Company name
Corporacion El Rosado
Project number
13424-01
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
Ecuador
Sector
Manufacturing
Status
In implementation
Disclosed date
10/18/2021
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/17/2021
Approval date
12/17/2021
Signed date
12/23/2021
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 10,000,000
Financing amount
USD $ 25,000,000
Currency
USD
Project scope and objective
The proposed transaction consists of granting El Rosado a senior secured long-term financing to: (i) finance the Company's investment plan for up to US$35 million, which primarily consists of sustainable initiatives related to clean energy production, energy efficiency and emissions reduction, as well as other investments in logistics improvement, maintenance and geographic expansion; and (ii) refinance debt for up to US$15 million. The financing will have a US$25 million tranche A to be funded with IDB Invest resources, and a US$25 million tranche B to be mobilized through international financiers.
El Rosado is a company with more than 66 years of experience and is one of the most important business groups in Ecuador, with nationwide participation through different business lines, including the second largest supermarket chain in Ecuador. Since its foundation, the company has participated in the development of the private and national sector, and is currently one of the largest employers of the country.
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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 OfficesFor inquiries, comments and information requests about the project
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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.
EL ROSADO ECUADOR - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
286.7 Kb
EL ROSADO ECUADOR - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)
194.6 Kb