GTST Addax WAF and Mauritania 2023 (IFC-48045)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Benin
  • Burkina Faso
  • Gambia
  • Ivory Coast
  • Mali
  • Mauritania
  • Senegal
  • Sierra Leone
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bargny, Dakar, Nouadhibou, Noukchott
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
Jul 14, 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
Addax Energy S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 80.00 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)
$ 635.00 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.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 21, 2023

Disclosed by Bank Jun 14, 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.

As stated on the project disclosure page, the project consists of a funded participation by IFC in two syndicated borrowing base commodity-backed trade finance facilities for up to USD 40 million each, arranged by Société Générale Corporate & Investment Banking for Addax Energy S.A. to finance imports of petroleum products in Mauritania and West African countries.

IFC has previously financed Addax's imports of energy products into Mauritania since 2020 and into West African countries such as Benin, Burkina Faso, Côte d’Ivoire, Mali, Senegal, and Sierra Leone starting in 2021.

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

As stated by the IFC, the total amount of the Mauritania Facility is estimated at USD305 million, with a proposed IFC investment as a direct lender of up to USD40 million.
The total amount of the West Africa Facility is around USD335 million, with an IFC investment as a direct lender of up to USD 40 million.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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 the IFC, Addax Energy S.A. is the trading arm of Oryx Energies SA. Oryx is a Swiss company, majority-owned by private investment group, The Addax and Oryx Group Plc. Oryx has a presence in over 15 sub-Saharan countries and it sources, supplies, stores and distributes petroleum products needed by consumers, businesses and maritime operations across sub-Saharan Africa for over 30 years.

As stated on the company's website, since 1967, Société Générale Corporate & Investment Banking has been committed to supporting corporates, financial institutions and investors. We deliver worldwide expertise in investment banking, global finance and global markets.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Oryx Energies S.A. Parent Company Energy owns Addax Energy S.A. Client Energy
The Addax and Oryx Group Plc Parent Company Energy owns Oryx Energies S.A. Parent Company Energy

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

Client - Addax Energy S.A.:

Stephen Paris - Chief Financial Officer
Phone: +41 58 702 9000
Email: Stephen.Paris@oryxenergies.com
Address: 12, Rue Michel-Servet, CH-1211 Geneva 12, Switzerland
Website: https://www.oryxenergies.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