IDB Invest, a member of the IDB group, has approved a $ 4 million loan to Surinamese company Fernandes Guyana Enterprise (FGE) to expand bread production here.
A press release published yesterday by IDB Invest indicates that FGE is a subsidiary of the Fernandes group, one of the main economic groups in Suriname.
The statement said the loan supports the Fernandes group’s growth strategy outside Suriname, by funding an increase in its current bakery production and distribution capacity in Guyana.
“This will lead to a higher and more efficient local production of bread products, which are an essential part of the Guyanese diet, and the introduction of new, healthier products, while benefiting from the higher expenditure expected, from the customer base. additional and new trends in the local market, ”the statement said.
The statement said the funding is also helping to mitigate the economic and social effects of the Covid-19 crisis, protecting food security, promoting new, more skilled jobs and strengthening market links in Guyana.
“FGE will almost double the number of affected local suppliers and distributors. IDB Invest will play an important role in providing the Company with the required long-term financing, currently scarce in the local market, ”the statement added.
The statement said the agreement potentially contributes to four of the United Nations Sustainable Development Goals (SDGs): No Poverty (SDG 1), Decent Work and Economic Work (SDG 8), Industry, Innovation and Infrastructure (SDG 9) and reduction of inequalities. (SDG 10).
In addition, the press release states that IDB Invest will help Fernandes Guyana to implement best environmental and social practices, aligned with international standards.
A member of the Inter-American Development Bank (IDB) group, the press release indicates that IDB Invest finances sustainable businesses and projects. It has a US $ 13.1 billion asset management portfolio and 385 clients in 25 countries.
The press release says the Fernandes Group is a family business with more than 1,200 employees and operates in the bakery, bottling, automotive, ice cream and distribution sectors.