Carrinho Loan

pending

Carrinho Empreendimentos, S.A. (hereinafter, “the Company”, “Carrinho Group” or the “Group”) is the holding company of an Angolan vertically integrated agro-industrial group founded in 1993. The Company was initially founded as catering business then started importing and distributing food products. In 2016, Carrinho Group embarked on an import substitution program that led to the establishment of 17 fully integrated food processing mills within an industrial complex, the Carrinho Industrial Complex (“CIC”), in Catumbela, Benguela Province. Over 20 staple food products are produced at the CIC, including pasta, rice, wheat and maize flour, cooking oils, biscuits, cakes, sauces, and sugar; and non-food products include animal feed, soap, and essential packaging. Currently, Carrinho Group has a suite of subsidiaries (“Carrinho Subsidiaries”) which are legally registered and semi-autonomous business units covering agri-commodity sourcing, industrial operations, trade/commerce, catering, real estate, grain storage, poultry and goods distribution. The Company is undertaking a further expansion of their operations, and IFC intends to provide a loan facility of up to US$40m towards the expansion plan. The proceeds will be used by several Carrinho Subsidiaries, namely Carrinho Investimento, Carrinho Comercio and Carrinho Industria, as defined below (“the Project”):a) Carrinho Industria: addition of a new milling line at the existing wheat milling plant at the CIC. All wheat is imported from Europe and Latin America.b) Carrinho Investimento: purchase of equipment for the new industrial kitchen in Luanda (“Luanda Kitchen”), to be operated by Leonor Carrinho Catering (LCC), related company to Carrinho Group. The Carrinho family has extensive experience in catering, the historical business of the family, and supplies meals to major public and private clients throughout the country, through the operating LCC kitchen. The construction of the Luanda Kitchen is yet to commence.c) Carrinho Comercio: construction of a new finished goods storage warehouse at the CIC, purchase of enterprise management software and purchase of 100 goods transportation trucks. The finished goods to be stored at the new warehouse are derived from imported (wheat and rice) and locally sourced (maize, rice, sunflower and soybean) agri-commodities. The locally sourced maize is done through an outgrower program run by another Carrinho Group subsidiary, Carrinho Agri.