Sonoco (IFC-40276)

Countries
  • Guinea
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
SONOCO SA
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 25.00 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)
$ 35.00 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 Mar 26, 2019

Disclosed by Bank Mar 13, 2019


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Project Description

The proposed investment is a US$[25] mn senior corporate A loan to Société Nouvelle de Commerce (Sonoco or the Company), a Guinean diversified family business group, to support its expansion. The proposed financing would be used to invest in: (i) a 30k MT wheat storage facility to be located in the port of Conakry; and (ii) the construction of a greenfield food processing unit (seasoning cubes). The total Project cost is estimated at US$[35] mn. Apart from this project, Sonoco has a functioning flour mill, and it is currently building a beverage processing plant, an office building, and a metal processing plant. The storage facility will be located on a 0.5 ha land under a 25-year renewable lease owned by the Port Authorities; and the food processing unit will be located on a portion of a 20-ha land under a 75-year lease owned by the Government of Guinea in the industrial zone of Conakry (‘’Commune de Ratomba’’), next to the flour mill. Under the latter lease agreement, the Company will be able to buy the land from the Government as soon as the seasoning cube processing unit is built. During operations, the storage facility will employ 5-10 workers, and the processing unit will employ 30-50 workers.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • Société Nouvelle de Commerce -- Implementing Company
Contact Information

No contact information provided at the time of disclosure

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/