Press Release

To bolster the circular economy in Latin America and the Caribbean, the International Finance Corporation (IFC) announced an initial investment of US$2 million in ProNuvo, a Costa Rica-based company specializing in the sustainable production of insect-based animal feed.

The IFC financing, part of the institution’s upstream activities, will enable ProNuvo to complete the construction of a 4,000 MT/year industrial insect feed plant in the district of Guápiles. Additionally, IFC will provide support to accelerate the global expansion of the nascent insect protein industry, a rapidly emerging field driven by a market opportunity of US$11 billion for aquaculture feed and the pet food market.

BLP advised IFC as local counsel on all matters concerning the financing, including due diligence, regulatory issues, review of all financing documents, and closing matters.