SIAGRO main shareholders include by Mr. Mohamed Fares, Mr. Muhyedine Fares, Mr. Hassan Fares.

The total Project cost is estimated at EUR10 million. IFC’s proposed financing is an A loan of up to EUR5 million.

6.88 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	6.88
Equity

* These investment figures are indicative

SIAGRO is located near the village of Kirene, Senegal in the sub-prefecture of Thies.

· Increased availability of affordable quality beverage products for consumers in West Africa.
· Increased tax revenue.
· Creation of a regional beverage champion.
· Demonstration effect for potential new entrants in the beverage sector in the region.
· Kirene is distributing its milk to schools thereby promoting nutrition and learning.
· Increase stable revenue for farmers in Senegal providing fresh milk to Kirene.

- Provide long term financing to support expansion. - Supporting import substitution.

This proposed investment is expected to have limited environmental and social impacts which are expected to be site-specific and none is expected to be significant. Those impacts can be avoided or mitigated by adhering to recognized performance standards, procedures, guidelines and design criteria, as described in the following sections. Thus, this is a Category B project in accordance with IFC’s Environmental and Social Sustainability Policy. This categorization is in accordance with other similar type of projects within the sector. The project is designed to avoid, minimize and manage E&S risks and impacts of the Company’s operations in compliance with applicable IFC’s PSs and IFC/World Bank Group (WBG) General and sector-specific (Dairy Processing and the Food and Beverage Processing) Environmental, Health and Safety (EHS) Guidelines.

PS5: Land Acquisition and Involuntary Resettlement, PS6: Biodiversity Conservation and Sustainable Natural Resources Management, PS7: Indigenous Peoples and PS8: Cultural Heritage are not expected with this investment for the following reasons: the land for the processing plant was acquired in 2005 from the Diass Rural Community in accordance with Law no 72-02 on Land Administration and there was no conversion of natural/critical habitats. In addition, Kirene is sourcing raw milk from farms where cows and fodder are confined in established pasture/consolidated agricultural areas; there is no presence of Indigenous Peoples or known cultural artifacts in project’s footprint. In the event that issues anticipated by these PSs arise, Kirene will promptly inform IFC. Screening and assessment of these issues against PSs requirements will be done through the proposed E&S management system (ESMS).

Key risks and issues associated with project relate to the Company’s capacity to: i) undertake adequate social and environmental assessment and maintain management measures commensurate with the impacts of the Company’s expansion plan and operation of warehouse and beverage processing plant; ii) ensure that the design and construction of all facilities comply with recognized building codes and life and fire safety standards; iii) maintain fair, safe and healthy working conditions during expansion and operations of facilities for direct employees as well as for contract workers; iv) establish and maintain internationally acceptable food safety standards (e.g. HACCP) in preparation, storage, and delivery of products, including water, juice and milk.

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.