The International Finance Corporation (IFC), an organization that is part of the World Bank group, approved a loan of up to 20 million dollars to the Ecuadorian company Omarsa, which has been engaged in the production, processing and export of shrimp since 1977.

The goal of this transaction, according to the statement, is to promote a sustainable and competitive export-oriented shrimp sector in Ecuador.

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IFC financing will enable Omarsa to develop a new shrimp farm of 536 hectares. These areas, which will be certified by the Aquaculture Stewardship Council, will be equipped with technology to reduce food loss and waste in supply chains, increasing food availability.

“With this investment, IFC hopes to increase Ecuador’s capacity to produce and export shrimp, contributing to job creation and economic growth. “IFC will also support Omarsa to improve its environmental and social practices in line with IFC’s performance standards and global best practices,” said IFC Regional Director for Latin America and the Caribbean, Manuel Reyes-Retana.

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For his part, Omarsa CEO Sandro Coglitore commented that IFC’s long-term and personalized financing will allow Omarsa to address the current gap in the market. “A key element of our international competitiveness is our focus on quality and environmental sustainability. Consequently, as an integrated shrimp producer and processor in Ecuador, IFC’s support will help us improve the efficiency of our supply chain while optimizing resource efficiency within the sector.”

The IFC, which works in more than 100 countries around the world, has allocated $43.7 billion in loans until 2023 to private companies and financial institutions in developing countries.