RSE COVID Omarsa (IFC-44456)

Countries
  • Ecuador
Geographic location where the impacts of the investment may be experienced.
Specific Location
Las Brisas
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."
Borrower
Operadora y Procesadora de Productos Marinos Omarsa S.A.
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)
$ 10.00 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.
Project Cost (USD)
$ 10.00 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 @ IFC website

Updated in EWS Jun 24, 2022

Disclosed by Bank Oct 7, 2021

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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.

Operadora y Procesadora de Productos Marinos (“Omarsa” or “the Company”), an IFC client since 2015, is a fully integrated hatcher, processor, and exporter of shrimp located in Ecuador. Established in 1977, Omarsa is currently Ecuador’s second largest shrimp exporter. The company owns three hatcheries, three shrimp farms totaling 3.748,91 productive hectares (ha), and two processing plants (Abel Gilbert, Las Brisas) with a capacity of 160 thousand tons per year located in Duran, outskirts of Guayaquil. Shrimp farms are located in Chupadores Grande Island (Cachugran) (1,261 ha), Puna Island (1,564ha), and the sector of Chongon (923 ha). The company is certified to multiple internationally recognized sustainability and food safety standards, including Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP), British Retail Consortium (BRC), Naturland Organic and GlobalGAP. The company purchases up to 70 percent of its process throughput in the spot market from 300 pre-approved third-party medium and large shrimp farmers (from 200 up to 3,000 ha). Omarsa’s workforce as of July 2021, not including seasonal workers dedicated to shrimp harvesting activities, totaled 5,250. IFC’s first investment in 2015 was aimed at supporting the expansion of the company’s production and processing capacity, including 500 ha of new ponds in its Puna shrimp farm (https://disclosures.ifc.org/project-detail/ESRS/36819/omarsa-ecuador). A second investment was approved in 2017 to finance the construction of the second processing/packing facility (Las Brisas) (https://disclosures.ifc.org/project-detail/ESRS/39856/omarsa-ii). Omarsa’s environmental and social performance in the previous investments has been rated as satisfactory. This third proposed transaction entails a US$[10] million secured A Loan to support the company’s capex plan for 2021-22, which include (i) expanding the brine freezing and cold storage capacity in the plant of Las Brisas; (ii) upgrading water pumping systems in all three (3) shrimp farms; (iii) continue with technification of its farms by investing in solar-powered automatic feeders equipped with hydrophones; and (iv) improving existing quality control laboratories.                                                  

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
- - - - Operadora y Procesadora de Productos Marinos Omarsa S.A. Client Agriculture and Forestry

Contact Information
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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/

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