Averda Corporate Finance (IFC-41954)

Regions
  • Middle East and North Africa
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
Mar 28, 2022
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
AVERDA HOLDINGS INTERNATIONAL LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • Water and Sanitation
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 8, 2022

Disclosed by Bank Feb 24, 2022

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

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.

According o bank provided information, the project involves the provision of a loan which will be used to: i) develop and operate selected projects that support Averda’s transition to circular economy in Morocco, South Africa and Oman (all of which are in early stages of development); and ii) to fund Averda general corporate and working capital needs (the “Project”).  

In Morocco the project will consist of two mechanical Plastics Recycling Facilities (PRF), one in Tangier and one in Casablanca, enabling the recovery of value from municipal solid waste (MSW) that Averda is already managing in both locations. The facilities will produce recycled plastic material for use by plastic manufacturing companies in replacement of virgin polymers. For Tangier Averda is proposing to co-locate the PRF with the Integrated Waste Management Facility (IWMF) it is currently building under the waste management contract it has with the local authority. For Casablanca, a site is yet to be identified. In South Africa the project will consist of a mechanical PRF, recovering value from industrial and commercial waste collected by Averda from its existing private clients and producing recycled plastic material for use by plastic manufacturing companies in replacement of virgin polymers. The site for the PRF is still to be identified. In Oman the project will consist of a Material Recovery Facility (MRF) and associated PRF and Refuse Derived Fuel (RDF) production facility, to recover value from the MSW currently collected by Averda. The MRF and PRF will allow mechanical recycling of plastic waste and other inorganic recyclable materials (e.g., metals, paper, etc.), while the RDF production facility will transform non-recyclable municipal solid waste (MSW) into suitable fuel for co-firing at cement production plant/s. For the MRF, PRF and RDF production facilities Averda is planning to co-locate them, adjacent to their Misfa waste transfer station (WTS), which is within Muscat Governorate. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed IFC investment consists of a US$ 30 million A loan to finance development of waste recycling projects; and support general corporate and working capital needs.

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.

Averda is a privately held company owned by the Sukkar Family through Envirohold Limited (62.7%), GrowthGate Capital Corporation BSC (33.3%) and the Grahne Family (4%).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Averda Holding Ltd Client -

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.

Averda Holdings International Limited
Mr. Arvind Giri
Group Treasurer
+971564039446
Arvind.giri@averda.com 
2nd Floor Injaz Building, Abdullah Omran Taryam St., Dubai Knowledge Park (Village), Dubai, United Arab Emirate
https://www.averda.com/ 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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 

How it works

How it works