RSE FC Engro (IFC-47498)

  • Belgium
  • Germany
  • Netherlands
  • Pakistan
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
Mar 7, 2023
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
  • Industry and Trade
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)
$ 79.12 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.
Loan Amount (USD)
$ 79.12 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 75
Converted using 2023-03-07 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 23, 2023

Disclosed by Bank Jun 15, 2023

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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.

As stated on the project disclosure page, in May 2023, IFC committed a senior unsecured 5-year A-Loan of EUR 75 million to meet additional working capital requirement of Royal FrieslandCampina N.V. in emerging markets including Pakistan, and to match the cashflow generation ability of the Company. IFC’s loan will help address the impacts of high commodity prices resulting from COVID-19 related supply chain disruptions and support the Company’s ability to preserve the sourcing, processing and distribution of dairy products across emerging markets including Pakistan. This project is linked to project 38150.

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.

As stated by Bloomberg, Koninklijke FrieslandCampina N.V. (RFC) produces dairy foods. The Company offers cheese, milk, buttermilk, yogurt, custard, fruit juices, cream products, fillings, ice cream, milkshake mixes, desserts, and butter. Koninklijke FrieslandCampina serves consumers worldwide.
The IFC states that RFC is wholly owned by Zuivelcooperatie FrieslandCampina, Europe's largest cooperative with 15,703 member farmers from the Netherlands, Germany and Belgium. RFC is based in the Netherlands.

As stated by the IFC, Engro Foods, which is listed on Pakistan stock exchange, is controlled by Engro Corporation, which in turn is controlled by Dawood Hercules Corporation Limited, a prominent and well respected business group in Pakistan. FrieslandCampina acquired a controlling stake in Engro Foods in 2017, with financial assistance from the IFC.

FrieslandCampina Engro Pakistan Limited is a 39.9% owned subsidiary engaged in the manufacturing, processing and marketing of dairy products and frozen desserts.
The company operates two processing plants in Sukkur and Sahiwal, with its Head Office based in Karachi, Pakistan. Its portfolio includes well-known brands like Olper's, Omoré, and Tarang.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Koninklijke FrieslandCampina NV Client Agriculture and Forestry
Dawood Hercules Corporation Limited Parent Company Industry and Trade owns Engro Corporation Parent Company Industry and Trade
Engro Corporation Parent Company Industry and Trade owns FrieslandCampina Engro Pakistan Limited Undisclosed Agriculture and Forestry

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - FrieslandCampina NV:

Jeroen Brieffies - Treasury Director
Phone: +31 (0)6 57571363
Address: FrieslandCampina Stationsplein 4, 3818LE, Amersfoort, The Netherlands


You can submit a request for information disclosure at:

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.


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 You can learn more about the CAO and how to file a complaint at

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