Souff. Ethiopia (IFC-40331)

Countries
  • Ethiopia
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
Apr 30, 2019
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
SOUFFLET MALT ETHIOPIA PLC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 22.62 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.
Currency conversion note:
Bank reported EUR 20m
Converted using 2019-03-26 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 26, 2019

Disclosed by Bank Mar 12, 2019

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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.

The proposed investment consists of a EUR 20 million financing to Soufflet Malting Ethiopia PLC (“Soufflet Ethiopia” or the “Company”), a 100% subsidiary of Soufflet. The project will directly support the Group’s strategy in Africa to build and operate a malting facility in Ethiopia with a total output capacity of 110K tpa (the “Project”).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Soufflet is a French family-owned agri-food group of international scope with a presence in 19 countries. It operates in the barley, wheat and rice and pulses sectors and advises and provides support for wine growers. The group is the leading family-owned direct buyer of cereals in Europe, and also operates in the international cereal markets through its subsidiary Soufflet Négoce. In the barley sector, it is one of the world’s top malt producers, with a presence in Europe, Asia, and South America. In wheat, it is one of Europe’s leading millers and an expert in developing tailor-made ingredients. The Group also develops and manufactures enzymes and yeasts and is a significant player in the bakery food industry in France and Portugal, and is also active in the fast food sector. The Soufflet Group invests in research and innovation to enhance the value of agricultural resources.


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.

Malteries Soufflet 
Jean-Francois Fevre 
Overseas Countries Manager - Malting 
+ 33 (0) 3 25 39 41 11 
communication@soufflet.com 
Ets J. Soufflet Quai Sarrail - 10402 Nogent sur Seine, France 
https://www.soufflet.com/en

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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