HSA Foods Yemen (FMO-59063)

Countries
  • Yemen
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
B
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.
Borrower
HSA Foods
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Dec 14, 2020

Disclosed by Bank Dec 14, 2020


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Project Description

According to bank provided information, FMO will participate for USD 20 million in a USD 75 million debt facility (the "Facility") led by IFC. The funds will be used by the Co-Borrowers to prepay their raw materials, foodstuff commodities, predominantly wheat, raw sugar and powdered milk.

According to the United Nations, the condition in Yemen is close to a famine and almost half of the population is experiencing high levels of food insecurity. The facility will help the Co-Borrowers increase the imports of raw materials for the production of the most basic foodstuffs, i.e., flour, sugar and dairy in volumes that will materially improve the nutrition of the population.

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

HSA Foods consists of six companies (the "Co-Borrowers"), members of the HSA Group namely, (i) National Dairy and Food Company Taiz; (ii) National Dairy and Food Company Hodaida; (iii) Yemen Company for Sugar Refining; (iv) Yemen Company for Flour Mills and Silos Aden; (v) Yemen Company for Flour Mills and Silos Al Hodaida; and (vi) Al Hodaida Flour Mills Co. Limited.

Contact Information

*Contact information not provided at the time of disclosure*

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl 

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