25896 - Groupe AMI

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Summary of Proposed Investment

Project Number

25896

Company Name

GRANDS MOULINS DU MALI SA

Date SPI Disclosed

May 13, 2008

Country

Mali

Industry

Agribusiness and Forestry

Projected Board Date

Jun 13, 2008

Status

Completed

Sector

Grain Processing (Milling, Starch, Flour, Malt)

Department

Regional Industry - MAS Africa

Environmental Category

B - Limited

Previous Events

Approved : Jun 25, 2008
Signed : Oct 31, 2008
Invested : Dec 8, 2009

Project Description

Grands Moulins du Mali (GMM or the Borrower), a wheat flour and rice milling company, and Société des Eaux Minérales du Mali (EMM), a mineral water bottling company, are part of Groupe Achcar Mali Industries (AMI or the Group). The Group also comprises Grande Confiserie du Mali, in confectionary and pasta production, Groupe Achcar Mali Transit, in customs clearing and logistics, and Compagnie Malienne pour le Développement du Blé (CMDB), a subsidiary of GMM involved in wheat growing.

The proposed investment intends to provide support the Group’s growth strategy by:

- increasing flour- and rice-milling capacity;
- diversifying into compound animal feed;
- scaling up existing mineral water activities; and
- strengthening the supply chain by erecting silos in Dakar, Senegal.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	12.53
Equity

Development Impact

The project will support the continued development of a competitive private sector company with significant benefits for the communities where it operates.

Enterprise development.

The project will allow GMM and EMM to:

- expand the capacity and improve the efficiency of production facilities;
- improve and secure the logistics of wheat/flour supply chains; and
- diversify their product portfolio.

Benefits to small and medium enterprises (SMEs).

As they continue to expand, the Borrower and EMM will catalyze the development of SMEs directly related to their operations at several levels:

- individually-owned transportation companies that truck the wheat imported through Dakar and Conakry;
- non-exclusive flour and water distributors; and
- stock breeders who will have easier access to adequate animal feed to optimize the performance of their businesses.

Employment generation.

The project is expected to create 50 direct additional jobs. AMI offers excellent career opportunities and salaries. GMM and EMM also require a large number of temporary workers, equivalent to about 150 full-time employees in 2006.

Entrepreneurship opportunities.

The production of formulated animal feed will have a positive impact on and create opportunities in the cattle-raising sector, a key contributor to Mali’s economy. Currently, cattle-raising entrepreneurs have to import prepared formulated feed or use incomplete animal feed sold locally.

Food Safety/Quality Management Systems.

GMM has implemented processes compatible with ISO 22000 standards, while other Group companies are adopting ISO 9001-compatible processes.

Improving corporate governance.

The Group will benefit from IFC Corporate Governance Dept.’s experience in working with family-owned businesses with the objective of clarifying family relations, corporate governance, and management policies through the implementation of a corporate governance improvement plan.

Enhancing financial discipline.

AMI has long relied on the Sponsor’s personal wealth and relationships in the financial sector in Europe and Mali for access to finance while risk management practices remain embryonic. Partnering with IFC provides the Group an opportunity to experience a more rigorous approach to financing.

Sustaining high environmental, social and safety standards.

Following IFC’s appraisal, the Borrower and IFC agreed on an environment and social action plan that GMM and EMM shall implement, and which includes improvements in the management of food and staff safety as well as operational and reputation risks.

As a result of IFC’s appraisal of the project, the following key environmental and social issues were identified:

- Food safety and quality management systems; and
- corporate occupational health and safety training activities for milling, transport, warehousing and other food manufacturing activities.

Food safety and quality issues will be addressed by securing the ISO 22000 certification. This system provides assurance that food products placed into commerce are safe and, in the event of a report of adulterated food products in the market place, the company can identify affected lots and remove the products quickly. The system also facilitates a company’s ability to determine where the problem occurred. The Group plans to formalize health and safety training activities as an HR policy.

Contacts

For Inquiries About the Project, Contact

Mr. Christian Viale
Directeur Financier

Tel. +223 221 3664
Fax. +223 221 5874

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

Environmental documentation will be made available at the following locations :

Bamako District City Hall (Mairie du District de Bamako)
Koulikoro City Hall (Mairie de Koulikoro)
Diago City Hall (Mairie de Diago)

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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