Leading global law firm Baker McKenzie has advised Banco Internacional del Perú S.A.A. (Interbank), Banco BBVA Perú (BBVA) and Corporación Interamericana de Inversiones (BID Invest) in their USD 160 million financing of Peruvian agricultural exporters Agrícola Cerro Prieto, Qali Fruits and Cerro Prieto Colombia. The funds will be allocated to refinancing the borrower’s existing debt and the expansion of their operations in Peru and Colombia.

The sustainable transaction figures among the largest of its kind destined to a company in Peru’s agricultural sector. The loan establishes KPIs that the beneficiaries must comply with, including the mitigation of climate change-related activities and the reduction of the company’s carbon footprint. The loan is supported by an asset-backed trust and a cross-guarantee from the borrowers and Irrigadora Cerro Prieto.

Commitments from the lenders are distributed in the following manner: (1) BID Invest up to USD 50 million; (2) Interbank up to USD 60 million; (3) BBVA for up to USD 50 million.

The team was led by partner Marco Alarcón and Of Counsel Luis Ernesto Marín at Estudio Echecopar, member firm of Baker & McKenzie International, partner Carolina Duque at Baker McKenzie Colombia, with the participation of Camila Jiménez, Natalia Zúñiga, Lucia Murgueytio, Adrián Tovar, Silet Becerra, Katherine Ninanya, María Camila Vargas and Joshua Daza.

Luis Ernesto Marín stated, “We are very proud to have accompanied our clients in this important milestone for the Peruvian agricultural export sector. Over the past several months, we have worked hand in hand with our Banking and Finance practice group and Agribusiness industry group to close this challenging transaction, yielding great results for all parties involved.”

Marco Alarcón added, “The amount of the financing is a watershed moment for Agribusiness operations operating under Peruvian law. We are very happy to have participated in this green loan which will undoubtedly contribute to the development of the sector. It has been an excellent team effort.”

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