Press Releases
print

IFC Approves Loan to Omarsa for Promote Export Sector in Ecuador


In Bogotá, Colombia:
Darcy Antonin Crowe, IFC
Telephone: +57 1 313 6449
E-mail: dcrowe@ifc.org

Durán, Ecuador, January 7, 2016 — The International Finance Corporation (IFC), the private sector arm of the World Bank Group, provided a loan of US$10 million 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.

“IFC has confidence on Omarsa because the company has a philosophy of sustainable productioon,” stated Sandro Coglitore, the General Manager of Omarsa, adding that “IFC’s investment in Omarsa will allow us to continue our expansion plans and will add to the economic growth of the country, creating 400 new jobs for Ecuadoreans in 2016.”

Omarsa is the first shrimp producer in the world to receive Aquaculture Stewardship Council (ASC) certification. In addition, Omarsa is implementing the good practices of the Aquaculture Certification Council (ACC) in its laboratories, on its farms, and in its processing plant. These were factors that helped prompt IFC to invest in this industry, after a long absence in this sector.

Carlos Leiria Pinto, IFC Head of the Andean Region, stated that “this new project demonstrates the commitment of IFC to the sustainable development of Ecuador and seeks to encourage use of the global best practices in the environmental and social areas.” Martin Spicer, IFC Regional Head of Industry for Manufacturing, Agribusiness, and Services in Latin America, underscored the fact 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 strengthen 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.  Omarsa will promote the sustainable growth of this industry.

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 trying to support projects that cover climate change, create jobs, and benefit the most disadvantaged population groups. IFC support for Ecuador started when the country joined the institution in 1956. Since that time, IFC has invested roughly US$540 million in the county.

About IFC:
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, IFC uses its capital, expertise, and influence to create opportunity where it is needed most. In FY15, its long-term investments in developing countries totaled close to US$18 billion, allowing the private sector to play a key role in global efforts to end extreme poverty and boost shared prosperity.  For more information, visit www.ifc.org.

In Quito, Ecuador:
Lourdes Jaramillo
Telephone: +593 4 371 3035
E-mail: lourdes.jaramillo@omarsa.com.ec