PCS-Onion Farm (IFC-49052)

Countries
  • Sierra Leone
Geographic location where the impacts of the investment may be experienced.
Specific Location
Lungi, Porto Loko District
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."
Voting Date
Dec 15, 2024
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.
Borrower
Pee Cee and Sons
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 12.00 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.
Project Cost (USD)
$ 16.00 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 Sep 18, 2024

Disclosed by Bank Jul 31, 2024

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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 IFC investment seeks to support Pee Cee Holding Ltd (PCH), a Sierra Leone-based consumer goods group to develop its subsidiary, Pee Cee Agriculture (PCA), an integrated onion farming business spanning 500 hectares (ha) in Lungi. The Project total cost is US$16 million and will be financed 25% by Sponsor equity (US$4 million) and the remaining by IFC and IDA PSW. The proposed investment entails a 7-year senior secured loan of up to US$12 million. The project is expected to be supported by IDA PSW, as described in the Blended Finance Section.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project based on IFC’s 2012 Policy on Environmental and Social Sustainability. IFC’s review concluded that E&S risks and impacts associated with this project are limited, site-specific, and can be readily addressed through generally accepted mitigation measures described in this document and the Environmental and Social Action Plan (ESAP).

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

The total Project is estimated at US$16m comprising: (i) US$12m capex for machinery and storage facility, and (ii) US$4m for start-up costs (funded by PCH). The proposed investment is a 7-year (including a 2-year grace period) senior secured loan of up to US$12m, consisting of US$6m each of IFC A loan and IDA PSW BFF Loan, subordinated to IFC A loan both in payment and liquidation.

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.

Pee Cee Holding Ltd (PCH) is a privately owned consumer goods group established more than 50 years ago in Sierra Leone. It is one of the country’s largest importers, manufacturers, and distributors of fast-moving food and non-food consumer products (FMCG), operating primarily within Sierra Leone. PCH was founded by Mahesh Nandwani (current CEO), a Sierra Leonean citizen, renowned businessman, and philanthropist. Pee Cee Holding Ltd is 100% owned by the Nandwani family. Pee Cee Agriculture (PCA), the ultimate beneficiary of the proceeds from IFC loan is owned 80% by PCH with 20% unsubscribed.

PCH is the main borrower, and its affiliates (Jolaks Manufacturing Limited, Pee Cee & Sons, Pee Cee Agriculture, Pee Cee Industries, and Milla Group) are co-borrowers. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Pee Cee and Sons Holdings Client -

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.

Pee Cee and Sons Holdings
Mohamed Sowe
Chief Financial Officer
+23230011366 / +447932675743
mohamed@peeceeandsons.com
32E Wilkinson Rd, Freetown, Sierra Leone
https://www.peeceeandsons.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

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How it works