Xiang Nian II (IFC-42401)

Countries
  • China
Geographic location where the impacts of the investment may be experienced.
Specific Location
Zhenping County, Nanyang, Henan 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
Active
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
Feb 28, 2020
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
XIANG NIAN FOODS CO., LTD.
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)
$ 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.
Loan Amount (USD)
$ 30.02 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)
$ 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.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 13, 2024

Disclosed by Bank Dec 3, 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 the project document, the proposed investment is a US$30 million equivalent A-loan to Xiang Nian Foods Co. Ltd. (“XN”, or the“Company”), an existing portfolio client of IFC. Headquartered in Nanyang, Henan Province, XN is a manufacturer of dried wheat noodles. With the support from IFC’s financing, XN successfully established the Phase I of a new dried noodle factory in Zhenping county, Henan Province. XN has four entities fully controlled and owned by the group. These being:

(i) Henan Kang Yuan and Oil Products Co Ltd (HKY), Nangyang based milling operations;

(ii) Zhenping Xiang Nian Foods Co., Ltd (ZXN), a milling and noodle manufacturing facility which has been recently commissioned in Henan;

(iii) The Khorgos Xiang Nian Voyage Foods Co., Ltd (KXV) a noodle manufacturing company established within the special economic zone of the China-Kazakhstan Khorgos International Border Cooperation Center, Khorgos, Xinjiang, and;

(iv) Henan Xiang Nian E-Commerce Co., Ltd, established for promotion and marketing of XN products through e-sales platforms.

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

XIANG NIAN FOODS CO., LTD.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - XIANG NIAN FOODS CO., 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.

1/ Project Contact

Xiang Nian Foods Co., Ltd.

Contact: Mr. Wang Xuelong, CFO

Tel: +86 13948386290

Email: wxuelong@163.com

Address: Longshen Ave. Longshen Industry Park, Nanyang City, Henan Province, China

Website: http://www.hnxnfood.com/

2/ IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

3/ Local Access for Project Documentation

 Longshen Ave. Longshen Industry Park, Nanyang City, Henan Province, China   

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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