Wadi IV (IFC-39716)

Countries
  • Egypt
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
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
WADI HOLDINGS SAE
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)
$ 22.00 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)
$ 31.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 29, 2017

Disclosed by Bank Aug 25, 2017


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Project Description
IFC’s investment is a corporate A loan in the amount of USD22 million to Wadi and Fifty Four Holding. The proposed Project consists of (i) the establishment of new poultry grandparent and parent breeder sites in Toushka in southern Egypt, to increase capacity in line with Wadi’s growing poultry market position in Egypt, and to improve bio-security measures for the flocks. Wadi will also relocate its existing farms to the new farms in Toushka; (ii) expanding Wadi’s growers’ hypermarket concept and relocating Wadi’s food processing plant from Sadat City to a new, larger plant in KM54 on the Cairo-Alexandria Desert Road; (iii) refinancing some of Wadi’s short term local-currency debt; and (iv) restructuring the corporate organization of Wadi and Fifty Four Holding, and clearing some of the inter-company debt.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Wadi Holdings SAE Mr. Ramy Youssef Chief Financial Officer +20 2 3827 8203 ramy.youssef@wadigroup.com.eg Capital Business Park, 26th of July Corridor Sheikh Zayed, 6th October City, Building B1, Giza, Egypt www.wadigroup.com 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/