Saint Lucia Algas Organics: Converting Sargassum into Biostimulant
The objective of this project is to co-finance the expansion of operations and sales of Algas Organics Limited, which has a proprietary innovative technology to convert sargassum seaweed into biofertilizers, thus reducing the proliferation and accumulation of sargassum on Caribbean beaches while promoting job creation, income generation and organic agricultural production for the buyers of the product. This project is part of IDB Lab's Blue Tech Caribbean Challenge.

Project Detail

Country

Regional

Project Number

RG-G1030

Approval Date

April 23, 2020

Project Status

Closed

Project Type

Investment Grants

Sector

PRIVATE FIRMS AND SME DEVELOPMENT

Subsector

SMALL AND MEDIUM ENTERPRISE

Lending Instrument

Instrumento del Fondo Multilateral de Inversiones

Lending Instrument Code

MIF

Modality

-

Facility Type

-

Environmental Classification

Likely to cause minimal or no negative environmental and associated social impacts

Total Cost

USD 400,000.00

Country Counterpart Financing

USD 200,000.00

Original Amount Approved

USD 200,000.00
Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
GRT/ME-17958-RG Non-Sovereign Guaranteed USD - United States Dollar Multilateral Investment Fund II (MIF) - Contingent Grant Financing
Operation Number GRT/ME-17958-RG
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - United States Dollar
  • Reporting Date:
  • Signed Date:
  • Fund: Multilateral Investment Fund II (MIF) -
  • Financial Instrument: Contingent Grant Financing