Where the impacts of the investment may be experienced.
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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: 2016-05-09
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: Etoile du Nord S.A. (EDN)
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 0.45 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): $ 0.45 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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Etoile du Nord S.A. (EDN)
From the IIC:
The project consists of a US$450,000 loan for the construction of a new sorghum processing facility in Port-au-Prince Haiti. The objective of the project is to assist in the development of the sorghum industry in Haiti, which will make processed sorghum available for industrial clients, while at the same time, supporting small sorghum farmers to create a sustainable livelihood.
EDN was formed in 2006 but remained dormant for 9 years before it was re-established by Ken Michel, an entrepreneur and Brasserie National d'Haiti, a local brewery, 100% owned by Heineken, in 2015. EDN purchases sorghum from local Haitian farmers, process it and sells it to three main customers; (i) BRANA, as a substitute for imported barley in the production of beer and malta; (ii) Food for the Poor (Haiti), as a substitute for imported rice in its feeding programs; and (iii) Epi d'Or, a large local bakery, as sorghum flour, which is a substitute for imported wheat flour in making bread.
The project is a warehousing facility for the storage, drying, enhancement and milling of sorghum grain. The facility consists of two 48 ft. diameter storage silos, four silos that are seven ft., a drying facility, finished product storage facility and a two floor office building. The facility is located on a small parcel of land (1,800 square meters) zoned for industrial use adjacent to the Port au Prince Airport. EDN has a ten (10) year lease on the site, which was previously used also for warehousing of food commodities. EDN purchases bagged sorghum from a network of roughly 1,500 small-scale producers, and has the sorghum trucked to its facilities by third party contractors.
This is a category B project according to the IIC’s Environmental and Social Sustainability Policy. There are a small number of limited and specific environmental and social impacts, which may result and that can be avoided or mitigated by adhering to generally recognized management practices. The primary issues relate to the development of guidance material on environmental, health and safety, and standard operating procedures for the facility.
- Inter-American Investment Corporation (IIC)
The IIC is loaning US$450,000 to Etoile du Nord S.A..
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