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
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