Zalar Agri (IFC-42268)

Countries
  • Morocco
Geographic location where the impacts of the investment may be experienced.
Specific Location
Fès and Sefrou region ,Errachidia region ,El Jadida region,Taroudant region ,Kénitra region,Khemisst
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
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
Dec 9, 2019
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
ZALAR AGRI
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
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)
$ 12.00 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.
Loan Amount (USD)
$ 12.00 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.
Project Cost (USD)
$ 24.00 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 18, 2020

Disclosed by Bank Nov 8, 2019

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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 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.

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

 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.

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.

  Zalar Agri is owned by the Chaouni family, and its main shareholders are Mr. Farouk Chaouni, Mr. Fouad Chaouni Benabdallah, and Mr. Ali Berbich.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Zalar Agri 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.

Zalar Agri 
Mr. Idriss Bajeddoub 
Directeur General 
+ 212 535 72 81 75 
idriss.bajeddoub@zalaragri.ma 
Rue 801, Ex. Usine El Alf, Quartier Industriel Sidi BrahimFès, Morocco 
http://zalaragri.ma/ 

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/

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