According to IIC website, the proposed financing consists of a credit line in favor of Agrícola Pampa Baja S.A.C for up to US$25 million with a 10-year tenure, a 2-year grace period and a collateral package with a coverage ratio of 110% at liquidation value. The funds will be allocated to: (i) capital investments for the plantation of 600 additional hectares of avocado and the construction of industrial packing facilities (up to US$9 million); (ii) permanent working capital (up to US$8 million); and (iii) refinancing of short and medium-term debt (up to US$8 million). The total cost of the project is US$ 85 million. The structure provides sufficient flexibility to address common contingencies in projects of this nature, in addition to including for the first time at IDB Invest the “El Niño” clause that allows the client to reschedule one year’s amortization in case of the manifestation of a climatic event that has adverse effects on the ability to repay.
APB, founded in 1998 by Octavio Paredes, is a family agricultural business that has two business lines: (i) the sowing, production and packing of fresh fruits (avocado, grapes, tangerines and grenade) and of vegetables (paprika and sweet yellow onion) and (ii) milk production through its livestock line, being the main producer of milk in Peru.
Project Contact: Mr. Juan C. Paredes, General Manager
Mobile No.: +51959376882
Project Contact: Mr. Cesar Piedra B., CFO
Mobile No.: +51954183379
ACCOUNTABILITY MECHANISM OF IIC
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 (IIC)-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 IIC 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).