Kamal Steel is owned by three brothers of the Gupta family from Tanzania: Gagan Santosh (48.8%), Sameer Santosh (51%) and Satyam Swatantra (0.2%).

The total project cost is US$12 million comprising of a (i) up to US$6.0 million “A” loan and (ii) up to US$6.0 million concessional loan subordinated to the “A” Loan from IFC, acting in its capacity as the implementing entity of IDA PSW BFF. IFC can only provide US$6.0 million based on the low value of the security package available. The IDA PSW BFF US$6.0 million loan will help close the funding gap and de-risk IFC’s investment by being subordinated in payments and liquidation to the IFC “A” loan.

 The proceeds will be utilized for Kamal Steel in Dar Es Salaam, Tanzania.

This is a category B project according to IFC's Policy on Environment and Social Sustainability (2012). Based on information reviewed by IFC, the proposed project will have limited adverse E&S impacts that are few, site specific, largely reversible and readily addressed through existing mitigation measures and good international industry practices (GIIP).

Key areas of E&S focus include: (i) development and implementation of a corporate E&S management system (ESMS) and relevant procedures and plans to assess and manage the E&S risks and impacts applicable to the business of the company in line with IFC’s PSs during the planned recommissioning activities and operations & maintenance (O&M); (ii) HR policies and procedures, labor and working conditions, worker grievance redress, occupational health and safety (OHS) management during planned upgrades, O&M of its assets; (iii) emergency preparedness and response and life and fire safety; (iv) air and noise emissions; (v) legacy contamination, (vi) waste and hazardous materials management; (vii) community health and safety including motor vehicle safety; (viii) security management; and (ix) stakeholder engagement and community grievance redress.