Raisin Processing in Afganistan (MIGA-15143)

Countries
  • Afghanistan
Where the impacts of the investment may be experienced.
Specific Location
Kabul
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
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 11, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Rikweda Trading DMCC, Mr. Mase Rikweda Mr. Sulayman Rikweda
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
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, etc.
Investment Amount (USD)
$ 7.52 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Oct 30, 2019

Disclosed by Bank Mar 12, 2019


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Project Description

According to the bank website, "MIGA issued guarantees of $7.52 million in total to cover: (i) an equity investment from Rikweda Trading DMCC of the United Arab Emirates (UAE) of up to $5.15 million on June 25, 2018 for 10 years; and (ii) a loan guarantee from Mr. Mase Rikweda of the United Kingdom of up to $2.38 million on March 20, 2019 for 5 years against the risks of war and civil disturbance.

The greenfield project involves the establishment and operation of a raisin producing and processing plant, namely Afghan Process Company, located in Kabul, Afghanistan. The plant will have a 15,000 tons per annum processing capacity. The project will directly procure raisins from approximately 3,000 smallholder farmers and middlemen, and the processed raisins will be exported to Eastern Europe and Central Asia. Afghan Process Company was formed in 2014 to specialize in the agricultural and horticultural development of Afghanistan's raisin production and processing sector."

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors
  • Rikweda Trading DMCC -- Implementing Company
Contact Information

No contact information provided at the time of disclosure.

ACCOUNTABILITY MECHANISM OF 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/