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Proteak: A loan to develop reponsible forest plantations in Mexico
Project
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Signature date
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Location
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Mexico
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Financing tool
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Financing amount (Euro)
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26562944
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Financing details
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USD 28m loan
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Customer
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PROTEAK UNO, S.A.B de C.V
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Type of customer
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Company
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Country of headquarters
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Mexico
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Project number
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PMX1010
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Environmental and social ranking
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B+
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proteak’s forests are located in Latin America and are FSC-certified. The development of an additional 10,000 hectares of certified plantations in Mexico will help meet local demand and develop the country’s timber industry.
Client presentation
Proteak was set up in 2000 and is listed on the Mexican Stock Exchange. It is the largest forestry company in Mexico. Proteak is a vertically integrated company specialized in producing FSC-certified (Forestry Stewardship Counsel) teak and eucalyptus from its 19,000 hectares of plantations in Mexico, Colombia and Costa Rica and the production of MDF (Medium Density Fiberboard) panels.
Project description
The project involves financing the development of some 10,000 hectares of commercial forestry plantations and will thereby contribute to permanently covering the shortage of wood fibers in Mexico by replacing imports and meeting increasing demand.
Project impact
The project will have significant impacts on the country’s socioeconomic development. It will develop the timber industry and create new direct and indirect jobs (a total of some 1,700). The project will support the expansion of certified forests, the reforestation of degraded areas, and will contribute to reducing greenhouse gas emissions through carbon sequestration.