IDB Invest, a member of the Inter-American Development Bank Group, is partnering with Barbancourt to boost sustainable rum production for the benefit of 3,000 sugar cane farmers in Haiti with $5 million in funding.
Société du Rhum Barbancourt SA will receive funding of up to US$5 million from BID Investa member of the Inter-American Development Bank Group which 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.
Haiti’s iconic rum producer for 163 years will also benefit from a loan that also includes a guarantee of up to US$2.1 million from the Finland-LAC Mixed Finance Climate Fund to promote access to climate finance for businesses in Haiti. “We welcome the opportunity to partner with Barbancourt to boost Haiti’s sustainable production and climate change mitigation in the Caribbean”said Aitor Ezcurra, investment director (ai) of BID Invest.
According to an IDB press release, the project consists of a solar energy project aimed at generating electricity to cover its energy needs – replacing existing diesel generators – and building a recycling facility to reduce the consumption of bottles . This will allow Barbancourt to reduce its emissions by around 45,000 tonnes 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 agricultural and manufacturing practices that ensure a cleaner environment and more authentic organic products. The IDB Invest loan will enable us to reduce our carbon footprint while creating jobs and improving the livelihoods of thousands of sugarcane farmers.”said Delphine Gardere, CEO of the Barbancourt rum company.
The project will also benefit more than 3,000 small and medium-sized sugar cane producers in Haiti who supply sugar cane to Barbancourt and is expected to create 60 direct jobs and 150 jobs in recycling facilities. Additionally, BID Invest will provide advisory services to develop a sustainable and inclusive supply chain that will strengthen environmental, social and governance practices.
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