Omarsa II (IFC-39856)

Countries
  • Ecuador
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Aug 25, 2017
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
Operadora y Procesadora de Productos Marinos Omarsa S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Loan Amount (USD)
$ 8.00 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.
Project Cost (USD)
$ 13.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 12, 2017

Disclosed by Bank Jul 21, 2017


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

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 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
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a 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
Here you can find a list of individual development financial institutions that finance the project.
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
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.
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/

How it works

How it works