RSE COVID Omarsa

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The proposed IFC investment consists of an A loan to Operadora y Procesadora de Productos Marinos Omarsa S.A. (Omarsa or the Company). Founded in the 1977’s by the Vanoni family, Omarsa is one of the leading integrated shrimp producers and processors in Ecuador. The project involves the financing of part of the Company’s capex plan for 2021, consisting of (i) investments on shrimp farms to optimize the feeding process (including solar-powered feeding machines) and on the revamping of water pumping systems and (ii) an expansion on the cold storage facility and shrimp freezing equipment at the Las Brisas plant (the “Project”). These investments will allow the Company to improve its efficiency, in a scenario of low shrimp prices which were significantly affected by the Covid pandemic. The proposed financing will provide relief to the Company’s liquidity condition, which has an important portion of its debt concentrated in the short term.