Malawi Mangoes (IFC-34816)

Countries
  • Malawi
Geographic location where the impacts of the investment may be experienced.
Specific Location
Salima
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
  • International Finance Corporation (IFC)
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 13, 2014
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
MALAWI MANGOES (Mauritius) LIMITED
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)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 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 @ IFC website

Updated in EWS Jan 21, 2019

Disclosed by Bank May 12, 2014

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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.

According to bank documents, the proposed investment consists of a senior secured US$10.0 million loan in Malawi Mangoes (Mauritius) Limited. Malawi Mangoes was established in 2009 with processing operations based in the Salima District of Malawi. Malawi Mangoes produces and markets mango and banana not from concentrate (NFC) fruit puree and fresh fruits primarily for export markets in Africa, the Middle East and Europe via its wholly-owned Malawian subsidiary, MM Operations Limited. 
The proposed financing package will be supported by the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP).

Malawi Mangoes presently owns two farms with total land at 426 hectares as well as a multi-fruit processing facility built and commissioned in December 2013 with currently installed capacity of 31 metric tons of NFC production per day. Malawi Mangoes is seeking to transition into its next stage of growth by adding production capacity. The plan is focused on realizing the potential of its existing mango and banana farms and its 4,000 outgrowers and expanding its primary production at the proposed Nyu Nyu Farm and processing capacity.

Malawi Mangoes’ main operation is located in the Salima District of Malawi, which consists of two farms (Matumba – 126ha and Dzuwa- 300ha) totalling 426 hectares of land and a state-of-the-art fruit processing plant. A new proposed farm, Nyu Nyu, estimated at 1500-2000 hectares, is also planned in the Salima District.

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.

Malawi Mangoes is majority owned by BXR Group, an international private investment group based in Amsterdam. BXR Group has a 17 year track record across multiple sectors including natural resources, real estate, transport, education, healthcare and agriculture, where BXR Agro has been established to create efficient operations of scale through the introduction of modern farming techniques, land development and soil correction in a way which is sustainable and sensitive to the needs of local communities. Malawi Mangoes is one of four current investments in BXR Agro’s growing portfolio. The second largest shareholder is Mr. Stewart Newton a well-known fund manager and philanthropist and he is the Chairman of Veritas Investment Management LLP. The remaining shares are owned by other individual shareholders and management.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Malawi Mangoes (Mauritius) Limited Client -

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.

Mr. Tanek Amin
Chief Financial Officer
Malawi Mangoes (Mauritius) Ltd.
+265-01-770-396
E-mail: mailto:tanek@malawimangoes.com
http://www.malawimangoes.com

ACCOUNTABILITY MECHANISM OF IFC

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