PROJECT

Projects

Summary of Investment Information

Project Number

44456

Company Name

Operadora y Procesadora de Productos Marinos Omarsa S.A.

Date SPI Disclosed

Oct 7, 2021

Country

Ecuador

Region

Latin America and the Caribbean

Projected Board Date

Nov 8, 2021

Environmental Category

B - Limited

Status

Active

Last Updated Date

Mar 8, 2022

Department

Regional Industry - MAS LAC

Industry

Agribusiness and Forestry

Previous Events

Approved : Nov 8, 2021
Signed : Nov 29, 2021
Invested : Dec 23, 2021

Sector

Animal Aquaculture

Project Description

The proposed IFC investment consists of an A loan to Operadora y Procesadora de Productos Marinos Omarsa S.A. (Omarsa or the Company). Founded in the 1977’s by the Vanoni family, Omarsa is one of the leading integrated shrimp producers and processors in Ecuador. The project involves the financing of part of the Company’s capex plan for 2021, consisting of (i) investments on shrimp farms to optimize the feeding process (including solar-powered feeding machines) and on the revamping of water pumping systems and (ii) an expansion on the cold storage facility and shrimp freezing equipment at the Las Brisas plant (the “Project”). These investments will allow the Company to improve its efficiency, in a scenario of low shrimp prices which were significantly affected by the Covid pandemic. The proposed financing will provide relief to the Company’s liquidity condition, which has an important portion of its debt concentrated in the short term.

Associated Advisory Engagement

N/A                                                   

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation