Societe Industrielle Agro-Alimentaire S.A (IFC-39269)

Countries
  • Senegal
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
Active
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
SOCIETE INDUSTRIELLE AGRO-ALIMENTAIRE S.A
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 4.80 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)
$ 5.97 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 3, 2017

Disclosed by Bank Mar 24, 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.
The proposed investment is an A loan of up to €4.5 million to support a €5.6 million modernization project of SIAGRO S.A. (the “Company” or “Kirene”), an existing IFC client (# 33844) that is a still beverage (mineral water, fruit juice, UHT milk) company in Senegal. Kirene’s investment plans include (i) equipment for waste water treatment and water quality; (ii) Enterprise Resource Planning system; (iii) expansion of warehousing; (iv) automation program for product packaging; and; (v) facilities/infrastructure upgrade (“the Project”). The former project #33844 included production and warehouse expansion capacity. This is a repeat investment. The project is located in a rural area in modified habitat. The land used (7 ha) for the plant facility and associated buildings (e.g. warehouse, parking, wastewater treatment plant) was leased from the Diass Rural Community.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
SIAGRO main shareholders include Mr. Mohamed Fares, Mr. Muhyedine Fares, Mr. Hassan Fares. The total Project cost is estimated at EUR5.6 million. IFC’s proposed financing is an A loan of up to EUR3.0 million for IFC’s own account and an A loan of up to EUR1.5 million in its capacity as Implementing Entity of the Private Sector Window of the Global Agriculture and Food Security Program (“GAFSP”).

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 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/

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