… will double local suppliers and distributors reached
The Inter-American Development Bank Invest ((IDB Invest, a member of the IDB Group, has approved a US$4 million loan for an 8-year tenor to Fernandes Guyana Enterprise (FGE) which will increase FGE’s current bakery production and distribution capacity in Guyana.
In a press release on Wednesday, IDB Invest stated that this will lead to 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. FGE will almost double the number of local suppliers and distributors reached.
This will be while taking advantage of the projected higher spending, additional customer base and new consumption trends in the local market.
FGE is a subsidiary of Fernandes Group, one of the main economic groups in Suriname and the market leader in most of the industries in which it operates, including the food sector.
The transaction supports Fernandes Group’s growth strategy outside of Suriname. The financing also contributes to mitigate the economic and social effects of the Covid-19 crisis, by protecting food security, promoting new and more specialized employment, and strengthening market linkages in Guyana.
IDB Invest will play an important role by providing the Company the long-term financing required, currently scarce in the local market. The transaction also 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 Reduced inequalities (SDG 10).
Moreover, through this transaction, IDB Invest will support Fernandes Guyana to implement environmental and social best practices, aligned with international standards.