Original disclosure @ IFC website
Updated in EWS Mar 18, 2020
Disclosed by Bank Nov 8, 2019
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According to bank information ,IFC is considering a C loan of up to US$20 million to finance Zalar Agri’s brownfield projects and expansions. Zalar Agri is a family holding company with 16 orchard farms in Morocco which produces, processes and distributes a variety of high-value fruits (apples, pears, avocados, stone fruits, pomegranates, citrus, dates, almonds and potentially olives in the future). The Company controls approximately 1,372 hectares of land in its existing orchards, of which 741 hectares are planted as of 2018 and will be expanded to 918 hectares by 2022. Zalar Agri is a well-established (founded in the 1970’s) apple producer in Morocco (Global GAP certification) with 7,373 tons produced in 2017. It undertook significant investments in the last few years which are expected to generate commercial yields in the upcoming year, help diversify the Company’s produce types and expand its regional farming operations within Morocco. This strategy enables a diverse and complementary range of products with nearly year-round harvesting and/or continuous presence in the market. The existing and new orchards are located throughout Morocco with apples, pears, almonds and pomegranates in the north (Fès and Sefrou region), dates in the east (Errachidia region), stone fruits in the north (Khemisset region), avocados in the center (El Jadida region) and citrus in the south (Taroudant region) and the north (Kénitra region). An apple packing and storage unit is also located in the Fès region along with the apple orchards.
The total Project cost is estimated at US$24 million which IFC proposes to finance with a C loan of up to US$12 million and a syndicated loan of up to US$12 million.
Zalar Agri is owned by the Chaouni family, and its main shareholders are Mr. Farouk Chaouni, Mr. Fouad Chaouni Benabdallah, and Mr. Ali Berbich.
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Mr. Idriss Bajeddoub
+ 212 535 72 81 75
Rue 801, Ex. Usine El Alf, Quartier Industriel Sidi BrahimFès, Morocco
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