As stated on the project disclosure page, the FMO provides up to USD 35 million long-term financing (USD 5 million are uncommitted) to Limbopack's packing plant and to fund an electrification project for Limbomar's farms.
Aquaculture is a key engine of Ecuador's economy, representing the second biggest export product of the country after oil production and one of the primary sources of employment. By supporting Limbopack S.A.S., FMO will contribute to creating more than 1,000 jobs, of which around 700 will be for women. The financing for Limbomar S.A. will also contribute to:
(i) solidifying Limbomar's efforts towards low greenhouse gas emissions,
(ii) reducing the Group's carbon footprint, and
(iii) supporting the sector's decarbonization pathway with the substitution of fossil fuels with green sustainable energy sources (http://www.cenace.gob.ec/wp-content/uploads/downloads/2021/04/Informe-Anual-CENACE-2020-Parte-1.pdf).
Additionally, electrification enables the sustainable increase of productivity through the introduction of technology, automation, and monitoring of essential production practices such as feeding, animal health, and environmental conditions. Lastly, Limbopack and Limbomar (ASC certified) are committed to sustainable production practices; as a result, both facilities are also expected to be labeled green.
The FMO categorized the project as B+.
As stated by the FMO, Limbomar S.A. and Limbopack S.A, founded in 2011 and 2022, respectively, are Ecuadorian companies active in the production and processing of shrimps. Both companies belong to Almar Group, a front-runner in smart aquaculture with more than +40y track record in Ecuador.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Almar Group (Grupo Almar)||Parent Company||Agriculture and Forestry|
No project contacts available at the time of disclosure.
Parent Company - Almar Group (Grupo Almar):
Phone: (+593) 93 984 0007
ACCESS TO INFORMATION
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ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism