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.
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.
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.
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