Silverlands Vineyards (Pty) Ltd. (MIGA-3510)

Countries
  • Namibia
Geographic location where the impacts of the investment may be experienced.
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
Proposed
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."
Borrower
Overseas Private Investment Corporation (OPIC)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 19.70 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 Sep 23, 2017

Disclosed by Bank Aug 31, 2016

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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.
This summary covers MIGA's proposed reinsurance of the Overseas Private Investment Corporation's (OPIC) proposed coverage to SilverStreet Private Equity Strategies Soparfi S.à r.l., an agricultural fund focused on investing in sub-Saharan Africa. The investor has applied for reinsurance for its investment in SilverStreet's in Silverlands Vineyards (Pty) Ltd. (SVL). OPIC has requested reinsurance of up to $19.7 million for a period of up to 10 years against the risks of transfer restriction, expropriation, and war and civil disturbance. SVL was established in April 2015, to acquire, develop and manage 198 hectares of existing table grape vineyards at Riverside farm (formerly Nivex) and Lakeside farm (formerly Nagrapex) and up to an additional 177 ha of development land at Hillside farm (formerly Golf), which together comprise the SVL Project. The SVL Project is located in Aussenkehr, Namibia, on the Orange River along the Namibian-South African border, approximately 645 km to the South East of Windhoek. The table grapes are designated for the export market. The existing vineyards include equipment and infrastructure, management housing, good access and connection to the national electricity grid (as well as supported by a small solar power project dedicated to the Project), while the development land comes with adequate water rights to expand the total area of vineyards to approximately 375 hectares over time. The project's main development objective is to support agricultural development by expanding land resources under cultivation and increasing yields. The project is expected to benefit the local economy through job creation and opportunities for increased participation of local actors in the supply chain. The project will also improve farming technologies and contribute to skills development.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

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.
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/

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