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Omarsa gets a USD 10 million loan from IFC

on . Posted in News

 

ECUADOR :The International Finance Corporation (IFC), the private sector arm of the World Bank Group, granted a USD 10 million loan to Operadora y Procesadora de Productos Marinos Omarsa S.A., one of the biggest shrimp export businesses in Ecuador, to assist it with its expansion plans.

 

Sandro Coglitore, Omarsa General Manager, explained, “IFC has confidence on Omarsa because the company has a philosophy of sustainable production.”

Moreover, he stressed that the loan will allow the company to continue its expansion plans and will add to the economic growth of the country, creating 400 new jobs for Ecuadoreans in 2016.

Omarsa has been the first establishment in the world to receive the Aquaculture Stewardship Council (ASC) certification. In addition, it is implementing the good practices of the Aquaculture Certification Council (ACC) in its laboratories, on its farms, and in its processing plant. These were some of the factors that prompted IFC's investment in this industry, after a long absence in this sector.

Carlos Leiria Pinto, IFC Head of the Andean Region, stated, “This new project demonstrates the commitment of IFC to the sustainable development of Ecuador and seeks to encourage the use of the global best practices in the environmental and social areas.”

Meanwhile, Martin Spicer, IFC Regional Head of Industry for Manufacturing, Agribusiness, and Services in Latin America, stressed that the long-term loan will promote direct job creation in the country, particularly for women, and strengthen the relationship between Omarsa and local small and medium shrimp producers.

IFC’s support for the business will reinforce the export sector in Ecuador, as shrimp exports represent the second biggest export category in the country after oil and derivatives, along with bananas.

In 2014, the shrimp sector accounted for 10 percent of Ecuador’s total exports and 37 percent of the country’s non-oil exports.

IFC’s strategy in Ecuador focuses on providing financing and technical assistance to companies that have a strong and positive impact on the export sector while, at the same time, supports projects that cover climate change, create jobs, and benefit the most disadvantaged population groups.

IFC started supporting Ecuador when the country joined the institution in 1956, having so far invested about USD 540 million in the country.FIS

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