FCS RE Kings Beverage (IFC-44796)

Countries
  • Sierra Leone
Geographic location where the impacts of the investment may be experienced.
Specific Location
Regent, 6 miles east of Freetown
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
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
Oct 15, 2021
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
KINGS BEVERAGES PVT LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 5.00 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)
$ 13.70 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 Oct 5, 2021

Disclosed by Bank Sep 7, 2021

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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 bank provided information, the proposed investment in Kings Beverages PVT Limited (KB or the Company) consists of: (i) a US$2.5 million A loan and (ii) a US $2.5 million loan from IFC in its capacity as implementing entity for the Global Agriculture and Food Security Program (GAFSP) Private Sector Window. The proposed financing will be used towards capital expenditures for the completion of the KB beverage factory located in Freetown, Sierra Leone, including two new fruit juice lines, one mineral water line as well as one carbonated soft drink (CSD) line (the Project).

An advisory project will be designed and implemented that aims at providing technical assistance in the areas of: (i) organization and capacity building of smallholder farmers supplying fruits to KB; (ii) food safety standards; (iii) environment and social standards; (iv) operational efficiency improvement; and (v) corporate governance.

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.

KB is a Freetown-based greenfield beverage drink company (mineral water, fruit juice, CSD) that was established by Mr Kishore Parwani and Mr Atul Nijhawan, two entrepreneurs of Indian descent, emanating from Dubai. Mr Parwani has been active in Sierra Leone since the 2000’s in the business of trading scrap metals before venturing go into fast-moving consumer goods distribution and beverage manufacturing in 2011. He then partnered with Mr. Nijhawan in 2016 to launch KB, to capture the growing demand for bottled water and non-alcoholic drinks. Mr Parwani and Mr Nijhawan are each involved in their own trading activities based in Dubai which are primarily engaged in scrap metals for Mr Parwani’s Krishna Global Impex General Trading LLC and chrome and manganese for Mr Nijhawan’s Globustarr Trading Company LLC.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Kings Beverages PVT Limited Client Industry and Trade

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.

Kings Beverages PVT Limited
Mr. Kishore Parwani
Managing Director
+ 91 9920055047
Kkparwani777@gmail.com 
Freetown, Sierra Leone

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

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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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