Region and country of operations: Ecuador
Jurisdiction of registration: Ecuador
Business sector: Paper and packaging
Date of agreement (month/year): 10/2020
Finnfund’s financing: USD 9,000,000
Share of Finnfund’s financing: 11%
Size of project/financing: USD 82.5 million (syndicate)
Environmental and social category: B+
Finnfund provides financing for Procarsa, one of the leading packaging companies in Ecuador, and paper mill Surpapelcorp.
Surpapelcorp uses recycled corrugated and cardboard materials in its paper production process. The company has created its own supply chain of recycled waste paper (subsidiary called RePapers). Paper produced by Surpapelcorp is mainly used by Procarsa in its cardboard box production.
Finnfund is providing sustainable long-term financing and working capital for the borrowers.
Main development impact
The activities of the borrowers promote circular economy by using recycled raw materials. Significant development impacts have been reached with the proactive work related to the supply chain of waste corrugated paper and cardboard.