NeltGroup Africa (IFC-38301)

  • Africa
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Apr 6, 2017
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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 12.00 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.
Project Cost (USD)
$ 48.00 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 Nov 28, 2017

Disclosed by Bank Mar 3, 2017

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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.
Nelt Co. Serbia (the \x93Controlling Shareholder\x94) is a Serbia-based leading distribution and logistics services provider with operations in Serbia and recently Africa. It is part of the broader Nelt group of companies (\x93Nelt Group\x94) with operations in Serbia, Bosnia and Herzegovina, Montenegro, and Macedonia. Through Nelt Africa, its Africa division, the Controlling Shareholder currently operates in Angola, Mozambique and Zambia (the \x93Countries\x94). The company provides services to global brands (such as Procter & Gamble, Nestle, Wrigley, United Spirits Limited, Whirlpool, Tiger) to help deliver their products to formal and informal retailers across the Lusophone countries. This is a proposed equity investment of approximately US$[12] million in the Holding Company (\x93Holdco\x94), a new company to be formed by the Controlling Shareholder for the purposes of (i) acquiring the Controlling Shareholder\x92s operations in the countries and (ii) supporting the Holdco proposed expansion program in the countries (the \x93project\x94). The cost of the expansion plan is estimated at US[48] million. MIGA is considering to provide insurance cover against the risk of currency Transfer Restriction (including inconvertibility) to Nelt Serbia for a period of up to [10] years for its existing and new investments assigned to the Holdco. MIGA is considering cover for an amount equal toapproximatelyUS$[27] million for Angola,approximatelyUS$[10.5] million for Zambia, andapproximatelyUS$[10] million for Mozambique. Typically, Nelt Africa\x92s current operational footprint in the countries includes warehouses (some including a room cooled at 20 C), and offices. Nelt Africa in Angola includes a garage. Currently Nelt Africa is operating on leased lands in well-developed industrial zones in the 3 countries. It plans to acquire or lease land lots in the targeted countries to build or lease warehouses and office spaces. Accordingly, in Angola, Nelt Africa has already acquired a 4-ha land lot via a willing buyer/willing seller transaction. The site islocated in an industrial zone in the suburb of Luanda, in modified habitat.
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.
Nelt Zambia Mr.Kohan Morina Mwembeshi Road PLOT NO – 12592 B/C Post Net Box 685 Manda Hill 10101 Lusaka, Zambia Tel and fax: 260-211-244-551 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 You can learn more about the CAO and how to file a complaint at

How it works

How it works