Xiang Nian II (IFC-42401)

Countries
  • China
Where the impacts of the investment may be experienced.
Specific Location
Zhenping County, Nanyang, Henan Province
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
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.
Voting Date
Feb 28, 2020
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
XIANG NIAN FOODS CO., LTD.
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)
$ 30.00 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)
$ 30.02 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 10, 2020

Disclosed by Bank Dec 3, 2019


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Project Description

According to the project document, the proposed investment is a US$30 million equivalent A-loan to Xiang Nian Foods Co. Ltd. (“XN”, or the“Company”), an existing portfolio client of IFC. Headquartered in Nanyang, Henan Province, XN is a manufacturer of dried wheat noodles. With the support from IFC’s financing, XN successfully established the Phase I of a new dried noodle factory in Zhenping county, Henan Province. XN has four entities fully controlled and owned by the group. These being:

(i) Henan Kang Yuan and Oil Products Co Ltd (HKY), Nangyang based milling operations;

(ii) Zhenping Xiang Nian Foods Co., Ltd (ZXN), a milling and noodle manufacturing facility which has been recently commissioned in Henan;

(iii) The Khorgos Xiang Nian Voyage Foods Co., Ltd (KXV) a noodle manufacturing company established within the special economic zone of the China-Kazakhstan Khorgos International Border Cooperation Center, Khorgos, Xinjiang, and;

(iv) Henan Xiang Nian E-Commerce Co., Ltd, established for promotion and marketing of XN products through e-sales platforms.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
Contact Information

1/ Project Contact

Xiang Nian Foods Co., Ltd.

Contact: Mr. Wang Xuelong, CFO

Tel: +86 13948386290

Email: wxuelong@163.com

Address: Longshen Ave. Longshen Industry Park, Nanyang City, Henan Province, China

Website: http://www.hnxnfood.com/

2/ IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

3/ Local Access for Project Documentation

 Longshen Ave. Longshen Industry Park, Nanyang City, Henan Province, China   

ACCOUNTABILITY MECHANISM OF IFC

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/