Moderna II (IFC-35382)

Countries
  • Ecuador
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
May 17, 2016
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
Moderna Alimentos SA
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 15.00 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)
$ 15.00 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 @ IFC website

Updated in EWS Jun 22, 2017

Disclosed by Bank Apr 13, 2016


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
Moderna, a leading wheat flour milling company in Ecuador and the second largest bread producer in the country, has requested from IFC a new 8 year A Loan (including a 2-year grace period), up to US$ 15 million, to i) partially finance the Company’s 2016-2017 Capital Expenditure program which totals US$30.1 million, including acquisition of new equipment and machinery, which will improve quality and efficiency at the different industrial facilities of Moderna minimizing the Company’s downtime, and provide a positive environmental impact by financing equipment needed to generate renewable energy in the Cayambe plant; and ii) finance working capital needs.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
ACCOUNTABILITY MECHANISM OF IDB/ IIC 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).