Company name
Favorita Fruit Co. Ltd. and subsidiaries
Project number
14931-01
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
Agribusiness
Status
Proposed
Disclosed date
11/13/2024
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
N/A
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
Corporates Division
Investment type
Syndicated amount
N/A
Financing amount
USD $ 35,000,000
Currency
USD
Project scope and objective
The transaction proposed for Favorita Fruit Co. Ltd. and its subsidiaries (Favorita or the “Company”) consists in a senior loan of up to US$35 million to finance: (i) a biosecurity investment plan to prevent the disease Fusarium race 4 tropical (R4T), one of the most devastating diseases for banana trees, and to strengthen the climate chance adaptation, thus supporting production, exports and employment in the country; and (ii) a logistic plan to increase the capacity and efficiency of the Company’s port facilities to serve key industries, like those of food and fertilizers, among other industrial sectors.
For over 45 years, the Company has been encouraging key business lines in the domestic and foreign markets by producing, industrializing and selling products and services with the highest quality standards, with the banana, agricultural supplies, fertilizers, forest products port services, etc. being the main ones.
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Contact information
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Request informationAlternatively, you may also use the following contact information :
Client Contact
institucional@favoritafc.com
PHONE NUMBER
+593 4370-6900
POST OFFICE ADDRESS
Avenida Carlos Julio Arosemena, Km 2.5 Vía a Daule, Solar 41, Edificio Favorita
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.
FAVORITA FRUIT - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
491.5 Kb
FAVORITA FRUIT - ENRIVONMENTAL AND SOCIAL ACTION PLAN (ESAP)
174.1 Kb