PROJECT

Projects

Summary of Investment Information

Project Number

34376

Company Name

AL SAFI DANONE IRAQ

Date SPI Disclosed

Jun 16, 2014

Country

Iraq

Region

Middle East

Projected Board Date

Jul 21, 2014

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Feb 5, 2022

Department

Regional Industry MAS MCT

Industry

Agribusiness and Forestry

Previous Events

Approved : Nov 13, 2014
Signed : Apr 19, 2015
Invested : Jul 21, 2015

Sector

Dairy Products

Project Description

Al Safi Danone for Dairy Production and Distribution LLC. (the “Company” or “ASDI”) is an establishment that was formed for the production, marketing and sales of processed dairy products in Iraq. The Company constructed a new factory with an initial production capacity of circa 59,000 tons of dairy products per annum.

The “Project” entails the construction of ASDI’s dairy plant, including the installation of multiple filling lines, and completion of other capital expenditures to make the Company fully operational. The Project will be funded by a combination of the Sponsors’ equity and IFC long-term financing. The main purpose of the Project is to partially replace the importation of processed dairy products from the Kingdom of Saudi Arabia (“KSA”) to Iraq through the Company’s local production.

ASDI will initially offer the following three dairy product categories to the Iraqi consumers:
(i) Drinkable yoghurt;
(ii) Spoonable yoghurt; and
(iii) UHT milk (by way of distribution of imports).

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation