Company name

CMI Alimentos

Project number

12167-01

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

Regional

Sector

Agribusiness

Status

In implementation

Disclosed date

10/26/2018

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

Projected board date
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11/27/2018

Approval date

11/27/2018

Signed date

12/23/2019

Sponsoring entity

N/A

Team leader

Olazo Baracco, Ericka

Investment type

Financing requested

N/A

Syndicated amount

USD $ 250,000,000

Financing amount

USD $ 100,000,000

Currency

USD

Project scope and objective

The proposed transaction consists of a syndicated loan led by IDB Invest of up to US$350 million, with a 5-year term including a grace period of up to 1.5 years, of which US$100 million will be financed by the Inter-American Development Bank Group (IDB Group), US$50 million by third-party funds administered by the IDB and the rest with other mobilization of funds (the "Loan"). The Loan will be used: (i) to finance fixed investments of 16 companies of CMI Alimentos located in Guatemala, El Salvador, Honduras, Costa Rica and Dominican Republic, for a total amount of up to US$210 million, to continue expanding their operations, improving their productivity levels, renew fixed assets and carry out environmental projects, and (ii) to finance the purchase of 50% of the shares of Procesadora Nacional de Alimentos CA (Pronaca) in Ecuador, for an amount of up to US$140 million, to support the inorganic expansion of CMI Alimentos (the "Project").



CMI Alimentos is the main business division of Corporación Multi Inversiones ("CMI"), one of the most important economic groups in Central America with operations in 9 countries. The economic activities of CMI Alimentos include the production of chicken, pork and derived products (Industria Pecuaria), the production of wheat flour, corn, pasta and cookies (Molinos Modernos), and the operation of fast food restaurants (Restaurantes de Centroamerica).


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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.

ENVIRONMENTAL AND SOCIAL REVIEW

90.2 Kb

ESRS AND ESAP - CMI ALIMENTOS

861.2 Kb

Client files

This section provides the key environmental and social assessment documents produced by the client for this project.

PERFORMANCE STANDARDS - TABLE 1 - CMI ALIMENTOS

14.0 Kb

ENVIRONMENTAL AND SOCIAL ACTION PLAN - CMI ALIMENTOS

169.9 Kb

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Hector Tellez

POSITION

Corporate Treasurers

PHONE NUMBER

(+502) 2423-4000

EMAIL

htellez@cmi.co

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