Vinavil Egypt (IFC-40047)

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.
Borrower
VINAVIL EGYPT FOR CHEMICALS SAE
The holder of the loan, grant, or other investment.
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, converted to USD$. 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


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Project 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
  • International Finance Corporation (IFC)
Contact Information
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/