Summary of Proposed Investment
Project Number
11633
Company Name
FAVORITA FRUIT COMPANY LIMITED
Date SPI Disclosed
Aug 20, 2002
Country
Ecuador
Industry
Agribusiness and Forestry
Projected Board Date
Sep 19, 2002
Status
Completed
Sector
Fruits and Vegetables
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Nov 26, 2002
Signed : Feb 3, 2003
Invested : Mar 24, 2003
Project Description
- Favorita is one of the leading conglomerates in Ecuador''s agribusiness sector. The company operates other wholly-owned subsidiaries whose activities include trading and shipping bananas, operating the Fertisa port terminal, importing fertilizers, producing cardboard boxes and plastic bags, and providing fumigation services.
The project involves acquiring and revamping 2,200 ha of developed banana plantations in the province of Los Ríos and related investments for ECO-OK certification, and miscellaneous investments in existing plantations.
Overall, the project will support the continuing growth of a long-standing IFC client that provides business for about 400 independent banana growers and associated services in a key industry in Ecuador. IFC expects to play an important role in assisting Favorita in its ongoing efforts of adopting best practices in corporate governance, and developing and implementing measures to raise awareness regarding child labor and compensation practices amongst its independent banana suppliers.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
- Rafael Wong; Av. Carlos Julio Arosemena, Km 2.5, frente al C.C. Alban Borja; Guayaquil-Ecuador.