Twiga Foods Ltd. (IFC-43108)

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
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
Nov 30, 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
TWIGA FOODS LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 15.00 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)
$ 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 10, 2022

Disclosed by Bank Oct 21, 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.

Established in 2014, Twiga Foods (“Twiga” or the “Company”) is a distributor of fresh fruits & vegetables and fast-moving consumer goods in Kenya. Through its unified digital platform and robust logistics network, the company efficiently connects farmers and retail vendors to increase the availability, affordability and accessibility of food. The company is an existing IFC Disruptive Technologies and Venture Capital group portfolio client (#41195). IFC is also currently offering advisory services to Twiga on food safety, agronomy, soil & water, and agri-finance through the Africa Food Safety Program (AS project #601759). IFC is proposing to invest, through unfunded Risk Sharing Facilities (“RSFs”) with tier 1 commercial banks in Kenya, up to KES1.6 billion (US$15 million equivalent) for an aggregate portfolio of loans up to KES3.2 billion (US$30 million equivalent) to support the development of up to 300 irrigated medium-scale (>15ha) contract farmers (the “Program”). Complementing seasonal supply from Twiga’s existing ~19,500 smallholder supply base, the irrigated medium farms are expected to add stable year-round volume which would contribute to better food availability, affordability and quality in the markets Twiga serve. The RSFs will be scaled up in phases and the first phase will be implemented with KCB Bank Kenya Limited (“KCB Kenya”).The Program will also be potentially supported with blended finance through the Global SME Finance Facility (“GSMEF”) and the Women Entrepreneurs Finance Initiative (“We-Fi”) to de-risk the project and incentivize the Company to achieve significant growth in lending to medium scale farmers which are Small and Medium Enterprises (“SMEs”) including women SMEs (“WSMEs”).

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

Contact Information
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Twiga Foods Limited
Nicholas Ambanya
Chief Production Officer
+254 758 712436
nicholas.ambanya@twiga.com
Riverside Dr, Nairobi, Kenya
https://staging.twiga.ke/

ACCESS TO INFORMATION

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ACCOUNTABILITY MECHANISM OF IFC/MIGA

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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