Project detail - COMERCIALIZADORA DE MANÍ, S.A.

COMERCIALIZADORA DE MANÍ, S.A.

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Who is our client

Founded in 1992, COMASA is Nicaragua’s industry leader in peanut sourcing, processing, and exporting. The company sources raw peanuts from 190 local producers, covering 34,000 hectares of plantations and representing 75% of the country’s annual peanut crop.

Funding objective

FMO intends to participate for up to USD 15mln in a USD 65mln IFC-led syndicated working capital facility. The funds will be used to support COMASA’s purchase of peanuts from Nicaraguan farmers, and the processing of these peanuts for regional and global export.

Why we fund this project

The proposed transaction will support the continued viability of the peanut sector of the country, one of the top 5 agribusiness exports of Nicaragua. This sector represents an estimated 5% of exports from Nicaragua and generates an estimated 8,000 direct jobs.

Environmental and social rationale

FMO’s environmental and social due diligence indicates that IFC Performance Standards that are triggered in this transaction are linked to the supply chain of COMASA, specifically Performance Standards: PS 2 Labour and Working Conditions, PS 3 Resource Efficiency and Pollution Prevention, PS 4 Community Health and Safety and PS 6 Risk of significant conversion of natural and or critical habitats. An Environmental and Social Action Plan (ESAP) has been prepared with the company to address and manage these risks. Some recommendations have been made regarding PS 1 – Assessment and Management of Environmental and Social Risks and Impacts that will also be included in the ESAP. The other Performance Standards (5, 7 and 8) are not applicable because the company does not own plantations (PS 5), and the project does not generate any impact on indigenous people (PS 7) or cultural heritage (PS 8).

More investments

Date Total FMO financing
3/17/2021 USD 14.71 MLN
Region
Latin America & The Caribbean
Country
Nicaragua
Sector
Agribusiness, Food & Water
Signing date
6/28/2019
Total FMO financing
USD 11.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B+