DFF - Kokand Fertilisers GET Capex (EBRD-51197)

Countries
  • Uzbekistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
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
Jan 24, 2020
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
Indorama Kokand Fertilisers and Chemicals JSC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • 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)
$ 22.50 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)
$ 45.00 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.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 16, 2020

Disclosed by Bank Jan 24, 2020

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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, this project provides financing for the modernization and implementation of an energy-efficient capex programme for the recently privatized JSC Indorama Kokand Fertilizers and Chemicals (previously JSC Kokand Superphosphate Plant).

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

According to the Bank's website, Indorama Holdings B.V. currently owns 95.54 percent of the company. The remaining shareholding belongs mainly to current and former company employees. Indorama Holdings B.V. is a wholly-owned subsidiary of Indorama Corporation Pte. Ltd., domiciled in Singapore ("IRC").

IRC is the holding company of Indorama Group, one of Asia's leading industrial conglomerates with wide interests in petrochemicals, fertilisers and related downstream businesses.  IRC is wholly-owned for the benefit of Mr. S.P. Lohia and his family. Indorama Group was established in 1975 in Indonesia. It is West Africa's largest of petrochemicals, including olefins, polyolefins, phosphoric acid, phosphate fertilisers, ammonia, and urea, and one of the world's largest producers of synthetic disposable gloves.

Together with its associate, Indorama Ventures Public Company Limited, domiciled in Thailand, Indorama Group is the world's leading producer of polyester and the leading producer of polyester feedstock (PX, PTA, and MEG) and man-made fibers. Its manufacturing activities are spread across 136 sites in 37 countries with a total sales volume of almost 25 million tons a year and annual sales value of over US$15 billion.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - INDORAMA CORPORATION PTE. LTD. Parent Company -
- - - - Indorama Holdings B.V. Parent Company -
- - - - INDORAMA KOKAND FERTILISERS AND CHEMICALS JSC 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.

Mr. Rahul Singh
rsingh@indoramaglobal.com
+998 71 2332264
www.indorama.com
11/1 Amir Temur Avenue, Mirobod district, 100100 Tashkent, Uzbekistan

ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.

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