Fernandes Guyana (IDBI-13042-01)

Countries
  • Guyana
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
Apr 30, 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
Fernandes Guyana Enterprise
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
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)
$ 4.00 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)
$ 4.00 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 Apr 1, 2020

Disclosed by Bank Mar 30, 2020


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Project Description

The proposed financing consists of a US$4MM senior loan to Fernandes Guyana Enterprise ("Fernandes Guyana" or the "Company") for an 8-year tenor, including a grace period of up to 18 months (the "Loan"). The Company will use the funds of the Loan to increase its current production and selling capacity to sell in the domestic market (the "Project"). Fernandes Guyana is part of Fernandes Concern Beheer N.V. ("Fernandes Group" or the "Guarantor"), one of Suriname's largest economic groups and a market leader in Suriname in most of the industries it operates including bakery.

Investment Description
  • IDB Invest (IDBI)
Private Actors

Could not find company webpage at the time of the snapshot

Contact Information

Yvonne Meijdam
Finance Manager

Yvonne.Meijdam@Fernandes.sr

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).