Quasar Expeditions (IDBI-12279-02)

Countries
  • Ecuador
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
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 10, 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
Iguanatours Cruceros Marítimos S.A., Galpacífico Turs S.A., y Beaglelogistics CIA. LTDA
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)
$ 14.00 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 @ IDBI website

Updated in EWS May 24, 2023

Disclosed by Bank Nov 4, 2022

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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.

According to the Bank’s website, this transaction consists of a loan of up to US$14 million to finance a growth plan for Iguanatours Cruceros Maritimos S.A., Galpacifico Turs S.A., and Beaglelogistics Cia. Ltda., co-borrowing entities that are part of the company Quasar Expeditions. It will also facilitate a series of initiatives to promote a sustainability and conservation agenda in Ecuador's Galapagos Islands.

Quasar Expeditions is a sustainable tourism company that operates cruises and offers excursions to the Galapagos Islands in Ecuador. The funds from the loan will be used to finance the refurbishment and launch of an additional ship, the construction of an operations and logistics center, and the operation of a sailboat that will be used to provide technical and educational training to the local community in the Galapagos Islands. This transaction consists of a loan of up to US$14 million to finance a growth plan for Iguanatours Cruceros Maritimos S.A., Galpacifico Turs S.A., and Beaglelogistics Cia. Ltda., co-borrowing entities that are part of the company Quasar Expeditions. It will also facilitate a series of initiatives to promote a sustainability and conservation agenda in Ecuador's Galapagos Islands. Quasar Expeditions is a sustainable tourism company that operates cruises and offers excursions to the Galapagos Islands in Ecuador. The funds from the loan will be used to finance the refurbishment and launch of an additional ship, the construction of an operations and logistics center, and the operation of a sailboat that will be used to provide technical and educational training to the local community in the Galapagos Islands.

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
- - - - Beaglelogistics Cia. Ltda. Client -
- - - - Galpacífico Turs S.A. Client -
- - - - Iguana Tours Cruceros Marítimos S.A. (Ecuador) Client -
- - - - Quasar Expeditions Parent Company -

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.

Client Contact

CONTACT NAME: Francisco Diez

POSITION: CEO

PHONE NUMBER: +593991984832

EMAIL: francisco@quasarex.com

IDB Invest Contact

EMAIL: requestinformation@idbinvest.org

PHONE: +1(202)-566-4566

ADDRESS: 1350 New York Ave NW, Washington, DC 20005

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.iadb.org/en/access-information/information-request

ACCOUNTABILITY MECHANISM OF IDB / IDB INVEST

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IDB Invest)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IDB Invest is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).

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How it works