The Department of Chocó stands out as the most affected region in Colombia in terms of monetary and extreme poverty rates and presents multiple problems, which are prevalent in other regions of Colombia but have been acute in this Department such as: (i) Rampant corruption; (ii) Poor infrastructure; (iv) Safety issues due to the active presence of illegal armed groups; and (v) Lack of legal working opportunities, etc. Espiga del Atrato will set itself to tackle this problem by revamping the cultivation of rice in the region of Medio Atrato.
The new company, Espiga del Atrato SAS, will set itself to tackle this problem by revamping the cultivation of organic rice in the region of Medio Atrato. Rice is ranked second as the crop with more area planted in the department of Chocó, presenting an opportunity for the Company to develop a profitable activity within the region and at the same time provide smallholder farmers (“SHFs”) with access to market and fair prices for their product.
Acumen invested in Espiga del Atrato due to the company’s potential to increase SHFs incomes in one of the poorest regions of Colombia, producing high-quality organic rice for local consumption. This investment will be used mostly for working capital needs (purchasing of rice during the main harvest over the first two years of operation) and to make some improvements to the production plant and to purchase some office equipment.
