The Company is Vegpro Kenya Limited while the major shareholders are James Cartwright and Bharat Patel who each own 50 percent of VGL. Bharat Patel co-founded Vegpro Kenya Limited in 1979 and is the Managing Director of VKL. James Cartwright is the Business Development Director of VKL and has over 36 years of experience in horticulture; joined VKL in 1995.

The total project cost is $14 million. The proposed IFC investment is a $7 million secured A loan to VGL to support the Project.

7.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	7.0
Equity

* These investment figures are indicative

VGL is located at Kpong in the South of Ghana, approximately 86 km from Accra. The site is in Torgome (Sokope) in the North Tongu District in the Volta Region of the Republic of Ghana.

The proposed Project will help a) create employment for up to 1500 people; b) develop the horticulture industry in Ghana; c) develop a network of suppliers of goods and services (inputs, transportation, maintenance; equipment, etc) which has industry-wide benefits; d) provide access to export market for 200 smallholder farmers which should improve their incomes and e) contribute to food security through the production of maize for the local market and increased incomes of employees and smallholders.

IFC will provide: (i) funds at a longer tenor and grace period than generally available in the market which is critical for this Greenfield project; (ii) the company with political risk mitigation in its South-South investment; (iii) advisory capacity building to small farmers as needed and (iv) assist Vegpro to implement environmental and social standards that will form a benchmark for projects in the horticulture sector in Ghana. Vegpro is also keen to work with IFC ti improve Corporate Governance and to establish a more efficient corporate structure.

This is a Category B project according to IFC’s Environmental and Social Review Procedure because of the limited number of adverse impacts that may occur which are generally site specific and can be avoided or mitigated by adhering to generally recognized performance standards, procedures, guidelines or design criteria.

The environmental and social impacts of the Sponsor’s operations are relatively limited. IFC’s review did not identify any significant adverse impacts or high risk exposures. The company''s experience in Kenya operations will be required to be applied in order to manage issues associated with provision and on-going management of irrigation water, operation of the vegetable growing and processing operation (including food safety) and specifically that of waste management. In addition, labour and working conditions of the employees (both permanent and temporaries) and managing community relations including that of the ongoing livelihood restoration efforts as part of the economic resettlement action plan will be of importance. While all Performance Standards (PS) are applicable to this investment, IFC’s environmental and social due diligence indicates that the investment may have impacts which must be managed in a manner consistent with the following Performance Standards:- PS 1: Social and Environmental Assessment and Management Systems- PS 2: Labour and Working Conditions- PS 3: Pollution Prevention and Abatement- PS 4: Community Health, Safety and Security- PS 5: Land Acquisition and Involuntary ResettlementThe EH&S General Guidelines as well as the Food Processing and Annual Crop Production EH&S Guidelines will apply.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.