Agricola Cerro Prieto (IDBI-12015-02)

Regions
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
Countries
  • Colombia
  • Peru
Where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Aug 31, 2021
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Agrícola Cerro Prieto S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 70.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 180.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Aug 23, 2021

Disclosed by Bank Jul 29, 2021


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Project Description

The Company is a fruit and vegetable agro-export company, specifically in grapes, asparagus, avocados and blueberries, for which a Senior Loan for up to US$160 million will be structured to be granted as follows: (i) IDB Invest for up to US$50 million; (ii) Interbank for up to US$60 million; and (iii) BBVA for up to US$50 million. The uses of financing funds are: (i) US$110 million for investments in the expansion of the Company's operations in Peru and its internationalization in Colombia; and (ii) US$70 million to refinance the existing debt, mainly the exposures of Interbank and BBVA to homogenize terms and conditions with the new financing. Additionally, an uncommitted tranche of up to US$20 million from IDB Invest is included for new investments in Colombia in the 2022 and 2023 years.

Investment Description
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Agrícola Cerro Prieto S.A. Client Agriculture and Forestry invests in Banco Bilbao Vizcaya Argentaria (BBVA) Investor Finance
Agrícola Cerro Prieto S.A. Parent Company Agriculture and Forestry owns Cerro Prieto Colombia S.A.S. Subsidiary Agriculture and Forestry
Agrícola Cerro Prieto S.A. Client Agriculture and Forestry invests in Interbank Investor Finance
Agrícola Cerro Prieto S.A. Parent Company Agriculture and Forestry owns Qali Fruits S.A.C. Subsidiary Agriculture and Forestry

Contact Information

EMAIL: requestinformation@idbinvest.org

PHONE: +1(202)-566-4566

ADDRESS: 1350 New York Ave NW, Washington, DC 20005

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.iadb.org/en/access-information/information-request

ACCOUNTABILITY MECHANISM OF IDB / IDB INVEST

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IDB Invest)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IDB Invest is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).