Limbomar S.A. (FMO-62070)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ecuador
Geographic location where the impacts of the investment may be experienced.
Specific Location
Guayaquil
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
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Jul 26, 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
Limbomar S.A. (Almar Group)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Energy
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)
$ 5.00 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.
Loan Amount (USD)
$ 5.00 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.
Other Related Projects
Primary Source

Original disclosure @ FMO website

Updated in EWS Aug 14, 2023

Disclosed by Bank Mar 9, 2023

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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 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.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The FMO categorized the project as B+.

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

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.

No project contacts available at the time of disclosure.

Parent Company - Almar Group (Grupo Almar):

Phone: (+593) 93 984 0007
Website: https://almar.ec/en/

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

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

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How it works