Fitesa Expansion The project consists of the installation and operation of: a) a new 20,000 thousand ton per year non-woven[1] production plant in Cosmópolis (São Paulo, Brazil); and b) a new 20,000 tons per year production line in a plant in San José de Iturbide (Guanajuato, Mexico). The plant in Cosmópolis will be the first one in South America to use renewable polypropylene (produced with sugar cane instead of hydrocarbons), thanks to its bi-component technology.The objective of the loan is to improve and increase the production capacity of Fitesa S.A. ("Fitesa") through its operating companies in Brazil and Mexico. As part of the project, the IIC will finance studies and the installation of solar panels at the Cosmópolis plant. The panels will provide 60% of the electrical energy the plant needs to operate. IIC’s long-term financing will match the lifecycle of the project’s assets and will thus further strengthen Fitesa’s financial structure.Fitesa is one of Brazil’s most diversified and internationalized companies, with production plants in South America, North America, Europe and Asia. Fitesa specializes in the production of nonwovens for hygiene products. Fitesa manufactures 30% of the hygienic nonwovens consumed in Brazil and 50% of the nonwovens consumed in Mexico.The total cost of the project is estimated at US$ 141,000,000. IIC's financing of US$ 60,750,000, from which US$40,750,000 will come from IDB group, and the remaining US$20,000,000 will come from the China Co-financing Fund for Latin America and the Caribbean. The financing will be divided into two tranches: a) US$ 35,720,000 to Fitesa Naotecidos S.A., for Fitesa’s operational entity in Brazil; and b) US$ 25,030,000 to Fitesanonwovens Mexico S.A. de C.V., the entity in Mexico. The loan will have an eight year tenor with up to two years of grace on principal payments.  (SEE ADDENDUM BELOW).==========================================================ADDENDUM:Changes made on April 24, 2017Expected Consideration Date by the Board: June 06, 2017Financing Requested:  US$64.750.000 divided into two tranches: 1) US$37.720.000 to Fitesa Naotecidos S.A.; and 2) US$27.030.000 to Fitesanonwovens Mexico S.A. de C.V.Scope Objective: The project consists of the installation and operation of: a) a new 20,000 thousand ton per year non-woven[1] production plant in Cosmópolis (São Paulo, Brazil); and b) a new 20,000 tons per year production line in a plant in San José de Iturbide (Guanajuato, Mexico). The plant in Cosmópolis will be the first one in South America to use renewable polypropylene (produced with sugar cane instead of hydrocarbons), thanks to its bi-component technology.The objective of the loan is to improve and increase the production capacity of Fitesa S.A. ("Fitesa") through its operating companies in Brazil and Mexico. As part of the project, the IIC will finance studies and the installation of solar panels (subject to study results) at the Cosmópolis and/or San José de Iturbide plant. The panels will provide approximately 13% and 5% respectively of the electrical energy consumed by each plant every year. IIC’s long-term financing will match the lifecycle of the project’s assets and will thus further strengthen Fitesa’s financial structure.Fitesa is one of Brazil’s most diversified and internationalized companies, with production plants in South America, North America, Europe and Asia. Fitesa specializes in the production of nonwovens for hygiene products. Fitesa manufactures 30% of the hygienic nonwovens consumed in Brazil and 50% of the nonwovens consumed in Mexico.The total cost of the project is estimated at US$141,000,000. IIC's financing of US$64,750,000, from which US$44,750,000 will come from IDB group, and the remaining US$20,000,000 will come from the China Co-financing Fund for Latin America and the Caribbean. The financing will be divided into two tranches: a) US$37,720,000 to Fitesa Naotecidos S.A., for Fitesa’s operational entity in Brazil; and b) US$27,030,000 to Fitesanonwovens Mexico S.A. de C.V., the entity in Mexico. The loan will have an eight year tenor with up to two years of grace on principal payments.[1] Textiles created by mechanical, thermal or chemical processes, but without being woven and without being necessary convert the fibers into threads. Its main uses are: (a) hygiene: diapers, sanitary napkins, other disposable items such as make-up wipes, hand towels, slippers, etc.; (b) medicine: hospital and surgical gowns, surgical drapes, surgical wraps (porosity allows sterilization), etc. The project consists of the installation and operation of: a) a new 20,000 thousand ton per year non-woven[1] production plant in Cosmópolis (São Paulo, Brazil); and b) a new 20,000 tons per year production line in a plant in San José de Iturbide (Guanajuato, Mexico). The plant in Cosmópolis will be the first one in South America to use renewable polypropylene (produced with sugar cane instead of hydrocarbons), thanks to its bi-component technology.The objective of the loan is to improve and increase the production capacity of Fitesa S.A. ("Fitesa") through its operating companies in Brazil and Mexico. As part of the project, the IIC will finance studies and the installation of solar panels at the Cosmópolis plant. The panels will provide 60% of the electrical energy the plant needs to operate. IIC’s long-term financing will match the lifecycle of the project’s assets and will thus further strengthen Fitesa’s financial structure.Fitesa is one of Brazil’s most diversified and internationalized companies, with production plants in South America, North America, Europe and Asia. Fitesa specializes in the production of nonwovens for hygiene products. Fitesa manufactures 30% of the hygienic nonwovens consumed in Brazil and 50% of the nonwovens consumed in Mexico.The total cost of the project is estimated at US$ 141,000,000. IIC's financing of US$ 60,750,000, from which US$40,750,000 will come from IDB group, and the remaining US$20,000,000 will come from the China Co-financing Fund for Latin America and the Caribbean. The financing will be divided into two tranches: a) US$ 35,720,000 to Fitesa Naotecidos S.A., for Fitesa’s operational entity in Brazil; and b) US$ 25,030,000 to Fitesanonwovens Mexico S.A. de C.V., the entity in Mexico. The loan will have an eight year tenor with up to two years of grace on principal payments.  (SEE ADDENDUM BELOW).==========================================================ADDENDUM:Changes made on April 24, 2017Expected Consideration Date by the Board: June 06, 2017Financing Requested:  US$64.750.000 divided into two tranches: 1) US$37.720.000 to Fitesa Naotecidos S.A.; and 2) US$27.030.000 to Fitesanonwovens Mexico S.A. de C.V.Scope Objective: The project consists of the installation and operation of: a) a new 20,000 thousand ton per year non-woven[1] production plant in Cosmópolis (São Paulo, Brazil); and b) a new 20,000 tons per year production line in a plant in San José de Iturbide (Guanajuato, Mexico). The plant in Cosmópolis will be the first one in South America to use renewable polypropylene (produced with sugar cane instead of hydrocarbons), thanks to its bi-component technology.The objective of the loan is to improve and increase the production capacity of Fitesa S.A. ("Fitesa") through its operating companies in Brazil and Mexico. As part of the project, the IIC will finance studies and the installation of solar panels (subject to study results) at the Cosmópolis and/or San José de Iturbide plant. The panels will provide approximately 13% and 5% respectively of the electrical energy consumed by each plant every year. IIC’s long-term financing will match the lifecycle of the project’s assets and will thus further strengthen Fitesa’s financial structure.Fitesa is one of Brazil’s most diversified and internationalized companies, with production plants in South America, North America, Europe and Asia. Fitesa specializes in the production of nonwovens for hygiene products. Fitesa manufactures 30% of the hygienic nonwovens consumed in Brazil and 50% of the nonwovens consumed in Mexico.The total cost of the project is estimated at US$141,000,000. IIC's financing of US$64,750,000, from which US$44,750,000 will come from IDB group, and the remaining US$20,000,000 will come from the China Co-financing Fund for Latin America and the Caribbean. The financing will be divided into two tranches: a) US$37,720,000 to Fitesa Naotecidos S.A., for Fitesa’s operational entity in Brazil; and b) US$27,030,000 to Fitesanonwovens Mexico S.A. de C.V., the entity in Mexico. The loan will have an eight year tenor with up to two years of grace on principal payments.[1] Textiles created by mechanical, thermal or chemical processes, but without being woven and without being necessary convert the fibers into threads. Its main uses are: (a) hygiene: diapers, sanitary napkins, other disposable items such as make-up wipes, hand towels, slippers, etc.; (b) medicine: hospital and surgical gowns, surgical drapes, surgical wraps (porosity allows sterilization), etc.