BFB is a private company established in Nigeria and owned by the Mr. Boulos Boulos (50%) and Mrs. Hind Boulos (50%). Mr. Boulos Boulos and the Boulos family have been involved in businesses in Nigeria for over 60 years with interests in automotive assembly through Bel Enterprises Limited, waste paper recycling through Bel Papyrus Limited and paper conversion through Bel Impex Limited.

Total project cost is estimated at US$30 million.
The proposed IFC investment will consist of an A Loan of up to US$ 4.5 million for IFC’s own account and straight equity of up to US$ 3.5 million. IFC’s investment will be alongside Asset and Resource Management Company Private Equity LLP (“ARMPE”, or the “Fund’), a Nigerian private equity firm focused on investments in Nigeria’s fast moving consumer goods sector. ARMPE has proposed to invest up to US$ 6 million in straight equity.

8.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	4.50
Equity	3.50

* These investment figures are indicative

The Company’s plant and main warehouse will be located at Antonio Village, Km 9, Ibadan-Lagos Expressway in Ibadan, with a distribution hub to be located in Lagos.

The Project is expected to have the following impacts:
(i) Adoption of new packaging technology with improved food safety benefits.
(ii) Direct and indirect employment with the creation of 446 jobs, of which approximately 139 will be to women.
(iii) MSME development through development of wholesalers, retailers, distributors.
(iv) Tax revenues accruing to Government.

IFC''s additionality in the Project will include:
(i) Provision of competitive long-term financing including equity financing with tenors commensurate with the Project.
(ii) Long-term partnership as the Compnay views IFC as a strategic partner for current and future projects.
(iii) Enhancement of corporate governance practices within the Company.
(iv) IFC will ensure the Company adheres to high standards for food safety, and environmental, health and safety practices.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability. The environmental and social risks and impacts associated with this project are limited, site-specific and can be readily addressed through generally accepted mitigation measures as described in this document and the attached Environmental and Social Action Plan (ESAP).

The potential environmental, social, occupational health and safety risks associated with this project relate to environmental assessment and management in line with Nigerian Laws; food hygiene and safety procedures, including Hazard Assessment and Critical Control Point (“HACCP”) Principles; management of labor and working conditions, including occupational health and safety measures during the operation phase; resource (water and energy) efficiency during operations; solid and liquid waste management and the design and construction of the facility in accordance with recognized Nigerian building standards, including those related to life and fire safety.

BFB has presented plans to address these potential environmental and social impacts to ensure that upon the implementation of the specific agreed mitigation measures, the Project is expected to be in line with the applicable Nigerian laws and regulations, IFC’s Performance Standards and World Bank Group (WBG) general and sector-specific Environmental, Health and Safety (EHS) Guidelines.

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.