Wadi IV (IFC-39716)

Countries
  • Egypt
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
Proposed
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."
Voting Date
Sep 30, 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.
Borrower
WADI HOLDINGS SAE
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 Amount (USD)
$ 22.00 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)
$ 31.00 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 Aug 29, 2017

Disclosed by Bank Aug 25, 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.
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
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.
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/

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