FCS RE-Biovanilla (IFC-41632)

Countries
  • Madagascar
Where the impacts of the investment may be experienced.
Specific Location
Sambava and Ambanja, Diana region
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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.
Voting Date
Jul 25, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
BIOVANILLA
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)
$ 15.75 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 13, 2019

Disclosed by Bank May 21, 2019


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Project Description

According to bank documents, the Project objective is to provide an export pre-financing facility to BIOVANILLA SARLU for the purchasing and processing of vanilla beans for exports to international offtakers.

The proposed investment is an up to US$ 15.75 mn loan to Biovanilla for a short-term (1 year renewable twice) export pre-financing backed by vanilla offtake contracts with reputable offtakers. Funds will be used to purchase and process vanilla. To ensure sustainability and traceability of its supply, Biovanilla is supporting the Exotic Cooperative, which is Rainforest Alliance certified. The Cooperative provides c. 40% of Biovanilla’s supply and includes about 2,300 vanilla producers spread in agricultural areas in 58 villages, around Sambava in north-east Madagascar. The rest of the supply comes from collectors in the same area.

Investment Description
  • International Finance Corporation (IFC)

IFC, acting for its own account and in its capacity as implementing entity of the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP), is considering investing up to $15.75m in a 3-year short-term export pre-financing facility with annual clean up.

Private Actors

Biovanilla is a company founded in 2017 and owned by Mr. Eric Sinikely Patine. Biovanilla has developed a diversified network of offtakers and is an important player in in the vanilla sector in the Sava region.

Contact Information

Biovanilla 
Eric Sinikely Patine, 
General Manager 
00261320543729 
eric@biovanilla.fr 
Rue du Commerce Sambava 
www.biovanilla.fr 

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/