Agro food & Marine Industries

The proposed investment consists of a corporate loan of US$40 million, and a loan of US$20 million from IFC acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio Program ("MCPP"), to Anouar Invest SA ("Anouar Invest" or the "Company"). Specific use of proceeds for this transaction is for the: i) expansion of storage capacity for commodity trading (Copagri); ii) expansion of production capacity in biscuits (BBM); iii) equipment upgrade in fish processing operations (freezing and canning) (Silverfood and Sopcoda); iv) warehouse upgrade and expansion in distribution logistics (Stock Pralim); v) acquisition and upgrade of a flour mill in Guinea (Grand Moulin de Guine); vi) working capital needs to support above mentioned listed expansion; and vii) debt refinancing. The IFC corporate loan is part of a US$117 million package to finance the growth of the agribusiness segment of Anouar Invest in Morocco and the Republic of Guinea-Conakry (the "Project"). Anouar Invest is a fast growing food conglomerate and one of the leading diversified agribusiness groups in Morocco with 20 subsidiaries. Initially distributing imported products, the company integrated midstream (food processing and manufacturing) and upstream (fishery) operations in its portfolio in 2009, including canned fish ("Mario" brand), biscuits ("Excello" brand), flour ("Fandy" brand) and recently dairy and butter ("Badaouia" brand). At this point, the company owns a single fishing vessel that exclusively targets small pelagics in Morocco. The company`s strategic vision is to further gain market shares in the fast growing food processing industry in Morocco and West Africa.

Morocco