SOCIETE SIFCA SA (FMO-54763)

Countries
  • Ivory Coast
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 8, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
SIFCA group
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
  • 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, etc.
Investment Amount (USD)
$ 40.33 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 35.00 MLN
Converted using 2019-01-11 exchange rate.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Jan 28, 2019


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Project Description

SIFCA group ("SIFCA") has become a leading integrated agribusiness group in West Africa. The Ivory Coast-based group is involved in the production, processing, and distribution of palm oil, cane sugar and natural rubber. SIFCA employs over 33,000 direct employees in West Africa (Ivory Coast, Ghana, Nigeria, Liberia and Senegal) as well as procures agricultural produce from over 110,000 smallholders.

FMO will provide a EUR 90 mln term facility to SIFCA by Proparco (Lead), FMO, and the bank Societe Generale. The facility will be used to finance SIFCA's investment plan and to refinance existing debt so the tenor of its assets and liabilities will be better matching.

 

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors
  • SIFCA group -- Implementing Company

Established in 1964, the SIFCA group (“SIFCA”) has become a leading integrated agribusiness group in West Africa. The Ivory Coast-based group is involved in the production, processing, and distribution of palm oil, cane sugar and natural rubber. SIFCA employs over 33,000 direct employees in West Africa (Ivory Coast, Ghana, Nigeria, Liberia and Senegal) as well as procures agricultural produce from over 110,000 smallholders.

Contact Information

No contact information provided at the time of disclosure

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/independent-complaints-mechanism