Company name
Gandules Inc. S.A.C.
Project number
12056-01
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
Peru
Sector
Agribusiness
Status
Inactive
Disclosed date
09/21/2017
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
10/23/2017
Approval date
10/26/2017
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 15,000,000
Currency
USD
Project scope and objective
The proposed operation consists of a senior loan to Gandules, which includes two tranches: (i) Commitment Tranche of up to US$15 million for: (a) US$8.0 million for investments in industrial fixed assets to automate processes, improve quality and increase capacity, (b) US$1.0 million for investments in water wells to increase the water resources, and (c) US$6.0 million for refinancing of financial debt; (ii) Non-Committed Tranche for up to US$5.0 million for investments acceptable to the IIC in fixed assets or expansion of agricultural frontier (jointly (i) and (ii) "Project").
Gandules began operations in 2002, is a partially vertically integrated business with activities spanning the whole agricultural value chain, incorporating farming, processing, marketing, and trading. Is a leading export market in Capsicums (green chili, jalapeños, cherry, peppadew, etc.). Other crops include mango, pineapple and beans. Gandules operates 1.135 Ha through a mix of own and third party (53%) lands. Additionally, Gandules owns 2914 Ha of uncropped lands. Processing output is 724 Tons/day from two canning facilities (480t/day), frozen food plant (64 t/day), and one plant devoted to fresh produce (180 t/day). With this project, Gandules will increase its canned and frozen production capacity by 27% and 14%, respectively. It employs a working population that varies between 3,500 and 6,000 workers in all stages of its productive chain, 70% of whom are women.
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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.
ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY
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