FMO and FinDev Canada support the expansion of agricultural SMEs in Latin America with 72M investment in LAAD
Summary
After several bilateral facilities with LAAD over the years we are excited to sign our first syndicated loan with LAAD and engaging with a new syndicate partner for FMO, Findev Canada.LAADs agribusiness expertise and successful track record in the region makes them an ideal partner for us to contribute to significant impact in the rural/agricultural sector in Latin America, so important for job creation and poverty reduction, said Paulo Martelli, Director of Investments at FinDev Canada. It also presents us with the opportunity to indirectly support SMEs during the COVID-19 crisis, when financing is difficult to obtain.Gustavo Martinez Cappetta, Chief Executive Officer at LAAD said: FMO has been one of LAADs key financial partners for many years, supporting our mission of financing the development of the private agribusiness sector in Latin America. This funding will allow us to expand our financial support to many SME farmers in Latin America who play an important role in the food supply chain of the global community. LAAD leverages internal know-how to advise clients on agribusiness practices and channel funding towards sustainable climate-focused investments. LAAD also requires that each loan has an Environmental and Social assessment before approval, which helps them advocate sustainable business practices.LAAD also supports its clients in achieving internationally recognized standards for food production, with their portfolio supporting many companies with certifications such as Rain Forest Alliance, Fair Trade, Organic and UTZ.DFIs like FMO and FinDev Canada are committed to remaining open for business to serve target regions during the COVID-19 pandemic.