Agrocorp is incorporated in Singapore as a private limited company. The company is wholly owned by the founders, Vijay Iyengar, Akila Vijay and Ravi Raghavan. This loan is being extended to the HQ entity in Singapore, with use of proceeds earmarked specifically to support the flow of wheat and pulses from Canada and Australia to Bangladesh.

The total project cost is estimated at USD 32.5 million. USD 18 million will be provided via an own account A loan with the remaining USD 14.5 million coming from the International Development Association’s Private Sector Window Blended Finance Facility (IDA-PSW-BFF), as further described in the Blended Finance Section.

The project will support Agrocorp’s trading flows of wheat and pulses going into Bangladesh.

 This is a Category B based on IFC’s 2012 Policy on Environmental and Social Sustainability. The E&S risks and impacts associated with this project are limited, site-specific, and can be readily addressed through generally accepted mitigation measures described in this document. Key E&S risks and issues associated with this investment relate to Agrocorp’ Quality / EHS / HR / Food Safety Management System (Integrated MS) and implementation effectiveness at its processing operations in accordance with IFC PSs’ requirements and applicable Australian/Canadian E&S legal and regulatory requirements, including securing necessary operational permits; (ii) effectiveness of Agrocorp’s management capacity / competency to implement the IMS; (iii) assurance of fair, safe and healthy working conditions in line with PS2 objectives and legal labor requirements in Australia and Canada, including COVID-19 contingency measures; (iv) emergency preparedness and response plan, including Life and Fire Safety (L&FS) at processing and warehousing facilities; (v) resource (energy/water) efficiency; point source air emissions; ambient dust, noise, vibration; solid and hazardous waste management; (vi) integrated pest management; and (vii) community grievance mechanism.