lucci in 2011 through long-term financing granted to agribusiness company Viluco SA. The A/B loan for up to US$65 million with have a tenor of five years and a 12-month grace period. Rabobank and Banco Itaú will be the initial participants.

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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

N/A

PHONE NUMBER

N/A

POST OFFICE ADDRESS

N/A

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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