44796 - FCS RE Kings Beverage

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Summary of Investment Information

Project Number

44796

Company Name

KADAT FOODS AND BEVERAGES PVT LIMITED

Date SPI Disclosed

Sep 7, 2021

Country

Sierra Leone

Region

Africa

Projected Board Date

Oct 15, 2021

Environmental Category

B - Limited

Status

Active

Last Updated Date

Sep 11, 2025

Department

Regional Industry - MAS Africa

Industry

Agribusiness and Forestry

Previous Events

Approved : Nov 24, 2021
Signed : Mar 10, 2022
Invested : Dec 22, 2022

Sector

Soft Drink

Additional Project Attributes

Blended Finance

Project Description

The proposed investment in Kings Beverages PVT Limited (KB or the Company) consists of: (i) a US$2.5 million A loan and (ii) a US $2.5 million loan from IFC in its capacity as implementing entity for the Global Agriculture and Food Security Program (GAFSP) Private Sector Window. The proposed financing will be used towards capital expenditures for the completion of the KB beverage factory located in Freetown, Sierra Leone, including two new fruit juice lines, one mineral water line as well as one carbonated soft drink (CSD) line (the Project).

Associated Advisory Engagement

An advisory project will be designed and implemented that aims at providing technical assistance in the areas of: (i) organization and capacity building of smallholder farmers supplying fruits to KB; (ii) food safety standards; (iii) environment and social standards; (iv) operational efficiency improvement; and (v) corporate governance.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	2.50
Equity

Development Impact

The most significant, expected Project-level outcomes are its contribution to generating domestic value addition and job creation through investments in processing facilities, improving farmer livelihoods through more reliable access to markets, and strengthening the distributor networks. Beyond the Project, IFC anticipates that contribution to market creation will stem from (i) first mover operating the largest and first automated plant of its kind in Sierra Leone and using the latest technology and production standards to address local demand; and (ii) expected improvement in quality standards which will encourage competitors to up their game.

With the proposed investment, IFC is supporting KB in expanding its current operations and product lines in Sierra Leone. In particular, IFC financing will support capital expenditures to complete a partially built factory producing water and CSD as well as add fruit juices to the product lines. The investment is being complemented by IFC's Advisory Services. The project represents one of the first IFC engagements in the country's agribusiness sector and the Company is interested in both financial and non-financial aspects of IFC's additionality. IFC can provide long term financing at tenors that are otherwise not available to the private sector in Sierra Leone. IFC's non-financial additionality includes strengthening KB's operations through advisory services to improve supply chains and capacity of suppliers (mainly smallholder farmers) to supply quality raw materials for the new fruit juice line to the Company. Further, KB's implementation of IFC Performance Standards will ensure the Company's operations align with best international practices in the areas of food safety, operational efficiency, environmental and social standards and corporate governance.

E&S Category Rationale / Risks and Mitigation

This is a Category B project based on IFC’s 2012 Policy on Environmental and Social Sustainability. The key E&S risks and issues related to this investment are: (i) existence and implementation effectiveness of KB’s EHS, HR and food safety (FS) management systems; (ii) capacity and competency of its EHS/HR/FS functions; (iii) fair labor and safe working conditions, including terms of employment and OHS measures of direct employees and contractors; (iv) life and fire safety at the facility; (v) compliance of contractors and/or service providers with applicable national HR/OHS requirements; (vi) monitoring of EHS parameters (air emissions, effluents, noise, waste and Lost-Time Injury Frequency Rate) at KB’s facility (vii) risk screening of KB’s raw material (fruit) third-party suppliers. Applicable World Bank Group (WBG) Environmental, Health and Safety (EHS) Guidelines include the General and Sector-specific (Food & Beverage Processing) Guidelines.

Contacts

For Inquiries About the Project, Contact

Kings Beverages PVT Limited
Mr. Kishore Parwani
Managing Director
+ 91 9920055047
Kkparwani777@gmail.com
Freetown, Sierra Leone

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Mr. Kishore Parwani, Managing Director, Kings Beverages PVT Limited, 24 Hennessey Street, Freetown, Sierra Leone

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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