The agricultural sector has been key to the country's economic development, representing 5.6% of GDP and stands out for its sustained growth in exports, with grapes being one of the main products that has positioned Peru as a world leader in exports of this product.
In this context, Pura Fruit Company S.A., one of the main exporters of seedless table grapes in Peru, received from Scotiabank Peru a loan in the amount of US$8.4 million, which includes a green loan component of US$4.9 million, aimed at improving efficiency in the use of agricultural resources.
The company, with more than 1,000 hectares in production in Piura, will use the funds to cover investments implemented between 2022 and 2023 for the installation of crop covers and the interconnection of water reservoirs. These initiatives are aimed at optimizing the use of resources and grape production, as well as mitigating their environmental impact.
According to Pura Fruit Company S.A., the investments financed have contributed to the advancement of the sustainability of its operations, as evidenced by the following:
- The reduction of water consumption by 25%, thanks to the optimization of irrigation systems.
- 27% reduction in agrochemical use.
- Decrease in fertilizer use by 22%, contributing to the improvement of soil quality.
Implementation of green financing
The granting of this loan is part of a larger effort by Scotiabank Peru to incorporate sustainability criteria into its financing portfolio as part of its commitment to support our Peruvian clients in implementing their own sustainability objectives.
"Having Scotiabank's support in this financing operation has allowed us to move closer to the development of a more sustainable agricultural industry, respectful of the environment and committed to the objective of generating a positive and lasting impact and development in the Piura community, which is aligned with our objectives and values as a company and board of directors," commented Tomás Melej, CEO of Pura Fruit Company S.A.
"Scotiabank is a strategic financial partner of the agricultural sector in Peru. We are firmly committed to offering financial solutions that contribute to the growth of our customers and we are excited to be part of their productivity story and their efforts to implement responsible management," Carlos Correa, Vice-President of Commercial and Institutional Banking, Scotiabank Peru.
