Mohinani Group

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IFC is proposing a financing package that include an A-loan of up to US$30 million and B Loan/Parallel loans of up to US$25 million to Mohinani Group (“the Group”), a diversified family business (i.e., in manufacturing, real estate, foods etc.).  International Development Association (IDA) Private Sector Window  (PSW) Blended Finance Facility will provide a first loss guarantee (PSW FLG) covering up to 25% of the IFC A and B\Parallel loan amounts. The IFC loan proceeds will be used as follows: (i) US$25 million to Polytanks Ghana Limited (“Polytanks”) a Group subsidiary in Ghana to develop a 15,000 tons per annum (“tpa”)  plant to recycle polyethylene terephthalate (“PET”) bottles  into clean PET recycled pellets (“rPET”); (ii) US$25 million to Sonnex Packaging Nigeria Limited (“Sonnex”) another Group subsidiary based in Nigeria to develop technologically identical facility for recycling of PET bottles with a production capacity of 15,000 tpa rPET; and (iii) US$5 million to support working capital in the chemicals and polymers trading and distribution business (“the Project”).  Polytanks rPET plant in Ghana is currently under construction within the Tema Free Zone Enclave in Accra on 3.7 hectares of land plot. Sonnex rPET plant in Nigeria, is in the final phase of construction within the Ikorodu Industrial Estate on 5 hectares of land plot.  Polytanks, in Ghana since 1966, operates plants for manufacturing of rigid and flexible packaging, water tanks, corrugated boxes and poly sacks. Sonnex, in Nigeria since 2000, operates plants for manufacturing flexible and rigid plastic packaging materials.   Mohinani Polymer and Chemicals business consists of international sales and onshore distribution of materials for use in manufacturing, mining, oil&gas and water treatment industries.