Summary of Proposed Investment
Project Number
7707
Company Name
Horticultural Farms & Exports
Date SPI Disclosed
Sep 5, 1996
Country
Tanzania
Industry
Agribusiness and Forestry
Status
Completed
Sector
Horticultural Products (Flowers)
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Oct 16, 1996
Signed : Oct 16, 1996
Invested : Jan 15, 1997
Project Description
SUMMARY OF PROJECT INFORMATION
Country/Project Name Tanzania-Horticulture Farms & Exports Ltd.
Region Sub-Saharan Africa
Sector Agriculture
Project No. 007707
Projected Approval Date October 6, 1996
Company Name Horticulture Farms & Exports Ltd.
Technical Partner and/or Major Shareholders: The project sponsors are Mr. Sandy Evans (67%) and Tanzania Flowers Ltd. (33%). Mr. Sandy Evans, a British national and longtime Tanzanian resident, is the Managing director of Abercrombie & Kent Tanzania, an IFC client. Tanzania Flowers is the oldest flower exporter in Tanzania and is owned and managed by the Bruins family.
Project Cost including proposed IFC investment
Project Cost: US$1.8 million equivalent
IFC Investment: US$0.8 million (loan)
Location of Project and Description of Site: The project’s facilities are located in Arusha, Tanzania.
Description of Company and Purpose of Project: The project will expand the operations of an existing successful rose farm from 1 ha to 6 ha. The farm was started in 1995 with equity financing from the sponsors. The project will enable the company to fully utilize its existing facilities and to widen the farm’s floral assortment to better suit European market requirements.
The project is expected to diversify the country’s export base, provide valuable foreign exchange, and create employment for 200 people.
Environmental Category and Issues: This is a Category B project according to AEF’s environmental review procedure. Environmental, health, and safety issues associated with this project include pesticides handling and application, integrated pest management, water supply, CFC-free cold storage, provision of personal protective equipment and safety training, and disposal/destruction of used pesticides containers. The sponsor is currently preparing an environmental and safety management plan. An ERS was made available on August 30, 1996.
Date SPI sent to PIC: September 5, 1996
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsmile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
Related ESRS/ERS
