(MENAFN- PR Newswire)
Project includes new solar panels and a recycling bottling facility, reducing emissions by approximately 45,000 tons of CO2 by 2030.
WASHINGTON, Feb. 29, 2024 /PRNewswire/ --
IDB Invest will provide financing of up to $5 million to La
Société du Rhum Barbancourt S.A , the 163-year-old signature rum producer of Haiti, boosting sustainable rum production through a solar energy capacity project and a recycling facility to reduce bottle consumption. The loan package also includes a guarantee of up to $2.1 million from the Finland-LAC Blended Finance Climate Fund to promote access to corporate climate financing in Haiti.
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The project will benefit more than 3,000 small and medium-sized sugarcane farmers in Haiti that supply sugarcane to Barbancourt, and it is expected to create 60 direct jobs and 150 jobs at the recycling facilities.
Additionally, IDB Invest will provide advisory services to develop a sustainable and inclusive supply chain that will strengthen environmental, social and governance practices.
IDB Invest will provide financing of up to $5 million to Rhum Barbancourt, the signature rum producer of Haiti.
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"We welcome the opportunity to partner with Barbancourt to boost Haiti's sustainable production and climate mitigation in the Caribbean," said Aitor Ezcurra, IDB Invest Chief Investment Officer (a.i.). "The resources mobilized through the Finland-LAC Blended Finance Climate Fund will help attract more climate investments to Haiti."
The project consists of a solar energy project to generate power to cover its energy needs -- replacing existing diesel-run generators -- and building a recycling facility to reduce bottle consumption. This will enable Barbancourt to reduce emissions by approximately 45,000 tons of CO2 by 2030 by switching to solar energy and reusing glass bottles for its production.
"At Barbancourt, we strive to be good stewards of the land and practice sustainable farming and manufacturing practices that ensure a cleaner environment and more authentic, organic products," said Delphine Gardere, CEO of Barbancourt. "The IDB Invest loan will enable us to reduce our carbon footprint while also creating jobs and improving the livelihood of thousands of sugarcane farmers."
The project is also expected to contribute to the UN Sustainable Development Goals (SDGs): SDG 1: No Poverty; SDG 8: Decent Work and Economic Growth; SDG 10: Reduced Inequalities; and SDG 12 Responsible Consumption and Production.
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the social and economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $16.3 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About Barbancourt
Rhum Barbancourt has been produced in Haiti since 1862, following an ancestral family tradition and a unique craftsmanship passed on from generation to generation. The distillery produces award-winning rums through equitable and sustainable practices and is a cultural icon in Haiti with a strong global brand. As the only 100% Haitian made rum, the legacy of Rhum Barbancourt is one of excellence, determination, and commitment to community.
About the Finland-LAC Blended Finance Climate Fund
The Finland-LAC Blended Finance Climate Fund is a trust fund supported by the government of Finland with the objective to catalyze greater private investment in climate change adaptation and mitigation in Latin America and the Caribbean, and with a focus on poor and vulnerable countries and communities, gender equality, diversity, inclusion, and biodiversity.
SOURCE Rhum Barbancourt
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