Project detail - Limbopack S.A.S.

Who is our prospective customer?

Limbomar S.A. and Limbopack S.A.S. are Ecuadorian companies active in the farming, processing, and export of shrimp. Both companies belong to Grupo Almar, a leading Ecuadorian aquaculture group with more than 45 years of experience in sustainable shrimp production, with a strong operational and sustainability track record, and a vertically integrated business model spanning hatcheries, farms, processing, and exports.

What is our funding objective?

FMO provides up to USD 50 million in long-term financing to Limbopack’s packing plant (to increase processing and freezing capacity) and Limbomar’s farm (for infrastructure, electrification initiatives, land acquisitions, and working capital).

Why do we want to fund this investment?

FMO investment aims to support activities that contribute to climate mitigation, biodiversity, and water security, contributing to SDG 13 (Climate Action) in line with FMO’s methodology to determine the green finance attribution. The financing will support Grupo Almar’s decarbonization efforts, sustainable aquaculture practices, and ecosystem conservation. As shrimp is Ecuador’s largest export product and a major source of employment, the investment is also expected to contribute to SDG 8 (Decent Work and Economic Growth) by supporting approximately 1,300 jobs, including around 500 for women.

What is the Environmental and Social categorization rationale?

This investment has been categorized as B+. The companies are involved in shrimp farming and shrimp processing activities, which may present potentially adverse environmental and social (E&S) impacts that extend beyond the boundaries of individual sites. These impacts are generally site-specific and can be effectively avoided, minimized, or mitigated through appropriate management measures and the application of Good International Industry Practice (GIIP). FMO's E&S Due Diligence (DD) assessed key risks and impacts associated with the Company’s land acquisition process, biodiversity management and no deforestation, animal welfare practices, use of veterinary inputs, labour and working conditions, occupational and community health and safety and pollution prevention management. The company’s ESG performance will be based on adequate systems in place to identify, continuously assess, and manage environmental and social risks in accordance with GIIP, including World Bank Group (WBG) Environmental, Health, and Safety Guidelines for Aquaculture, FMO's animal welfare position statement, and International Sustainable Aquaculture Practices. FMO's E&S DD indicates that the investment will be managed in a manner consistent with the following IFC Performance Standards: PS1: Assessment and Management of Environmental and Social Risks and Impacts; PS2: Labor and Working Conditions; PS3: Resource Efficiency and Pollution Prevention; PS4: Community Health, Safety and Security; PS6: Biodiversity Conservation and Sustainable Management of Living Natural Resources. Performance Standards PS5: Land Acquisition and Involuntary Resettlement, PS7: Indigenous Peoples, and PS8 Cultural Heritage are not applicable in this investment, as the land will be acquired through a willing buyer-willing seller transaction, and no impacts on Indigenous Peoples, nor cultural heritages have been identified. However, mechanisms and procedures consistent with these standards will be maintained to ensure that any future expansion activities adequately identify and manage potential impacts should they arise. FMO will periodically monitor the project's compliance with applicable E&S requirements throughout the life of the investment.

More investments

Date	Total FMO financing
7/26/2023	USD 25.00 MLN