Industrial Pesquera Santa Priscila S.A. (MIGA-15115)

Countries
  • Ecuador
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
A
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."
Borrower
Mitsui & Co., Ltd.
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)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 414.00 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 @ MIGA website

Updated in EWS Oct 10, 2023

Disclosed by Bank Sep 29, 2023

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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.

PROJECT DESCRIPTION

MIGA has been requested to provide coverage against transfer restriction and currency inconvertibility and/or expropriation for up to 15 years to Mitsui & Co., Ltd.'s (Mitsui)and/or one of its group companies, subsidiaries or affiliates'equity investment for acquiring minority shares of Industrial Pesquera Santa Priscila S.A. (IPSP or the Company). IPSP is a family-owned integrated shrimp and tilapia producer and exporter based in Ecuador. MIGA's total guarantee amount is expected to be up to US$414.0 million, covering the total equity investment.

ENVIRONMENTAL CATEGORIZATION

The transaction is classified category A underMIGA's Policy on Environmental and Social Sustainability.Click hereto view the Environmental and Social Review Summary.

DEVELOPMENT IMPACT

MIGA's support for the transaction is expected to yield positive development benefits by mobilizing capital from a foreign sponsor with extensive operational management expertise in the aquaculture sector, thereby helping increase revenues of an export-oriented business in a key sector of Ecuador's economy, supporting the continuation of employment in the sector, and signaling to foreign investors the viability of investing in certain sectors in the country. The transaction is aligned with Ecuador's Country Partnership Framework (CPF) FY19-23 (extended until FY25 by the Performance and Learning Review), particularly with result area 1, objective 2 of improving conditions for private sector development as it supports foreign private sector participation in an important industry for the country, which contributes largely to Ecuador's exports and employment. Furthermore, the Project is aligned with MIGA's Strategy and Business Outlook FY24-26, and complements IFC's involvement in the company.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

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.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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