San Jacinto II

repaid

The project consists of extending an "A" Loan of US$4.0 million and a "B" Loan of US$4.5 million for eight years, with a one-year grace period, to finance the investment program of Agroindustrias San Jacinto and term out the short-term debt the company incurred to finance infrastructure investments, increase and diversify its sources of water, and generate its own power. The company has been investing in ways to take and use water from the Chinecas channel, drilling twenty-five new irrigation wells, building the Motocachi reservoir (capacity: 5.5 million cubic meters), and purchasing farm machinery. It has also built repumping stations, a cooling water well for the factory, and recreational facilities for the its workers, and has carried out wellness campaigns for the residents of the village of San Jacinto. These investments have given Agroindustrias San Jacinto access to diversified sources of water, minimized its risk in times of drought, stabilized the sugar content obtained from the harvests, and provided a cushion against fluctuations in oil and gas prices.With this loan, the IIC will be contributing to Agroindustrias San Jacinto’s financial stability and helping protect the jobs the company generates and the significant social impact it has on the village of San Jacinto and the surrounding areas. Agroindustrias San Jacinto is the main employer in the area and makes a notable contribution to the social development of the local community and other villages nearby. Its activities include providing education, professional and technical training, scholarships for students, wellness campaigns, family recreation programs, and the restoration of archaeological monuments in the San Jacinto area. The company has set up a good corporate governance committee to improve communication among its affiliates, and its reforestation and environmental protection programs have a positive environmental impact.