Project Swahili (IFC-42809)

Countries
  • Kenya
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
Approved
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
Jan 10, 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
NAIVAS 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
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
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 Nov 22, 2022

Disclosed by Bank Apr 5, 2020

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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.

Naivas supermarket chain was founded in 1990 as a Kenyan family business and is now a key player in Nairobi and across Kenya, serving lower to middle income consumers. The supermarket chain has grown from 2 stores in the year 1990 to over 60 stores today. The supermarket chain offers a broad range of products that mainly include fast-moving consumer goods (FMCGs), clothing, furniture and electronics. With a view to support the Company with its growth efforts, the IFC has agreed to co-invest a minority equity investment, alongside, Amethis Fund II, an IFC investee fund, and some of its Limited Partners (LPs).

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.

Naivas supermarket chain was founded in 1990 as a Kenyan family business and is now a key player in Nairobi and across Kenya, serving lower to middle income consumers. The supermarket chain has grown from 2 stores in the year 1990 to over 60 stores today. The supermarket chain offers a broad range of products that mainly include fast-moving consumer goods (FMCGs), clothing, furniture and electronics.

With a view to support the Company with its growth efforts, the IFC has agreed to co-invest a minority equity investment, alongside, Amethis Fund II, an IFC investee fund, and some of its Limited Partners (LPs).


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.

Contact Person: Evelyne Njeri Wanjau

Company Name: Naivas Limited

Email: evelyne.wanjau@naivas.co.ke

Phone: 0724137001

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/

How it works

How it works