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

  • Senegal
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
Bank Risk Rating
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.
The holder of the loan, grant, or other investment.
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 4.80 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)
$ 5.97 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 May 3, 2017

Disclosed by Bank Mar 24, 2017

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Project 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
  • International Finance Corporation (IFC)
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
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