Summary of Proposed Investment
Project Number
8163
Company Name
Implementos Agricolas Centroamericanos, SA de CV
Date SPI Disclosed
Apr 2, 1997
Country
El Salvador
Industry
Manufacturing
Status
Completed
Sector
Other Miscellaneous Fabricated Metal Products (Including Non-Wood Housing Products, Tanks, Cutlery, Kitchen Utensils and Handtools, etc.)
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : May 12, 1997
Signed : Nov 7, 1997
Invested : Jan 23, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | El Salvador-IMACASA |
| Region | LATIN AMERICA |
| Sector |
Projected Board DateMay 9, 1997
Company NameIMPLEMENTOS AGRICOLAS CENTROAMERICANOS, S.A. DE C.V.
Technical Partner and/or Major Shareholders
The Company is owned by over 20 shareholders, mostly Salvadorans.
Project Cost Including proposed IFC investment
US$4.4 million
Location of project and Description of site
The project is located in the Santa Lucia industrial park, on the outskirts of the city of Santa Ana. The site consists of 10,000 square meters of covered industrial area.
Description of Company and Purpose of Project
IMACASA is among the largest manufacturers of agricultural hand tools in Central America, with leading market shares for products such as machetes, axes, picks and shovels. The project is designed to strengthen the Company’s competitive position by modernizing its manufacturing facilities, by providing working capital, and by restructuring part of its short-term debt. IMACASA is a well managed company that is undertaking a sound project with important economic and social benefits for the country. IFC’s support for the project will have a positive impact within the Salvadoran business community, which is making a large effort to rebuild the economy. The project will decrease the Company’s operative and financial costs and will strengthen its financial structure, ensuring its long-term international competitiveness. The project also supports IMACASA’s initiatives to be more commercially oriented, and to seek international alliances and new markets to diversity its sales base.
Environmental Category and Issues
This is a category B project. According to IFC’s environmental review procedure. Key environmental, occupational health and safety issues that were of potential concern during IFC’s environmental review of this project included: air emissions; liquid effluent treatment; solid waste handling and disposal; and employee protection from hot surfaces and aerosols. Air emissions and liquid effluents are not significant. The sponsor has a task force assigned to provide safety training and emergency response capacity. Employees are provided with and required to use personal protective equipment. The project complies with the relevant local environmental regulations and the World Bank environmental guidelines. The sponsor will submit an annual monitoring report to IFC regarding compliance with local environmental laws and regulations and World Bank guidelines.
The is from the Public Information Center.
| Date SPI sent to PIC | April 2, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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