Grupo ELCATEX / San Juan Textiles (IDBI-12375-01)

Countries
  • Honduras
Where the impacts of the investment may be experienced.
Specific Location
Choloma
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Apr 20, 2020
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
Elcatex, S. de R.L. ("ELCATEX")
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee, Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 96.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 96.00 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)
$ 96.00 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 Mar 17, 2020

Disclosed by Bank Mar 11, 2020


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The transaction consists of guaranteed long-term financing for Elcatex, S. de R.L. (henceforth, "ELCATEX", "the Company" or "the Client"), a leading textile industry company in Honduras. The objectives of the Project are: (i) to support economic growth and export diversification; (ii) construction and fit out of a new textile plant (San Juan Textiles Project) located in San Juan Innovation Park, an Export Processing Zone ("EPZ") in Choloma; (iii) purchase of sewing equipment; and (iv) to finance capital investment, working capital and liability restructuring to increase ELCATEX's production capacity.

Investment Description
  • IDB Invest (IDBI)
Contact Information

Azucena Conedera
Legal Corporate Director and Treasury
+504 9991-5728

Azucena.conedera@elcatex.com

ACCOUNTABILITY MECHANISM OF IADB

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).