Favorita Fruit Company Ltd.

completed

Favorita is one of the leading conglomerates in Ecuador''s agribusiness sector. The company operates other wholly-owned subsidiaries whose activities include trading and shipping bananas, operating the Fertisa port terminal, importing fertilizers, producing cardboard boxes and plastic bags, and providing fumigation services. The project involves acquiring and revamping 2,200 ha of developed banana plantations in the province of Los Ríos and related investments for ECO-OK certification, and miscellaneous investments in existing plantations.Overall, the project will support the continuing growth of a long-standing IFC client that provides business for about 400 independent banana growers and associated services in a key industry in Ecuador. IFC expects to play an important role in assisting Favorita in its ongoing efforts of adopting best practices in corporate governance, and developing and implementing measures to raise awareness regarding child labor and compensation practices amongst its independent banana suppliers.