FCS RE Madagascar Foods (IFC-38491)

Countries
  • Madagascar
Where the impacts of the investment may be experienced.
Specific Location
Antananarivo
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
Apr 30, 2018
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
HABIBO INDUSTRIES
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 Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 7.50 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)
$ 27.60 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 Mar 21, 2019

Disclosed by Bank Mar 23, 2018


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Project Description

The project consists of the development of an industrial complex to produce various fast-moving consumers goods (pasta, milk, fruit juices, etc.) in Antananarivo, the Capital city of Madagascar (“the Project”) .

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Habibo Group is a family owned trading company founded in 1936 in by Habib Karmaly. The Group is currently owned and managed by Malik Karmaly, the grandson of the founder.

Contact Information

Habibo Group 
Malik Karmaly 
Group’s Owner 
+261322700001 
malik@habibo.mg  
Tanjombato- Antananarivo- Madagascar 
www.habibo.mg  

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/