MENA Hygienic Holding Group (IFC-35953)

Countries
  • Jordan
Where the impacts of the investment may be experienced.
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
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
May 26, 2016
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
Nuqul Grooup
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
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, etc.
Investment Amount (USD)
$ 35.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 218.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 23, 2017

Disclosed by Bank Mar 15, 2016


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Project Description
With its head office in Amman, Jordan, the MENA Hygienic Holding Group ("Nuqul" or the "Company") is a regional manufacturing group primarily involved in the production of jumbo tissue rolls and their subsequent conversion into paper-based hygienic products such as facial tissues and diapers. It consists of 16 companies with production facilities in 5 countries across the MENA region. These production facilities (plants) are located in Egypt, Jordan, KSA, UAE, and Morocco. The proposed project consists primarily of the establishment of a new paper mill in Abu Dhabi, United Arab Emirates (UAE), (Paper Mill #5 or "PM5"). PM5 is expected to enter into operation by mid-2017. Total project cost is estimated at approximately US$218 million. The proposed IFC investment is a US$35 million A Loan for IFC's own account, which will be structured as an 8-year amortizing corporate loan. Nuqul is an existing IFC client (since 1990). For the current investment, IFC monitors its environmental, social and health and safety (ESHS) performance and founds it to be satisfactory. For some existing gaps (in stack emissions and workplace conditions), Nuqul has provided a corrective action plan in alignment with WBG General EHS guidelines and WBG Guidelines for Pulp and Paper Mills. More detailed information is presented in the paragraphs that follow.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Company Contact Information Ma’an Karadsheh, Head Of Treasury Address: P.O. Box 154 Amman 11118 Jordan Amman/Jordan e-mail: mailto:mkaradsheh@nuqulgroup.com Tel: + 962 6 4652688 Fax: + 962 6 4645669 Accountability Mechanism of the 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/