Dos Pinos (IDBI-12755-01)

Regions
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
Countries
  • Costa Rica
  • Dominican Republic
  • Guatemala
  • Panama
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
Dec 15, 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
Leche Dos Pinos; Helados de Centroamerica; Productos Nevada; Claus Holding; Atlantic Holdings
The holder of the loan, grant, or other investment.
Sectors
  • Finance
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)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Nov 9, 2020

Disclosed by Bank Nov 15, 2020


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Project Description
<div class="block"><br /> <div class="intro-frame block-wysiwyg"> <div>The proposed financing consists of a short-term revolving credit facility for up to US$25 million to be granted to Cooperativa de Productores de Leche Dos Pinos, R.L., located in Costa Rica, and its main subsidiaries in Guatemala, Panama, and the Dominican Republic ("Dos Pinos" or the "Company"). Dos Pinos will use the funds from IDB Invest to support its short-term liquidity given the current COVID-19 pandemic and its growing working capital needs due to the Company's recent expansions in the region, which support food security with an inclusive and sustainable business model (the "Project").</div> </div> </div>
People Affected By This Project

This is a category B project under the IDB Invest Environmental and Social Sustainability Policy, given that it could have moderate and mitigable environmental and social impacts. The main issues associated with the Project include: (i) functionality of the environmental and social management and monitoring systems, (ii) food safety and security; (iii) prevention of chronic renal insufficiency; (iv) wastewater, solid waste, energy consumption, and air emissions management and control; (v) community relations; (vi) supply chain sustainability; and (vii) labor management and suitable working conditions.

IDB Invest performed the environmental and social due diligence for the Project between August 12th and 14th, 2019. The dairy and food concentrate plants in Coyol, the chocolate plant in Gallito, and the beverage plant in Belen were visited, as were two suppliers, one in Alajuela and the other in Guanacaste. Additionally, environmental information--procedures, policies, reports, audits, licenses, and other internal documents of Dos Pinos--was reviewed and personnel from the cooperative's plants and suppliers were interviewed.

Resulting from the Environmental and Social Due Diligence, it was concluded that the impacts of this operation will be managed according to the International Finance Corporation's (IFC) Performance Standards (PS) and Environmental, Health and Safety Guidelines for Dairy Processing, Livestock Production, and Food and Beverage Processing. The PS' that apply to this operation are: The PS that apply to this operation are: PS 1: Assessment and Management of Environmental and Social Risks and Impacts; PS 2: Labor and Working Conditions; PS 3: Resource Efficiency and Pollution Prevention; PS 4: Community Health, Safety and Security.

Should any other PS be applicable, Dos Pinos will immediately inform IDB Invest.

Investment Description
  • IDB Invest (IDBI)
Private Actors
Private Actors Description

Cooperativa de Productores de Leche Dos Pinos R.L. is located in Alajuela, Costa Rica and is part of the Dairy Products Manufacturing Industry. Cooperativa de Productores de Leche Dos Pinos R.L. has 4,635 employees across all of its locations. There are 2 companies in the Cooperativa de Productores de Leche Dos Pinos R.L. corporate family.

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Contact Information

For inquiries about the Project please contact Dos Pinos:

Name:                                  Karina Castro

Title:                                     Gerente Financiero

Phone number:                  +506 2437 3000

E-mail:                                  kcastro@dospinos.com   

 

For questions and comments to IDB Invest please contact:

Name:                                  Grupo de Comunicación de BID Invest

E-mail:                                  requestinformation@idbinvest.org

 

Additionally, affected communities can access the IIC’s Independent Consultation and Investigation Mechanism (ICIM) as follows:

Phone number:                  +1 (202) 623-3952

Fax number:                      +1 (202) 312-4057

Address:                              1300 New York Ave. NW Washington, DC. USA. 20577

E-mail:                                 mecanismo@iadb.org o MICI@iadb.org