The loan, which has a 10-year term, will support TÍA's plan to offer its customers an easy way to purchase a basic food basket at a low price and enjoy on-going discounts through the opening of approximately 100 new stores over the next few years. Many of them will be located in neglected areas with no access to these types of products and where the local population belongs to the low and lower-middle-income sectors. Part of the allocated funds will be used for advances to small and medium-sized enterprises (SMEs), which have been supported during their growth through business roundtables, turning them into key suppliers. The operation will potentially contribute to three Sustainable Development Goals by the United Nations: Decent work and economic growth (SDG 8), Industry, innovation, and infrastructure (SDG 9), and Sustainable consumption and production (SDG 12). In addition, IDB Invest will provide technical assistance to identify business opportunities that create shared value in the supply chain, especially those related to increasing the number of diverse suppliers (SMEs owned by women, people of African descent, indigenous peoples, and people with disabilities) and sustainable production solutions. Furthermore, Tía remains committed to continue working with the community; in projects and initiatives that contribute to social development, quality education, infrastructure and environmental improvement programs, and social volunteer programs. IDB Invest reinforces its support to the food industry through this project. The COVID-19 crisis has triggered serious food safety challenges, including the ability to maintain production, ensure a proportionate distribution of products and their proper treatment in facilities, all under the highest safety and quality conditions. The continuous support to this sector is a priority for countries to strengthen their response to the pandemic. About IDB Invest. IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable businesses and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of US$12.08 billion in asset management and 333 clients in 24 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. About Tiendas Industriales Asociadas TÍA S.A. With 60 years of experience, Tía is an Ecuadorian company providing innovative product offerings and promotions tailored to the average Ecuadorian family. As the retailer with the largest national coverage and more than 8,000 workers and associates; it has 229 stores in 22 of the 24 provinces of the country. TÍA has a loyalty program with more than 3 million cardholders and a radio (radioTIA) as one of its main channels of communication with customers nationwide.