BID Invest granted $10 million in financing for up to seven years to Pura Fruit, one of Peru's leading table grape producers and exporters, to expand and improve operational efficiencies.
Pura Fruit Company is one of Peru's top ten exporters, with a total production area of approximately 2,700 acres. The company also has packing and cold storage facilities for its entire production. In addition, it has excelled in the production of licensed varieties, organic production and has managed to implement new technologies to have two harvests per year, in October and April.
All of the above has been done with Pura’s strategic focus aiming at quality and the end customer, instead of prioritizing production volume. Today Pura Fruit is working with BID and other institutions on a high-impact sustainability plan in the region.
The financing provided by BID Invest will support Pura Fruit's growth strategy by expanding its agricultural production through the planting of 150 new acres of table grapes, increasing water storage capacity, and the installation of covers on plantations. Pura Fruit is expected to produce 30,000 tons per year by 2025, almost three times more than it produced in 2021.
The investments will also contribute to production efficiencies that will translate into an increase in the productivity factor and employment generation, creating new permanent and temporary jobs, especially in northern Peru.
In addition, BID Invest will provide technical advisory services to Pura Fruit to develop a corporate sustainability strategy.
A materiality analysis will be conducted, which will result in a robust action plan with relevant key performance indicators and ambitious goals, complemented by training to ensure the appropriation and inclusion of a differential lens with a gender and diversity approach.
In addition, a robust environmental and social action plan will be implemented, which will prioritize measures to preserve biodiversity, and manage stakeholder participation, among others.
The operation is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Responsible Consumption and Production (SDG 12), and Partnerships for Achieving Goals (SDG 17).
BID Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable enterprises and projects to achieve financial results and maximize economic, social and environmental development in the region.
With a portfolio of $16.33 billion in assets under management and 394 clients in 25 countries, BID Invest provides innovative financial solutions and advisory services that respond to the needs of its clients in a variety of sectors.
