Westfalia Moz II (IFC-42280)

  • Mozambique
Where the impacts of the investment may be experienced.
Specific Location
Catandica area, Manica Province
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
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
May 20, 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
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 7.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 7.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 8, 2019

Disclosed by Bank Apr 10, 2019

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Project Description

Westfalia Fruto Mozambique (WFM) is considering acquisition of land and development of an avocado and litchi farm in the Catandica area of Manica Province in Mozambique. The Project will involve acquisition of 958 ha Pegache Farm for the development of 100 ha of avocado orchards. The Project will also support local small farmers and emerging commercial growers through provision of training and technical assistance.

Pegache Farm is located on the outskirts of Catandica, in the Barue District of Manica Province in Mozambique. The farm is located on the northern side of Catandica Town, at the eastern base of the Cerro Choa Mountain.  

Investment Description
  • International Finance Corporation (IFC)

The Project will be supported by the IDA18 IFC-MIGA Private Sector Window (IDA PSW), created by the World Bank Group to catalyse private sector investment in IDA countries, with a focus on fragile and conflict affected states.

The proposed Project is estimated to cost USD 7.5m and will be financed with 50% debt and 50% equity.

IFC and IDA PSW are jointly considering financing part of the debt package with a loan of USD 2.8 million to finance the Project consisting of: i) IFC A Loan of up to USD 1.4 million; and ii) IDA PSW Loan of up to USD 1.4 million from IFC acting as Implementing Entity of IDA PSW.

AgDevCo will provide balance of the debt package in the form of a loan of USD 0.9 million. The remaining 50% will be financed through equity from Westfalia Fruit and AgDevCo in the proportion of 75% and 25%, respectively.   

Private Actors

Westfalia Fruto Mozambique (WFM) is a commercial scale-avocado farm that was established in 2014 with the development of a 250-ha avocado orchard and packing house near the vicinity of Chimoio, a city in central Mozambique. 

WFM is indirectly 75% owned by Westfalia Fruits and 25% by AgDevCo (together the Sponsors). Westfalia Fruits is a wholly owned subsidiary of Hans Merensky Holdings Proprietary Limited (HMH) and is a leading multinational supplier of fresh subtropical fruit.

HMH is a South African-based vertically-integrated, natural resource-based Company which was created in 1949 and owns two main businesses: (i) the fruit business (Westfalia) and (ii) the timber business (Merensky or Merensky Timbers).  HMH's operations are spread across Sub-Saharan Africa, South America and Europe.

HMH Group shareholding is as follows: The Hans Merensky Foundation - 40%, the Industrial Development Corporation (IDC) - 30%, IFC - 20%, and, three Broad-Based Black Economic Empowerment (BBBEE) organizations: Vuka Forestry Holdings (4%), Women Investment Portfolio Holdings (WIPHOLD) (3%), and, HMH Employee Share Ownership Plan (3.0%) owning the outstanding 10%.

AgDevCo is a social impact investor and project developer working in the African agriculture sector.

Contact Information

Zac Bard, Managing Director
Westfalia Africa – Hans Merensky Holdings
PO Box 52288
Saxonwold 2132
South Africa
Phone: +27 (0) 11 381 5753
Email: zacb@westfalia.co.za 


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