Manuka Dairy (IFC-51264)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Chile
Geographic location where the impacts of the investment may be experienced.
Specific Location
Los Lagos and Los Rios regions, southern Chile, near Puerto Octay and Osorno
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
May 22, 2026
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
RIMU S.A. (Manuka SpA)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • 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)
$ 62.74 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.
Currency conversion note:
Bank reported 55000
Converted using 2026-04-17 exchange rate.
Loan Amount (USD)
$ 62.74 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.
Currency conversion note:
Bank reported 55000
Converted using 2026-04-17 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 22, 2026

Disclosed by Bank Apr 17, 2026

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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.

As stated by the IFC, Rimu S.A. ("Manuka" - https://manuka.cl/en/home) is Chile’s largest milk producer, with annual output of 193 million liters, 3 livestock breeding centers, 59 milking parlors, 22,981 permanent grasslands and 60,255 heads of cattle, including cows, calves and bulls. By leveraging a New Zealand-style pasture-based system, Manuka integrates advanced technology and sustainable practices, positioning Chile’s dairy sector for sustainable climate-smart growth.

The proposed IFC investment consists of an IFC A-loan of up to CLP 55 billion (approximately US$65 million equivalent) to support Manuka’s investment program that will enable Manuka to expand operations in Los Lagos and Los Rios regions. The Project aims to:

(i) enable increase milk production by 15% through expanded young stock rearing and expansion of permanent grassland up to 250 Ha;
(ii) promote formal jobs and inclusive growth in these underserved regions; and
(iii) reduce Chile’s reliance on dairy imports, strengthening food security.

The project is located within a 28,847-hectare milk farm, including 5,866 Ha of native forest conservation, in the regions of Los Lagos and Los Rios, southern Chile, near the municipalities of Puerto Octay and Osorno. The company’s operations include 59 production sites, three centers for calf breeding and 21 areas devoted to operational support activities.

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

As stated by the IFC, the proposed investment consists of an IFC A-loan of up to CLP 55 billion (approximately US$65 million equivalent) to support Manuka’s investment program, including the rearing of youngstock and investments in soil fertility and pasture productivity, and limited refinancing.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, Manuka SpA is a Chilean milk producer located in southern regions of Los Lagos and Los Rios, operating a pasture-based dairy production model. Manuka is a founding member of Campos Australes, Chile’s second-largest dairy cooperative, which has grown to represent approximately 80 predominantly small-scale farmers. 

Manuka was founded in 2005 by over 100 New Zealand dairy farmers who collectively maintain a majority ownership. No investor individually holds control.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Manuka SpA (Rimu SA) Client Agriculture and Forestry

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.

Cient - Manuka SpA:

Maria Jose Bofill - Chief Financial Officer (CFO)
Phone: +56 9 8828 8883
Email: mariajose.bofill@manuka.cl 
Address: Ruta Osorno - Pto. Octay Km 30, Region de Los Lagos, Chile
Website: www.manuka.cl  

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

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