Start of main content

Posted on April 18, 2024 | Updated at 10AM

FinDev Canada to provide a US$ 15M loan to Surpapel to support sustainable manufacturing in Ecuador

Surpapel team photo

Montreal (Quebec), 18 April 2024 – Canada’s bilateral Development Finance Institution, FinDev Canada, approved a US$ 15 million blended finance loan to Surpapel Group - which operates one of the largest paper mills and cardboard box plants in Ecuador – to support the increase of its production capacity while reducing its carbon footprint.

The loan will be provided to two of the Surpapel Group subsidiaries: Surpapelcorp, a manufacturer of paper from recycled raw materials, and Procarsa, a cardboard box manufacturer. Of the senior secured loan amount, US$ 12M will be funded directly by FinDev Canada, and US$ 3M will be funded by the 2X Canada Facility, a blended finance facility led by FinDev Canada, and funded by the Government of Canada through Global Affairs Canada. 

With this blended finance loan, FinDev Canada joins an existing syndicated loan facility of US $82.5M led by Cordiant Capital and including Trilinc Global, Finnfund, BIO and IFU, thereby increasing the total facility amount to $97.5M.

Surpapel’s evolution over the last decade has seen the company shift from being a traditional cardboard producer to become a vertically integrated leader in sustainable cardboard manufacturing, with its own paper mill and units for collecting paper waste. The group actively contributes to the development of the recycling industry and to the circular economy in Ecuador.

This financing will allow Surpapel to implement a range of maintenance and energy efficiency measures, thereby increasing local paper waste collection while reducing its carbon footprint. 

“We are delighted to work with Surpapel Group whose commitment to sustainability, notably its use of recycled raw materials and efforts to minimize water and chemical waste, has enhanced its operational efficiency,” Paulo Martelli, VP and Chief Investment Officer of FinDev Canada declares.

“This transaction offers an excellent opportunity for FinDev Canada to support sustainable business practices that contribute to climate action efforts in the region, while also advancing our goals of market development and gender equality,” says Mr. Martelli.

“Packaging is an extremely male-dominated industry, especially in Ecuador. Although our board and administration have high rates of female participation, our work with FinDev Canada and the 2X Challenge helped us to discover how to become more proactive in becoming more inclusive in our hiring decisions for production employees. As such, we have significantly increased female participation in production between January 2023 and April 2024,” declares Antonia Patino, board director of the Surpapel Group and VP of Procarsa. 

Surpapel Group has significantly contributed to the formalization of the work of informal recyclers in Ecuador by organizing and training them. One of its subsidiaries, Repapers, collects cardboard from more than 2,000 informal recyclers, which is then used by Surpapelcorp to produce recycled cardboard. 

While the Ecuadorian pulp and paper industry is largely dominated by men, Surpapel Group is challenging the status quo by increasing women’s representation, including at the board level. This transaction is aligned with the 2X Challenge under the leadership criterion

About the 2X Challenge

The 2X Challenge was launched in 2018 by the development finance institutions (DFIs) from the G7 as a call to action to shift more capital towards investments that empower women in developing countries, so that they can access entrepreneurship and leadership opportunities, quality jobs, and products and services that enhance their economic participation.  More information about the 2X Challenge can be found here:

About 2X Canada: Inclusive Economic Recovery

2X Canada is a CAN $ 75.9M blended finance facility led by FinDev Canada and funded by the Government of Canada through Global Affairs Canada. It aims to enhance the resilience and socioeconomic well-being of low-income, underserved, and marginalized populations, particularly women and girls. The facility adopts a whole-of-Canada approach to help address COVID-19 economic recovery in ODA-eligible countries, and to support investments that drive positive impact on women’s economic empowerment in Sub-Saharan Africa, Latin America and the Caribbean. 

About FinDev Canada      

FinDev Canada is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and knowledge, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and the Paris Agreement commitments. FinDev Canada is a wholly owned subsidiary of Export Development Canada (EDC). Find out more about FinDev Canada at   


About Surpapel Group

The Surpapel Group is comprised of Productora Cartonera SA (Procarsa), Surpapelcorp, and Repapers Reciclaje Nacional del Ecuador (Repapers). With a 23% market share, Surpapel is a preeminent sustainable manufacturer of paper and cardboard boxes in Ecuador. The group is a key partner of the Ecuadorian government’s National Strategy and Action Plan for the Circular Economy Transition. 

About Repapers

The recycling branch of the group, Repapers, focuses on collecting old boxes (OCC) and box plant waste (DLK) from base recyclers throughout the country in order to supply the raw material to the group’s paper mill (Surpapelcorp).

About Surpapelcorp 

Surpapelcorp is specialized in the manufacture of paper using 100% recycled raw materials. It owns the group’s paper mill, which is the second-largest paper mill in Ecuador, and produces recycled corrugated paper, primarily dedicated to sister company Procarsa’s production needs. 


About Procarsa

Founded in 1965, Procarsa is specialized in the manufacture of cardboard boxes. The plant produces corrugated boxes made from 70% recycled fiber which it sells to the country’s main commodity exporters (mainly to the banana, fish, and flower sectors). 

The Surpapel Group has aligned with several key environmental initiatives including the UN Global Compact and Ecuador’s Carbon Zero program.


Media Contact

FinDev Canada

Florence Reinson        

Senior External Communications and Media Advisor