Recinos Imports (IDBI-13500-01)

Countries
  • Belize
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
Sep 10, 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
Recinos Imports and Costless Wholesale Imports
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Finance
  • 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)
$ 4.50 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 Aug 10, 2021

Disclosed by Bank Aug 9, 2021


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Project Description

The US$4.7 million project consists of a senior secured financing that will support the Companies' working capital to expand operations, investments for expansion to increase their storage capacity and debt refinancing. The loan will have up to 10-year tenor including 12-month grace period and will be secured by the Companies' assets. IDB Invest's financing will be complemented by advisory services related to energy efficiency and renewable energy.

 

The proposed financing to the Companies will support streamlining of inventory and logistics facilitating cash availability allowing for continued supply of goods from its main suppliers in Central America at cost effective pricing which is essential to support economic recovery and reduce the strain on consumers. The need to ensure the use of technology to make their operations smarter and more efficient translating into better prices and access for consumers. Recinos Imports recognizes that to move forward with its business expansion, it has to stay competitive and gain greater control of several aspects of its operations, including: (i) continued modernization and expansion of its operations; (ii) efficient use of operating factors like energy; and (iii) improvement of environmental and social standards. Having access to long-term funding to support the investments needed to maintain competitiveness is key for this type of companies.

Investment Description

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).