HSA Foods Yemen (IFC-43466)

Countries
  • Yemen
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
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
Oct 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
NATIONAL DAIRY AND FOOD COMPANY 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)
$ 75.00 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)
$ 75.00 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
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 30, 2020

Disclosed by Bank Sep 29, 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.

According to bank provided information, the proposed investment consists of a US$75 million financing package to Hayel Saeed Anam (HSA or the Sponsor) Group’s food processing operations in Yemen (HSA Foods). The funds will be used to finance the permanent working capital needs of HSA Foods which is producing necessity foods such as flour, sugar and dairy products for local consumption.    

Advisory services engagement is being considered in two key areas, namely: 

  1. Energy and water efficiency / wastewater treatment solutions to reach optimum design for wastewater treatment plans of HSA Foods considering significant water scarcity issues in Yemen. Energy efficiency work will also be looking into alternative generation solutions for the plants, including hybrid solar/thermal solutions.

  2. Gender diversity: IFC gender team will also be engaging with HSA Foods to support their plans to increase women participation in the workforce. 

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

The transaction is a US$75 million financing package that consists of a combination of i) an IFC A-loan of up to US$37.5m with a potential B1-loan participation of up to US$18.75m and subject to approval, ii) IDA PSW loans of up to US$50 million which may include a combination of a senior commercial loan and a concessional subordinated loan of up to US$37.5m (blended concessional finance co-investment.) The total funding amount using all sources will be capped to the total project cost of US$75 million. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Hayel Saeed Anam (HSA) Group Parent Company -
- - - - National Dairy And Food Company 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.

Nadfood
Ali Albodaigi
General Manager
+967-771-228-0000
Ali.albodaigi@hsa.com.ye 
Taiz- Al Houban, HSA manufacturing Complex, Yemen
Website:
http://www.nadfood.com/index.php
http://www.ycfms.com/ar/index.html
http://www.ycfmshod.com/
http://www.ycsr-yemen.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

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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