26166 - MARINA MARKET

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Summary of Proposed Investment

Project Number

26166

Company Name

MARINA MARKET GHANA LIMITED

Date SPI Disclosed

Sep 19, 2007

Country

Western Africa Region

Industry

Tourism, Retail and Property

Projected Board Date

Oct 31, 2007

Status

Completed

Sector

Retail (Including Supermarkets, Grocery Stores, etc.)

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Invested : May 11, 2010

Project Description

The project consists of:

- the modernization and expansion of Marina Market’s retailing and warehousing facilities in Burkina Faso;
- the construction of a retail/office building and of a supermarket in Ghana; and
- the expansion of Marina Market’s current activities in Niger.

The project is expected to offer better consumer choices and higher quality of goods sold. Moreover, the project will contribute to the modernization of the retail and service industries through the introduction of retail infrastructure, particularly in Niger and Burkina Faso.

Sponsor / Cost / Location

Development Impact

Through the Marina Market project, sponsors who have been able to run retail operations successfully in Burkina Faso will export their expertise to other countries of the region.

The project will create, during the construction and the operational stages, reasonably well-paid jobs in countries where unemployment rates are high. Niger and Burkina Faso are two of the world’s poorest countries with GDP per head of $243 and $432 respectively.

Support to the co-borrowers’ operations will have a direct impact on consumers that will benefit from improved retail services.

The project is expected to offer better consumer choices and higher quality of goods sold, especially food and fresh products to consumers of all three countries.

The project will contribute to the modernization of the retail and service industries through the introduction of retail infrastructure.

Catalyst Role:

By entering into markets so far hardly supported by foreign direct investments (FDI), IFC will create a demonstration effect. Both Burkina and Niger have attracted relatively low levels of FDI, about $68 million each over the period 2003-2005. This reflects the obstacles to investment in both countries, including their landlocked position and high production costs.

Long-term tenor:

IFC will help provide a steadier flow of long-term financing and an opportunity for Marina Market to expand and diversify its operations.

Technical Assistance Support:

IFC is exploring with the sponsors the possibility of developing technical assistance support. Several areas may be considered: operational and marketing management of larger scale supermarkets, corporate governance improvement, waste recycling and energy efficiency.

IFC's early review of this investment has identified the following environmental, social, health and safety issues: social and environmental management system; land acquisition; site selection; access road construction; community engagement; sewage and liquid waste treatment; solid waste disposal; water and power supply; fuel storage; tenant operations; emergency response preparedness; need for an independent fire safety master plan; and employee safety and training.

Performance standards that are expected to be applicable for this project may therefore include the following:

- PS1: Social and Environmental Assessment/Management System
- PS2: Labor and Working Conditions
- PS3: Pollution Prevention and Abatement
- PS4: Community Health, Safety and Security
- PS5: Land Acquisition and Involuntary Resettlement

Based on this early review, it is anticipated that this project will require 30 days disclosure by IFC prior to Board and has been provisionally categorized as B.

Contacts

For Inquiries About the Project, Contact

Georges Restom, Directeur
Général Marina Market
Rue de l Hotel de Ville – 01 BP 516
Ouagadougou 01 Burkina Faso

Tel: 226 50 33 71 80
Fax: 226 50 31 28 28

For Inquiries and Comments About IFC, Contact

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

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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