IWS Smart Farm (MIGA-14953)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Kyrgyzstan
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bishkek, Jer-Kazar
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 27, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
In Water Solution, Inc.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 3.87 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ MIGA website

Updated in EWS Jul 26, 2023

Disclosed by Bank May 27, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated on the project disclosure page, on June 16, 2023, MIGA issued guarantees to Agricultural Corporation In Water Solution, Inc. (IWS Korea) of the Republic of Korea for its US$3.87 million shareholder loans to its wholly owned subsidiary In Water Solution Agro LLC of the Kyrgyz Republic (IWS Agro) against the risk of Transfer Restriction and Currency Inconvertibility for a period of up to 6 years.

The project consists of construction and operation of a 10-hectare smart farm located approximately 10km northeast of Bishkek, which contains hydroponic greenhouses with an automated system that comprehensively controls the growing environment for vegetables and flowers (the Project). Dohwa Engineering Co., Ltd., a leading engineering company in Korea, acted as the key sponsor for the Project by making an equity investment into IWS Korea which was then invested as shareholder loans into IWS Agro to implement the Project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the companies' websites:

DOHWA Engineering is a multi-disciplinary engineering consulting firm South Korea.

“In Water Solution, Inc.“ is, as an agricultural corporation, a subsidiary of SKK (Sungkyunkwan) University Technology Holdings under SAMSUNG Group Foundation and a startup enterprise specializing in eco-friendly agriculture and livestock smart-farm solutions based on the 4th industrial revolution (4IR) with combination of key factors i.e. Water-Energy-Agriculture. We, IWS, are pursuing an Industrial and Academic collaboration business model creating sustainable shared values by building an optimized and localized platform of smart-farm technology in Kyrgyzstan and other CIS countries.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Dohwa Engineering Investor Infrastructure invests in In Water Solutions Inc. Client Agriculture and Forestry

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - In Water Solution Agro LLC:

Ji Hoon Kim
Address: 1/6 Sydykova Street, Dzher Kazar Village, Issyk-Ata District, Chuy Province, Kyrgyz Republic
Email: jjtt23@naver.com / iws@inwater.com
Phone: +996 500 007 604 (KG), +82 10 4903 7604 (KR)
Website: http://www.inwaters.com/eng/main

Investor - Dohwa Engineering:

Address: 438, Samseong-ro, Gangnam-gu, Seoul (06178)
Phone: +82 2-6323-3000
Fax: +82 2-553-8021
Website: https://www.dohwa.co.kr/main

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org

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

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How it works