Original disclosure @ FMO website
Updated in EWS Jun 24, 2018
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WHO IS OUR CLIENT
FMO's client is Nidera Argentina, which has carried out the group's activities in this market for over 90 years. Nidera's activities in Argentina are integrated across the agricultural value chain and include origination, processing and export of grains and oilseeds, oils, soybean meal/pellets; the import, production and distribution of fertilizers, agrochemicals, and other agri inputs; and the production of crude oils and refining of vegetable oils. Nidera is a major international agribusiness and trading company with annual turnover of USD 18.5 billion in 2015. Nidera was founded in Rotterdam, the Netherlands in 1920. Currently, Nidera has domestic and internal operations in 19 major export and import countries and distributes its products to more than 60 countries in the world. COFCO International acquired a majority stake in Nidera in October 2014. COFCO International is a consortium comprising of COFCO, a leading supplier of diversified products in the Chinese agricultural and food products industry, and other prominent international investors.
The USD 200 million pre-export finance transaction will serve to support the working capital needs associated to Nidera Argentina's ongoing origination of grains and oilseeds for export to end consumer markets.
WHY WE FUND THIS PROJECT
Nidera Argentina is a long-standing client of FMO, who has financed the company during changing market conditions in Argentina This transaction will allow Nidera Argentina to have access to medium term funding for its operations. FMO has also supported the company in its long term improvement of non-financial practices such as E&S standards, and going forward Nidera continues to work on strengthening the controls and governance within the company as part of the COFCO Group.
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ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/