• Senegal
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Dec 22, 2022
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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 6.89 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.
Currency conversion note:
Bank reported 6.4
Converted using 2023-01-12 exchange rate.
Project Cost (USD)
$ 9.69 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.
Currency conversion note:
Bank reported 9
Converted using 2023-01-12 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 30, 2023

Disclosed by Bank Nov 19, 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 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.

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

Société Sénégalaise Industrielle Agroalimentaire (SIAGRO (“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  and

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Kirene Parent Company -

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.

Société Industrielle Agro-Alimentaire (SIAGRO)
Mr. Alexandre Alcantara
Directeur General
+ 221 33 849 56 66
6e étage à cote Colis Postaux


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