IFRIA TCLP SSA (IFC-45807)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Morocco
  • Senegal
Geographic location where the impacts of the investment may be experienced.
Specific Location
Casablanca, Agadir, Tangier Med, Dakar
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
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."
Borrower
IFRIA Cold Chain Development Company
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Project Cost (USD)
$ 72.90 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
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 12, 2023

Disclosed by Bank Oct 21, 2022

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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 Project consists in the establishment of the IFRIA cold chain platform which will pursue a mix of acquisitions and greenfield assets in the 3rd party temperature-controlled logistics sector across North and West Africa. The 1st round of IFRIA pipeline will consist of (i) two brownfield ventures in Morocco: the acquisition of one bonded facility in the port of Tangier Med and of one other existing TCL operator in the Casablanca area and (ii) three greenfield ventures: one in Agadir (Morocco) and two in Senegal: one bonded facility at the port of Dakar and another at an industrial park some distance from Dakar.

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

As stated by the IFC, the total costs to finance the 1st round of investments of the IFRIA cold chain platform is estimated to be equivalent to US$72.9 million, of which about $46m will be injected as equity with the rest being sourced as debt from institutions and funds. IFC is expected to invest a 25% stake to support the development of the IFRIA cold chain platform. The Project is expected to be supported by the Finland-IFC Blended Finance for Climate Program as described in the Blended Finance Section.  

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.

As stated on the company's website, Ifria is an integrated cold chain company in North and West African markets. Ifria’s mission is to develop new, modern and efficient perishable product storage capacities that can more efficiently serve the growing and rapidly changing needs of the Panafrican markets.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Ifria Cold Chain Development Company Client Industry and Trade

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.

Borrower - IFRIA:

Matthew Meredith - Executive Managing Director Operations, CEO
Phone: +1-202-550-5627
Email: mmeredith@ifriacold.com / contact@ifriacold.com 
Website: www.ifriacold.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 

How it works

How it works