BLS Equity

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 The proposed transaction is an equity investment of up to US$36 million in primary common shares of Building Logistics S.A (“BLS” or “the Company”). BLS is a logistics service provider in Morocco and a subsidiary of H&S Invest Holding, a diversified family-owned holding company operating in FMCG, logistics, pharmaceuticals, media communication and real estate. H&S owns 79.7% of the Company, with the remaining shares owned by STOA Infra & Energy, an impact fund created in 2017 by the Caisse des Dépôts and the Agence Française de Développement (AFD) to finance infrastructure in emerging and developing countries.The Company has ambitious growth plans to become a leading third-party logistics (“3PL”) services provider in the country. IFC’s proposed investment will be used to finance BLS growth investments consisting of (i) bolt-on acquisitions of identified logistics service providers, warehouse facilities and other facilities for the group in Morocco, and (ii) a capex plan to expand BLS’ existing warehouse facilities and construct greenfield warehouse facilities and logistics platforms in various large cities of the country (the “Project”).