Project detail - SOCIETE SIFCA SA


Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Established in 1964, the SIFCA group (“SIFCA”) has become a leading integrated agribusiness group in West Africa. The Ivory Coast-based group is involved in the production, processing, and distribution of palm oil, cane sugar and natural rubber. SIFCA employs over 33,000 direct employees in West Africa (Ivory Coast, Ghana, Nigeria, Liberia and Senegal) as well as procures agricultural produce from over 110,000 smallholders.

What is our funding objective?

A EUR 90 mln term facility will be provided to SIFCA by Proparco (Lead), FMO, and the bank Société Générale. The facility will be used to finance SIFCA’s investment plan and to refinance existing debt so the tenor of its assets and liabilities will be better matching.

Why do we fund this investment?

SIFCA is a well-known actor in the agro-industrial sector in West Africa. It is estimated that the project will support around 33,000 direct jobs and around 150,000 indirect jobs (through smallholders) in the 5 countries of operation within the next five years, including jobs created or maintained. The project will facilitate technology and know-how among local populations as SIFCA provides technical assistance to its partners in the value chain. This project will also contribute to regional and sectoral diversification and to local value chain development. The production will substitute imports, allowing a price decrease of basic food products and supporting West Africa’s food self-sufficiency and safety. Finally, SIFCA plays an important role in the development of local communities where the group is operating, as it provides schools and medical facilities for its employees and their families as well as for the smallholders cooperating with the company and the surrounding communities.

What is the Environmental and Social categorization rationale?

The E&S risk is considered to be high and categorized as A, since all PSs are triggered but PS 7. The company operates in several countries in West Africa where different risk situations apply. In none of these countries Indigenous People (PS 7) are involved with the company activities as established by independent consultants. Key risks are safe work and labor conditions, economic displacement and land rights, and biodiversity. These last risks are concentrated mainly in Liberia. The Environmental and Social Action Plan focuses on reinforcement of the organisation of environmental and social management at both corporate and subsidiary level, ensuring that timely risk identification and assessment including stakeholder engagement takes place resulting in proper risk management.

Website customer/investment
Côte d'Ivoire
Agribusiness, Food & Water
Effective date
Total FMO financing
EUR 35.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)