IFC is considering to invest up to €7 million to support the expansion of La Societe Ivoirienne de Productions Animales (“SIPRA or the “Company”), a leading poultry operator based in Cote d’Ivoire. SIPRA has vertically integrated operations established in three key business units, namely 1) Ivoire Poussins, which encompass parent stock farms and hatchery for production of one day-old chick, and commercial farming facilities composed of 4 egg laying farms, and 34 broiler chickens farms, including 9 under SIPRA’s management and 25 contracted farms; 2) Ivograin, a feed mill unit. Ivograin is also selling its products through a network of 22 retail outlets throughout Ivory Coast; and, 3) CoqIvoire, a slaughtering unit and 43 retailing outlets for chicken and eggs.

IFC’s financing will be used for SIPRA’s €22 million expansion project (the “Project”) over the next 3 years. The Project includes: (i) expand broiler production to 8 million birds p.a.; (ii) expand egg production to 70 million eggs p.a. (from current 20 million eggs); (iii) increase poultry & egg retail outlets to 80 (from current 43); (iv) debottlenecking of feedmill to increase capacity; and (v) others (working capital, etc.).