Company name
Negocio Agrícola San Enrique S.A. de C.V.
Project number
15047-01
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
Mexico
Sector
Agribusiness
Status
Approved
Disclosed date
10/17/2024
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/13/2024
Approval date
12/13/2024
Signed date
12/19/2024
Sponsoring entity
Mastertouch Brands LLC
Investment Operations Department Contact
Corporates Division
Investment type
Syndicated amount
N/A
Financing amount
USD $ 30,000,000
Currency
USD
Project scope and objective
The proposed financing for Negocio Agrícola San Enrique S.A. de C.V. (NASE or the "Company"), one of the main agricultural and aquacultural producers in Sonora, Mexico, involves a secured senior loan of up to US$30 million (the "Financing" or the "Loan"), which will be made up of: (i) a loan of US$10 million with an 8-year tenor, including a 12-month grace period, and (ii) a revolving loan of up to US$20 million with disbursements of up to 390 days and a commitment period of 2.5 years, which can be renewed at discretion of IDB Invest. The proceeds from the Loan will be used to finance the Company’s investments and working capital needs behind its growth and productivity, generally speaking sustainably (the “Project”).
The Project development goals are: (i) to increase the production and productivity in the agriculture and aquaculture primary sector; and (ii) to encourage the growth of exports, the national supply chain and employment. The Project will thus contribute to improving food security in the region, in particular in terms of food availability and stability.
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Contact information
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Client Contact
elugo@nase.com.mx
PHONE NUMBER
(662) 260 9762
POST OFFICE ADDRESS
Blvd. Luis Donaldo Colosio Murrieta No. 671 No. Int. O-1101 Col. Santa Fe C.P 83249 Hermosillo, Sonora, México
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(202) 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.
NASE - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
849.9 Kb
NASE - ENRIVONMENTAL AND SOCIAL ACTION PLAN (ESAP)
81.9 Kb