Quick Facts

Where the impacts of the investment may be experienced.
  • Brazil
  • Mexico
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)
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: 2017-05-30
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: Fitesa Naotecidos S.A. (Brazil) and Fitesanonwovens Mexico S.A. de C.V. (Mexico)
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Industry and Trade
Investment Amount (USD): $ 60.75 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 141.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ IIC website
Updated in EWS: 2017-08-16
Disclosure Date: 2017-03-28
Fitesa Expansion

Project Description
The project consists of the installation and operation of: a) a new 20,000 thousand ton per year non-woven[1]production plant in Cosmopolis (Sao Paulo, Brazil); and b) a new 20,000 tons per year production line in a plant in San Jose de Iturbide (Guanajuato, Mexico). The objective of the loan is to improve and increase the production capacity of Fitesa S.A. ("Fitesa") through its operating companies in Brazil and Mexico. As part of the project, the IIC will finance studies and the installation of solar panels at the Cosmopolis plant. The panels will provide 60% of the electrical energy the plant needs to operate. IIC's long-term financing will match the lifecycle of the project's assets and will thus further strengthen Fitesa's financial structure.
Investment Description
Fitesa has production plants in South America, North America, Europe and Asia. Fitesa specializes in the production of nonwovens for hygiene products. Fitesa manufactures 30% of the hygienic nonwovens consumed in Brazil and 50% of the nonwovens consumed in Mexico. The total cost of the project is estimated at US$ 141,000,000. IIC's financing of US$ 60,750,000, from which US$40,750,000 will come from IDB group, and the remaining US$20,000,000 will come from the China Co-financing Fund for Latin America and the Caribbean. The financing will be divided into two tranches: a) US$ 35,720,000 to Fitesa Naotecidos S.A., for Fitesa’s operational entity in Brazil; and b) US$ 25,030,000 to Fitesanonwovens Mexico S.A. de C.V., the entity in Mexico. The loan will have an eight year tenor with up to two years of grace on principal payments.
Contact Information
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).