29734 - Bioparques 2

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Summary of Proposed Investment

Project Number

29734

Company Name

Bioparques de Occidente, S.A. de C.V.

Date SPI Disclosed

Sep 30, 2010

Country

Mexico

Industry

Agribusiness and Forestry

Projected Board Date

Nov 1, 2010

Status

Completed

Sector

Fruits and Vegetables

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : May 3, 2011
Signed : Jun 15, 2011
Invested : Sep 2, 2011

Project Description

Bioparques de Occidente, S.A. de C.V. (Bioparques or the company), a greenhouse tomato producer is undertaking a $12.5 million investment program to add 30 hectares of hydroponic greenhouses and a packing facility to its existing greenhouses in the state of Jalisco, Mexico. The investment includes acquisition of greenhouses and irrigation equipment, infrastructure and working capital.

This project is IFC’s second transaction with Bioparques and builds on a partnership begun in 2007, when IFC provided a $12 million loan to the Company.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	5.0
Equity

Development Impact

The investment will support the growth of a competitive tomato producer in Mexico through:
(i) Cost reduction through higher utilization of capacity and economies of scale;
(ii) Higher prices thanks to the ability to serve long term contracts with US retail vendors;
(iii) Assist the company in sponsoring permanent housing for its full time workers;
(iv) Assist the company in continuing its institutionalization process which is expecting to be beneficial for Bioparques to access better financing and insurance terms in the future.

IFC is expected to provide support in various ways including:
(i) Provision of long-term financing, including final maturity and grace period not available in Mexico for primary agricultural production;
(ii) Support the tomato industry which represents 15% of total Mexican agricultural exports;
(iii) Creation of 1,000 additional jobs;
(iv) Help the company comply with local, ILO and IFC Performance Standards with respect to employment of labor
(v) Assist the Company in implementing a recycling water project which is expected to save 600 million liters of fresh water per year
(vi) Assist the Company in providing year round employment for its workers.

Contacts

For Inquiries About the Project, Contact

Eduardo de la Vega, CEOJuan Jose Rios 723 Pte. Col. Almada Culiacán, Sinaloa, Mexico

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

Presidencia Municipal, San Gabriel, Jalisco.Calle Manuel C. Michel No. 13, San Gabriel, Jalisco. CP 49700Telephone: 01 343 42 7 00 03; 01 343 42 7 06 01

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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