ECOM Forastero (IFC-50551)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ghana
  • Ivory Coast
Geographic location where the impacts of the investment may be experienced.
Specific Location
Cote d’Ivoire and Ghana
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
Approved
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
Jan 30, 2025
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
ECOM Agroindustrial Corp. Ltd.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 230.00 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
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 17, 2025

Disclosed by Bank Nov 27, 2024

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Can you contribute information about this project?
Contact the EWS Team

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, the proposed IFC investment to ECOM Agroindustrial Corp. Ltd. of up to US$230 million comprises: (1) a US$200 million 4-year A Loan facility that is renewable annually; and (2) a US$30 million 4-year C Loan that is renewable annually after the first 2 years. Use of proceeds are aimed at funding working capital for ECOM’s cocoa business in Cote d’Ivoire and Ghana.

ECOM is an existing IFC client. The investment would enable ECOM to strengthen its balance sheet; sustain offtake volumes and finance cocoa farmers; and invest into its sustainable cocoa supply chain.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

his is a Category A project according to IFC's Policy on Environment and Social Sustainability (2012). Key E&S risks and issues associated with this investment are: (i) maturity of ECOM’s E&S Management System for its direct (e.g., warehouses and logistics) and cocoa sourcing operations (specifically to manage the risks related to CL/FL, significant safety hazards - such as use of pesticides, or risks of conversion of Natural and/or Critical Habitats to farmland to be used for cocoa production) accordance with IFC PSs; (ii) ECOM E&S and sourcing teams capacity/competency to ensure timely implementation of ECOM’s sustainable cocoa sourcing strategies in CDI and Ghana; (iii) assurance of fair and safe working conditions including GBVH risk management, in line with PS2 and local labor requirements for direct workers and contractors; (iv) emergency preparedness, road safety and security policy and procedures; (v) Stakeholder Engagement Plan and Community Grievance Mechanism. 

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

Up to US$230 million from IFC own account: (1) a US$200 million 4-year A Loan facility that is renewable annually; and (2) a US$30 million 4-year C Loan that is renewable annually after the first 2 years. 

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.

ECOM is a leading commodity trader incorporated in Switzerland with operations in 40 countries in Africa, Asia, Europe, Latin America and the United States. ECOM operates in sectors that are dominated by smallholder farmers and provides support to its coffee and cocoa suppliers to increase their productivity and access certification programmes. The Group is a significant player in the global coffee, cocoa and cotton trades.

ECOM Agroindustrial Corporation Ltd is a family-owned company founded in Barcelona, Spain in 1849.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - ECOM Agroindustrial Corp Ltd 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.

ECOM Agroindustrial Corp. Ltd.
Thomas Quievy
Group Treasurer
+41 58 721 72 53
t.quievy@ecomtrading.com
Avenue Guillemin 16- CH-1009 PULLY (Switzerland)
https://www.ecomtrading.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