Agri-RM (IFC-41634)

  • Madagascar
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
Bank Risk Rating
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
Jun 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.
The holder of the loan, grant, or other investment.
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 2.65 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

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

Project Description

According to bank documents, the objective of the project is to provide an export pre-financing facility to Agri-Resources Madagascar SA for the purchasing and processing of vanilla beans for exports to international off takers.

The proposed investment is a US$ 2.65mn loan to Agri-Resources Madagascar for a short-term (1 year, renewable 2 times) export pre-financing backed by vanilla offtake contracts with reputable offtakers. Funds will be used to purchase and process vanilla. To ensure traceability of its supply, AgriRM is sourcing vanilla from 8 cooperatives, 1,000 farmers grouped in one association near Antalaha, and from 10 collectors. AgriRM is also producing its own vanilla on 3 leased land lots (12, 10, and 125 ha), in an agricultural 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 $2.65m in a 3-year short-term export pre-financing facility with annual clean up.

Private Actors
Private Actors Description

Agri-RM started operations in 2015. It is a subsidiary of Monaco Resources Group (“MRG”). MRG is a global natural resources group with diversified activities whose headquarters are in Monaco.

Contact Information

Agri Resources Madagascar SA 
Matthieu Lougare 
Chief Executive Officer 
+ 261 32 05 618 74 
Route du stade, Ankoalabe, 206 Antalaha 


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 You can learn more about the CAO and how to file a complaint at