Original disclosure @ MIGA website
Updated in EWS Dec 31, 2022
Disclosed by Bank May 13, 2021
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According to the Bank’s website, MIGA issued guarantees for US$34.1 million in total against the risks of Expropriation and Transfer Restriction to cover Turaco for its equity investments and shareholder loans into Health Care Food Manufacturers Share Company (HCFM) and ZAK Ethiopia Manufacturing and Trading PLC (ZAK).
The project involves supporting the existing operations of HCFM and ZAK, the scaling up and diversification of HCFM's operations through the expansion of its existing facilities both on refining capacity and on vertically integrating the business. Plans include the addition of a 300 tons per day (tpd) refining capacity, and the construction of a new solvent extraction plant with a 200 tpd oil seed extraction capacity in Ethiopia.
Both HCFM and ZAK are wholly owned by Turaco of Mauritius through its intermediate holding companies. HCFM manufactures and distributes edible sunflower oil, and soya bean oil at its processing facility in Addis Ababa under the brand name of 'Tena'. ZAK produces laundry soaps and detergents and personal care cleaning products including handwash and body soaps, under the brand names of '555' and the newly established 'Aura' and "Progard" brands.
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Turaco Head Office
10th Floor Noah Office Building
Addis Ababa, Ethiopia
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ACCOUNTABILITY MECHANISM OF IFC/MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org