The IFRIA cold chain platform is to be established by four seasoned partners combining 50 years of operating experience of cold chain networks/development across multiple countries. IFRIA’s founders will own a minority share while the majority shareholder is proposed to be a leading private equity investor.

 The total costs to finance the 1st round of investments of the IFRIA cold chain platform is estimated to be equivalent to US$72.9 million, of which about $46m will be injected as equity with the rest being sourced as debt from institutions and funds. IFC is expected to invest a 25% stake to support the development of the IFRIA cold chain platform. The Project is expected to be supported by the Finland-IFC Blended Finance for Climate Program as described in the Blended Finance Section.           

The IFRIA cold chain platform will pursue opportunities across North and West Africa with the 1st round of investments being focused on assets anchored in Morocco and Senegal.

This is a Category B project according to IFC’s 2012 Environmental and Social Sustainability Policy. Based on information reviewed during appraisal, the project is designed, as described in the sections below, to avoid, minimize and manage E&S risks and impacts of the company’s operations in compliance with national legal and regulatory requirements, IFC Performance Standards, and its own corporate policies.

Key E&S issues associated with this investment relate mainly to (a) company’s E&S management systems and staffing to ensure development and operations of assets in line with IFC Performance Standards; (b) adequate E&S risk screening and assessments for proposed acquisitions and operations; (c) assurance of fair, safe and healthy working conditions for employees and contracted workers during construction and operation; (d) management of air emissions and wastewater from proposed operations; (e) workers and community grievance mechanism; (f) security and traffic management; and (g) energy efficiency of the operations.