CEDIAM (IFC-37932)

Countries
  • Mali
Where the impacts of the investment may be experienced.
Specific Location
Cediam’s project is located in the Sikasso region, southern Mali.
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
Proposed
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
Sep 30, 2017
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
CEDIAM
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 7.67 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 6.5m
Converted using 2017-08-25 exchange rate.
Project Cost (USD)
$ 15.35 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 13m
Converted using 2017-08-25 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 25, 2017

Disclosed by Bank Jul 20, 2017


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Project Description
The proposed investment consists of a Eur6.5 million senior secured loan to Centre d’Etude et de Développement Industriel et Agricole du Mali SA (“Cediam” or the “Company”), a multi-fruit processing company, operating in Yanfolila (southern Mali), established in 2011 and operating since 2012. Cediam sources mangoes from 2,000 smallholders for export as fresh mangoes as well as to produce mango concentrate and puree packed in drums and exported mainly to Europe and the Middle East, via Montecarlofruit, a Montecarlo-based company specialized in the distribution of fruits as well as products such as puree, concentrates and juices.The proposed financing may also be made available under the private sector window of the Global Agriculture and Food Security Program (“GAFSP”), a multilateral mechanism launched by the G20 with the purpose of scaling-up support to help less developed countries alleviate poverty and improve food security, a program implemented by IFC.The investment will help support the company’s expansion plan, which entails: (i) development of a 234 ha land parcel, under acquisition in the Yanfolila region, to produce its own mangoes, tomatoes and passion fruit; (ii) expansion of the storage warehouse at the existing processing facility in Yanfolila and construction of a fresh mango sorting and packing platform; (iii) acquisition of vehicles to expand the transportation fleet; and (iv) installation of a pouch-filling line for tomato concentrate targeting Mali and neighboring countries. This investment would help support Cediam’s vertical integration and diversification projects, aimed at securing fruit supply as well as diversifying its business through products that would ensure year-round operation of the company’s existing processing facility rather than limiting operations to mango processing only for 4 months of the year (April to July). As part of a future expansion project, Cediam plans to install a fruit juice production line using the company’s mango puree. However, this does not fall within the scope of IFC’s proposed investment.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
CEDIAM SA Mr. Andrea Soave CEO +223 20.22.08.35 / +33 607931839 direction@cediamsa.com Quartier du Fleuve Route de Farako, Place de la Nation 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/