Omarsa II (IFC-39856)

Countries
  • Ecuador
Where the impacts of the investment may be experienced.
Specific Location
Guayas Province, locality of Duran
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
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
Aug 25, 2017
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
Operadora y Procesadora de Productos Marinos Omarsa S.A.
The holder of the loan, grant, or other investment.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Loan Amount (USD)
$ 8.00 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)
$ 13.00 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 Oct 12, 2017

Disclosed by Bank Jul 21, 2017


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Project Description
The project will expand and upgrade operations of Operadora and Procesadora de Productos Marinos, Omarsa S.A. ("Omarsa" or "the Company"), one of the leading integrated shrimp producers and processors in Ecuador. The Project involves the construction and development of the "Las Brisas" plant in the locality of Duran, in the Guayas province in Ecuador. All Omarsa's operations are located in the Guayas province in Ecuador. The processing facility is located in Duran whereas the three farm facilities are located in Guayaquil. Expected Development Impact - Export-oriented sector development. The Project will contribute to the development of a competitive export oriented sector with extensive linkages throughout the value chain that is key for Ecuador's economy. - Private sector development. IFC's funding will support further professionalization of a family-owned business as it grows into one of the sector's regional leaders. - Job creation. Omarsa currently employs about 2,950 people. The expansion will create significant direct and indirect employment opportunities. - Access to health. As a result of the Project, more families will have access to health support provided by the Company. - Tax generation. The Project will increase tax generation for the government. IFC's Expected Role and Additionality - Stamp of approval. IFC's involvement will enhance the profile of a medium-sized family owned company and allow it to further capitalize on its recent first Aquaculture Stewardship Council-certified shrimp company status. - Long-term financing. IFC will provide tailer-made long-term financing that is not readily available locally in competitive terms. E&S standards setting. IFC will support Omarsa to further improve its environmental and social standards
People Affected By This Project
Export-oriented sector development. The Project will contribute to the development of a competitive export oriented sector with extensive linkages throughout the value chain that is key for Ecuador's economy.Private sector development. IFC's funding will support further professionalization of a family-owned business as it grows into one of the sector's regional leaders.Job creation. Omarsa currently employs about 2,950 people. The expansion will create significant direct and indirect employment opportunities.Access to health. As a result of the Project, more families will have access to health support provided by the Company.Tax generation. The Project will increase tax generation for the government.
Investment Description
  • International Finance Corporation (IFC)
The Total Project cost is estimated at US$13 million. The proposed financing is a US$8m A loan for IFC's own account.
Contact Information
CONTACT For Inquiries About the Project: Operadora y Procesadora de Productos Marinos, Omarsa S.A. Sandra Pardo CFO +593 4 371 3035 www.omarsa.com.ec/index.php/es/ For Inquiries and Comments About IFC: General IFC Inquiries IFC Communications 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384 Local Access for Project Documentation: Lotización Industrial Al Rio Solar 3. Guayas - Durán, Ecuador ACCOUNTABILITY MECHANISM OF IFC 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/