Plastech III (IDBI-14064-01)

Countries
  • Haiti
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 8, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Plastech Solutions S.A., and Les Enterprises Haiti Solutions S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 9.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IDBI website

Updated in EWS Jul 19, 2022

Disclosed by Bank May 9, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The financing seeks to support the growth and competitiveness of Les Entreprises Plastech Haiti S.A. and Plastech Solutions S.A. (the "Companies", "Plastech" or the "Borrowers"), a leading company in the plastic industry in Haiti. Plastech has embarked on a multiyear (2022-2023) US$17.2 million investment plan to increase capacity and to optimize production efficiencies while expanding its regional presence. The investment plan includes the purchase industrial machinery and equipment with more efficient technology (less use of raw material) to serve its increasing demand from main clients in Haiti and exports to some countries in the Caribbean region. The IDB Invest will provide an A Loan of up to US$9 million to be complemented by internal cash flow and additional debt. IDB Invest financing will have a 10-year tenor including 12 months of grace period.

ADDENDUM: May 25, 2022 - A change was made in the Project Scope and Objective, please read correctly as follows:
The financing seeks to support the growth and competitiveness of Les Entreprises Plastech Haiti S.A. and Plastech Solutions S.A. (the "Companies", "Plastech" or the "Borrowers"), a leading company in the plastic industry in Haiti. Plastech has embarked on a US$13.6 million investment plan to increase capacity and to optimize production efficiencies while expanding its regional presence. The investment plan includes the purchase industrial machinery and equipment with more efficient technology (less use of raw material) to serve its increasing demand from main clients in Haiti and exports to some countries in the Caribbean region. The IDB Invest will provide an A Loan of up to US$9 million to be complemented by internal cash flow and additional debt. IDB Invest financing will have a 10-year tenor including 12 months of grace period.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Les Enterprises Haiti Solutions S.A. Client Industry and Trade
- - - - Plastech Solutions S.A. Client Industry and Trade

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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).

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