Emergent Latam (IFC-45039)

Regions
  • Latin America and Caribbean
Geographic location 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
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
Jan 27, 2023
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
EMERGENT COLD LATAM HOLDINGS, LLC
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)
$ 110.00 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 @ IFC website

Updated in EWS Dec 16, 2022

Disclosed by Bank Dec 2, 2022

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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.

According to the Bank’s website, Emergent Cold LatAm Holdings, LLC is a platform investing in the third-party temperature-controlled logistics (“3P TCL”) sector in LAC. The Company provides refrigerated and frozen storage, transportation and other value-added services via integrated, end-to-end solutions to clients across the food industry including dairy, meat, poultry, seafood, fruits & vegetables, across several countries in Latin America. Lineage Logistics (“Lineage”), a US-based global leader in the 3P TCL sector, is an anchor investor in the Company and provides access to best practices in areas such as technology and integration.  IFC will invest up to US$110 million loan, split into a US$60 million A loan towards development and expansion of Emergent LatAm’s logistic facility and equipment located or to be located across Latin American countries, and a US$50 million income participating C loan to the Company. The company’s initial pipeline of investments to be financed by IFC A Loan facility includes: (i) Ecuador: development of a temperature-controlled logistics center of 10,500 pallet positions in Guayaquil (Duran Logistics Center); (ii) Dominican Republic: construction of a modern refrigerated 8,000 pallet position warehouse in the Port of Caucedo near Santo Domingo; and (iii) Peru: 36,000 pallet position dual frozen and cold storage facility, close to the Port of Callao in Lima. The Company and IFC will agree on additional investments to be financed by IFC A Loan as the Company’s consolidation progresses.                    

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
- - - - EMERGENT COLD LATAM HOLDINGS, LLC Client -

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.

Ricardo Jacob, VP Operations

+55 (11) 99129-9240

rjacob@emergentcold.com

Atrium III, Rua do Rocio, 291 Vila, 1st Floor, Olimpia – Sao Paulo, SP, Brazil

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

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

How it works

How it works