Sucden CdI (IFC-47216)

Countries
  • Ivory Coast
Geographic location where the impacts of the investment may be experienced.
Specific Location
Abidjan, San Pedro, and others
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
A
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
Sep 15, 2023
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
SUCDEN S.A. (Sucres et Denrees SA), SUCDEN Cote d’Ivoire
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.
Loan Amount (USD)
$ 109.58 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 100
Converted using 2023-06-27 exchange rate.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 30, 2023

Disclosed by Bank Jun 27, 2023

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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.

The proposed investment is an up to €100m syndicated term loan on a Unsecured Covenant Light basis (1-year maturity, renewable/re-committed annually, for up to 4 years in aggregate) by IFC to SUCDEN Cote d’Ivoire (SUCDEN-CI) and its parent company SUCDEN S.A. (the Group) to finance the procurement and export of cocoa beans from Cote d’Ivoire.
Overall, the Group sources around 150,000 tons per annum of cocoa beans from CI of which a min 60,000 tpa is through SUCDEN-CI and is sustainable (traceable and the majority is subjected to 3rd party certification and/or similar E&S requirements from SUCDEN-CI’s customers); the remainder is sourced through other exporters.
IFC financing will support SUCDEN-CI and Sucden SA, hence it will be financing all sustainable cocoa beans sourced by them.
SUCDEN-CI does not own any farms nor is expected to own any farm as part of this financing. The supply chain of SUCDEN-CI consists of both cooperatives and intermediaries, with the majority (80%) being cooperatives. The beans are sourced from smallholder farmers who are either members of those co-operatives or who sell to the same intermediaries every year.

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.

As stated by Bloomberg, Sucres et Denrees (SUCDEN SA) distributes food products. The Company offers sugar, cocoa, coffee, and ethanol, as well as processing, logistics, distribution, merchandising, financing, research, and risk management services. Sucres et Denrees serves customers worldwide.
Sucden is an Ivory Coast licensed cocoa exporter. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Sucres et Denrees SA Client Agriculture and Forestry

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Borrower - SUCDEN Cote d’Ivoire:

Mr. Simon RENOU - Directeur
Phone: +225 27 24 38 31 74
Email: srenou@sucden.com
Address: 15 BP 727 Abidjan 15, Zone Industrielle Vridi Tri Postal
Website: www.sucden.com

ACCESS TO INFORMATION

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

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

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

How it works

How it works