Original disclosure @ IFC website
Updated in EWS Jun 20, 2021
Disclosed by Bank Oct 22, 2020
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According to the bank's website, "Founded in 1965 in the Negev desert in Israel, Netafim Ltd (“Netafim”) is a global player in the micro irrigation systems (“MIS”) sector. Clients value Netafim’s team of 200 agronomists deployed globally that provide expertise in all crop types and growing conditions.
The proposed investment consists of a loan up to INR1,520 million (approximately US$20 million) to Netafim Irrigation India Private Ltd (“Netafim India” or “the Company”), guaranteed by Netafim, to support the (i) working capital needs of Netafim India arising from the COVID-19 crisis, and (ii) CAPEX needs to maintain local production capacity (the “Project”). IFC is also considering mobilizing a financing package of up to INR4,178 million (approximately US$55 million) with commercial banks and /or development finance institutions (the “Parallel Loans”) for the same purpose."
According to IFC, "Netafim India’s parent company, Netafim Ltd, is 80% owned by Orbia (formerly Mexichem) and 20% owned by Kibbutzim Hatzerim (also the founder of Netafim). One of Netafim’s key factories is also located within Kibbutz Hatzerim.
Orbia, founded in 1953, is a Mexican company involved in several industries, including building and infrastructure, data communications, irrigation, chemicals, and more. Orbia focuses on insuring food security, reducing water scarcity, reinventing the future of cities and homes, connecting communities to data infrastructure, and expanding access to health and wellness with advanced materials."
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Netafim Irrigation India Private Ltd||Client||-|
Mrs. Lauri Hanover, CFO
10 Derech Hashalom, Tel-Aviv
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