Company name
Derrimon Trading Co. Ltd., Marnock LLC and Marnock Retail LLC
Project number
14556-01
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
Jamaica
Sector
Manufacturing
Status
In implementation
Disclosed date
11/02/2023
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/08/2023
Approval date
12/08/2023
Signed date
12/22/2023
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
N/A
Financing amount
USD $ 13,000,000
Currency
USD
Project scope and objective
The proposed US$13 million financing to the Borrowers, consists of: Tranche I (committed): (i) up to US$3 million to support CAPEX investments including the modernization of Derrimon’s distribution center and the implementation of solar panels, and (ii) up to US$5 million of a revolving credit line (390- day tenor) to support Derrimon’s import of goods; Tranche II (uncommitted): facility up to US$5 million for future CAPEX investments.
The main impacts of the financing include: (i) reduction of carbon emissions, related the implementation of solar panels, (ii) increasing productivity and competitiveness, (iii) inducing growth and job creation, and (iv) nearshoring and strengthening of regional supply chain (Caribbean region).
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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
ian.kelly@derrimon.com
PHONE NUMBER
+1 876 901 3344
POST OFFICE ADDRESS
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.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
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.
DERRIMON TRADING - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS) OCT
245.8 Kb
DERRIMON TRADING - ENVIRONMENTAL AND SOCIAL PLAN (ESAP) OCT
184.3 Kb