APIC Bond - DCM (IFC-51217)

Countries
  • Palestine, West Bank, Gaza
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
Approved
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
Jun 6, 2025
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
Arab Palestinian Investment Company
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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)
$ 15.00 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)
$ 120.00 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 Nov 23, 2025

Disclosed by Bank Oct 2, 2025

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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, IFC’s investment is a participation in a US$120 million bond issuance of the Arab Palestinian Investment Company (“APIC”), a leading investment conglomerate with presence in West Bank and Gaza and other regional markets, including Jordan, Saudi Arabia, UAE, Iraq, and Türkiye. APIC owns and operates eight subsidiaries across trading/distribution, manufacturing and services. APIC will use the Bond proceeds to refinance its existing bond, and finance both growth Capital Expenditures (CAPEX) and working capital investments across its subsidiaries. IFC’s use of proceeds of US$15 million will be used for four of APIC’s subsidiaries located in the West Bank, namely Quadra, MSS, NAPCO and Reema.

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 according to IFC’s 2012 Policy on Environmental and Social Sustainability due to limited and site-specific E&S risks and impacts associated with the expansion of production capacity and/or construction of warehouses at the four existing APIC’s subsidiaries. 

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

The total Project cost is US$120 million, comprising: (i) US$29 million to finance both capital expenditures and working capital investments across the Company’s subsidiaries, including the expansion of warehouse capacities in its medical and FMCG distribution businesses, increased capacity at its aluminum processing and sanitary tissue plants, and sustainability measures through the installation of solar power systems for both captive and grid use; (ii) US$91 million to refinance existing debt.

IFC’s investment consists of a US$15 million own-account participation in the bond.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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.

Established in 1994, The Arab Palestinian Investment Company (“APIC”) is an investment holding company registered in the British Virgin Islands and the West Bank and listed on the Palestinian stock exchange since 2014. The Company has several business lines including trade, distribution (including food products, medical supplies, and automobiles), manufacturing, and services across the Middle East and Türkiye.


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.

Arab Palestine Investment Company
Maher Awartani
Chief Strategy and Investment Officer
+970 56 940 0055
mawartani@apic.com.jo
Intersection of Al-Irkam and Saleh Al-N’aimat Streets, Dabouq, Amman, 11194, Jordan
www.Apic.ps

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