Pee Cee Holding Ltd (PCH) is a privately owned consumer goods group established more than 50 years ago in Sierra Leone. It is one of the country’s largest importers, manufacturers, and distributors of fast-moving food and non-food consumer products (FMCG), operating primarily within Sierra Leone. PCH was founded by Mahesh Nandwani (current CEO), a Sierra Leonean citizen, renowned businessman, and philanthropist. Pee Cee Holding Ltd is 100% owned by the Nandwani family. Pee Cee Agriculture (PCA), the ultimate beneficiary of the proceeds from IFC loan is owned 80% by PCH with 20% unsubscribed.

 The total Project is estimated at US$16m comprising: (i) US$12m capex for machinery and storage facility, and (ii) US$4m for start-up costs (funded by PCH). The proposed investment is a 7-year (including a 2-year grace period) senior secured loan of up to US$12m, consisting of US$6m each of IFC A loan and IDA PSW BFF Loan, subordinated to IFC A loan both in payment and liquidation. PCH is the main borrower, and its affiliates (Jolaks Manufacturing Limited, Pee Cee & Sons, Pee Cee Agriculture, Pee Cee Industries, and Milla Group) are co-borrowers. 

Pee Cee Agriculture (PCA), a 500-hectare commercial onion farm, is located in Lungi, Porto Loko District, approximately 50 km from the capital city, Freetown. The proceeds of IFC’s loan will be directed to this farm.

This is a Category B project based on IFC’s 2012 Policy on Environmental and Social Sustainability. IFC’s review concluded that 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 and the Environmental and Social Action Plan (ESAP). The key E&S risks and issues for this investment are: (i) effective implementation of the E&S Management System (ESMS), organizational capacity/competency of its environmental, health, safety and social (EHSS) and agronomic functions; (ii) HR and OHS Management Systems for assurance of fair and safe working conditions for direct, seasonal workers and contractors, including workers’ grievance management; (iii) promotion of Good Agricultural Practices (GAPs), including soil conservation, water and solid/hazardous waste management, Integrated Pest Management (IPM) and use of agrichemicals, and biodiversity conservation, including certification against a credible sustainable production standard; (iv) E&S supply chain requirements applying to the out-grower scheme; (v) stakeholder engagement and community grievance mechanism.