29549 - Belcorp

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Summary of Proposed Investment

Project Number

29549

Company Name

Belcorp Peru S.A.C.

Date SPI Disclosed

Nov 4, 2011

Country

Latin America and the Caribbean Region

Industry

Health, Education and Life Sciences

Projected Board Date

Nov 7, 2011

Status

Completed

Sector

Other Medical

Department

Regional Industry MAS LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : Jan 11, 2012
Signed : Apr 4, 2012
Invested : Apr 25, 2012

Project Description

Belcorp (the “Company”) is an international corporation with 40 years’ experience in the manufacturing and sale of cosmetics. Belcorp is the third largest cosmetics company in Latin America after Natura and Avon, selling its products in 15 countries in LAC, as well as a small operation in the USA. The Company’s main production facility is located in Colombia with a capacity of 500,000 products per day, from where it exports to most countries in the region.

Belcorp employs over 8,920 people and operates through a direct sales model with a network of almost 1 million consultants who sell Belcorp’s brands (Ebel, Esika and Cyzone) across the region.

IFC will support Belcorp’s investments plan for the period 2011-2013 that comprises the following main components: i. expansion of production capacity of the plant in Colombia; ii. construction of a new plant in Mexico; and iii. working capital to support the entrance of Belcorp in Brazil (the “Project”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.0
Equity

Development Impact

1. Regional Facility: IFC will be able to provide a regional facility at adequate terms and conditions to fund the Company''s long term investment plan; 2. Mobilization: IFC will mobilize an important piece of the financing through local and international banks, increasing Belcorp''s access to new lenders; 3. Access to Finance: Belcorp is developing several initiatives to increase access to finance for its consultants and IFC has the knowledge and the client network to help. IFC''s Access to Finance team can support these initiatives specifically on financial education and literacy and help Belcorp expand these initiatives across the region.

This is a category B project according to IFC’s Procedure for Environmental and Social Review of Projects because a limited number of specific environmental and social impacts may result that can be avoided or mitigated by adhering to generally recognized performance standards, procedures, guidelines and design criteria.
Specific key environment, social, health and safety issues reviewed include: (i) Corporate environmental and social management capacity; (ii) Land acquisition process, planning, and permitting; (iii) Working conditions; (iv) Environmental considerations in the design of the new plants; which includes efficient use of resources and proper management of liquid and air discharges; and (v) Social impact derived from Belcorp’s direct sales model.

Contacts

For Inquiries About the Project, Contact

Mrs. Gislene Coloma
Corporate Communications Manager
Belcorp
Av. Canaval y Moreyra 480
San Isidro, Lima 27, Peru

Telephone: 51-1-2113300
Fax: 51-1-4400672

Email: gcoloma@belcorp.biz

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Local Access of Project Documentation

Belcorp Peru
Av. Canal y Moreyra 480
San Isidro, Lima 27, Peru

Belcorp Colombia
Parque Industrial Canavita
Vereda, Canavita Km 22
Tocancipa, Cundinamarca, Colombia

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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