The sponsors include Mr. Mostafa Kamal, his wife Mrs. Beauty Akhter and his grown-up children - Ms. Tahmina Binthe Mostafa, Ms. Tanjima Binthe Mostafa, Mr. Tanveer Ahmed Mostafa and Tasnim Binthe Mostafa (collectively referred to as the “Sponsors”). The sponsors are the owners of 100% of the shareholding in the Borrower.

The total Project cost is estimated at ~US$53 million and is proposed to be financed with long-term debt totalling ~US$35 million and the balance ~US$18 will be financed through equity.

The proposed IFC investment package of US$35 million consists of an A Loan of up to US$21 million and a GAFSP-subordinated loan (the “GAFSP Loan”) of another US$14 million as described in the Blended Finance section. The two loans have a tenor of 8 years including a 2 years of grace period (from the commitment date).

The Project is located in Manikchak, Bogura in the northern region, a less economically developed part of Bangladesh, an IDA country.  

 N/A                                                  

This is a Category B project as per IFC’s 2012 Policy on Environmental and Social sustainability. The key E&S risks and impacts of this proposed investment include: (i) Company’s capacity/competency to implement an integrated E&S management system at the greenfield rice mill, covering the construction and operational phase, in line with PS1 requirements and Bangladesh regulations; (ii) assurance of fair, safe, and healthy labor working conditions including that related to occupational health and safety (OHS) and life & fire safety risks in compliance to local regulations and PS2 requirements; (iii) resource efficiency, greenhouse gases, pollution prevention and cumulative impacts, hazardous materials and waste management in compliance with PS3 requirements and applicable WBG EHS Guidelines; (iv) community health and safety risks, including food safety management systems, emergency preparedness and response and risks due to transport fleet operations; (v) management of supply chain risks in line with PS2/PS6 supply chain requirements; (vi) stakeholder engagement and community grievance mechanism, especially in the paddy procurement process.