Vinavil Egypt (IFC-40047)

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."
Borrower
VINAVIL EGYPT FOR CHEMICALS SAE
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 15.00 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 Nov 30, 2017

Disclosed by Bank Nov 15, 2017

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.
Vinavil Egypt (“Vinavil” or “the company” - http://www.vinavil.com/eg/ ) is a leading manufacturer of industrial chemicals used in paints, adhesives and other special materials for construction industry. The company is part of the “Mapei Group”, (“Mapei Group” or the “Group”) - a vertically-integrated group of emulsion and polymer manufacturing, marketing and sales companies operating in more than 50 countries worldwide. Vinavil’s current product portfolio constitutes Polyvinyl Acetate (PVA) and grinding additives. The proposed investment includes USD 15 million Straight Senior Loan to Vinavil for the expansion of its emulsions and polymer production business by diversifying production portfolio with Polystrene Acetate (PSA). Vinavil’s investment plan include: (i) construction of storage tanks (ii) new PSA production line inside the already existing production hall (the “project”). The company was established in 2001 as an Egyptian branch of Italian Vinavil SPA. The plant is located in the industrial zone in Attaqa Industrial zone-Suez. The expansion plant will be built on a footprint of 5,550 m 2 on the existing plant. Construction for this new greenfield development started in 2017 and is expected to conclude in late 2018.
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.
Contact Person: Mr. Patrizio Stecconi Company Name: Vinavil Egypt Address: Attaqa Industrial Area, Pieces 175, P.O. Box 158 - Suez Email: p.stecconi@vinavil.it Phone: +206-232-30501 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/

How it works

How it works