Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Mexico
Location: Guanajuato
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Inter-American Investment Corporation (IIC)
Status: Approved
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2017-07-27
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Horticola Cimarron S.A. de C.V.
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Agriculture and Forestry
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 12.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

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Primary Source

Original disclosure @ IIC website
Updated in EWS: 2017-07-27
Disclosure Date: 2017-06-27
Horticola Cimarron S.A. de C.V.
IIC-11599-01

Project Description
FROM IIC: This project will finance the creation of a new module of 20 hectares of greenhouses for hydroponic vegetable cultivation. This is a category B project according to IIC’s procedure for Environmental and Social review of projects because a limited number of specific environmental and social impacts may result that can be avoided or mitigated by adhering to generally recognized performance standards, guidelines, or design criteria. Key environmental and social issues are: (i) the development and implementation of an IFC compliant environmental and social management system with all nine elements; (ii) adherence to IFC’s labor and working conditions requirements and national’s labor law; (iii) OHS risk prevention and management during construction and operations, including Life and Fire Safety provisions; (iv) food safety management systems; (v) resource efficiency; and, (vi) engagement with local communities and grievance mechanism.
Investment Description
The operation consists of a 7-year loan for up to US$12 million corresponding to 69% of the total value of the construction of a new module of 20 hectares of greenhouses for hydroponic vegetable cultivation and for the working capital required for its operation. The loan will be guaranteed by: (i) mortgage on the land on which the new greenhouses are built; (ii) pledge on new greenhouses; and (iii) guarantee provided by the Canadian Export Development Agency (EDC) for up to 85% of the value of the project to be financed.The main reason for this type of guarantee is that the technology of the greenhouse comes from Canada, the supplier being the company Les Serres Harnois, who has already installed other modules for Cimarron.
Contact Information
-Ing. Martha M. Muñoz Rios Gerente Administrativo Cimarrón Km 39.5 Corr. San Felipe-Villa de Reyes San Felipe, Gto. 37600, Mexico T. 428-685-6040 Ext. 115 ACCOUNTABILITY MECHANISM OF IIC The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).
Bank Documents