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Company name

Procesadora Nacional de Alimentos, C.A. (“PRONACA”) y La Estancia Investment Holding, S.L.(“La Estancia”)

Project number

11598-04

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

Ecuador

Sector

Agribusiness

Status

In implementation

Disclosed date

04/22/2020

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

Projected board date
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06/08/2020

Approval date

06/18/2020

Signed date

10/09/2020

Sponsoring entity

N/A

Investment Operations Department Contact

N/A

Investment type

Syndicated amount

N/A

Financing amount

USD $ 50,000,000

Currency

USD

Project scope and objective

The transaction consists of a loan for up to US$50 million, with a term of up to 8 years with 2 years’ grace period, to Procesadora Nacional de Alimentos, C.A. (“Pronaca” or the “Company”) and to La Estancia Investment Holding, S.L. (“La Estancia”) in order to partially finance: (i) the 2019-2020 investment plan for organic growth in Ecuador; (ii) refinance the existing IDB Invest loan; and (iii) La Estancia’s inorganic growth in the region through the acquisition of a shareholder stake in Panavícola I, S.A. (“Toledano”) in Panama (the “Project”).

 

 

Pronaca’s investments in Ecuador will allow it to (i) increase chicken and swine production, given its increased installed capacity; (ii) increase productivity; (iii) retrofit its productive facilities via maintenance investments; and (iv) improve its internal policies and corporate efficiency. Pronaca’s internationalization efforts include inorganic growth aimed at increasing its presence in the region, diversifying the risk of business concentration in Ecuador, and transferring knowledge and best practices to other companies in the region.

 

 

AMENDMENT: The PRONACA - Complementary Environmental and Social Information has been posted on August 18, 2021.

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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.

UPDATE ON IDB INVEST SUPERVISION OF PRONACA – DATED 08-10-2023 - ENG

84.5 Kb

PRONACA - ESRS Y ESAP ABRIL 2020- ENG

471.0 Kb

PRONACA - COMPLEMENTARY ENVIRONMENTAL AND SOCIAL INFORMATION

880.6 Kb

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

N/A

PHONE NUMBER

N/A

POST OFFICE ADDRESS

N/A

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

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Learn more about how we provide private-sector solutions in the region .