According to the Bank’s website, the proposed loan of up to €8.3 million (the IFC Loan) to SIAGRO S.A., a still and carbonated soft drinks (CSD) processing company, is to support the Borrower’s investment program and includes: (i) expanding production capacity; (ii) Green building standards and certification, and (iv) working capital requirements.
The proposed IFC loan is up to EUR €6.8 million to support the expansion and modernization of Kirene’s operations. This includes (i) the acquisition of two water and juice/milk production lines and (ii) the upgrade of existing equipment and facilities in view of EDGE Green Building certification, including the acquisition of solar panels via an energy supply contract with a photovoltaic solar solutions service provider. The expansion (the “Project”) will take place within the existing premises. The water line will contribute 1,200 kiloliters (kl) to Kirene’s annual bottled water production while the juice/milk line will add approx. 2,400 kl which will replace an obsolete existing line. The EDGE Green Building certification program will include buildings retrofitting and acquisition of solar panels with a maximum output of 1,8 MW to be installed on the ground over an area of 1.99 ha.
Société Sénégalaise Industrielle Agroalimentaire (SIAGRO https://kirene-groupe.com/en/) (“Kirene” or “the Company”) is a leading beverage company founded in 2001. Kirene’s production facility has a footprint of 14 hectares (ha) in a peri-urban area, in the municipality of Diass, 45 km east of Dakar in the Thies region. The company produces and distributes four products, namely (i) Ultra-high temperature (UHT) processing milk under licensing of Candia from France, (ii) natural mineral water, (iii) fruit juice from concentrate, and (iv) since 2020 carbonated soft drinks (CSD) under licensing from PepsiCo, following on a previous partnership with ‘The Coca Cola Company’. The products are distributed through a network of 200 small and medium enterprises (SMEs) and semi-wholesalers across Senegal.
SIAGRO main shareholders include Mr. Mohamed Fares, Mr. Muhyedine Fares, Mr. Hassan Fares.
Kirene is a portfolio client of IFC. Previous investments are available at https://disclosures.ifc.org/project-detail/ESRS/33844/societe-industrielle-agroalimentaire-s-a-siagro- and https://disclosures.ifc.org/project-detail/ESRS/39269/societe-industrielle-agro-alimentaire-s-a.
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Société Industrielle Agro-Alimentaire (SIAGRO)
Mr. Alexandre Alcantara
+ 221 33 849 56 66
6e étage à cote Colis Postaux
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