Sama Al Manar Tiryaki Iraq

active

 The proposed IFC investment is a project finance loan with use of proceeds to support an investment of up to US$112.5 m (US$66 m from IFC’s own account and the remaining amount to be syndicated) for the development of a US$205.5 m agro-industrial complex, including soybean crushing plant and warehouses at Berth 4 of the Umm Qasr Port in Iraq (the Project). The Sponsor of this project is Tiryaki Agro Gida Sanayi Ve Ticaret A.S. (“Tiryaki” or the “Sponsor”) which is a leading agricultural commodity trading company in Türkiye (https://tiryaki.com.tr/en/). Sama Al-Manar for General Trading Company (the “Company), of which Tiryaki is a shareholder, will execute the Project. Tiryaki was an IFC portfolio client (https://disclosures.ifc.org/project-detail/ESRS/34061/tiryaki-ii) with a satisfactory E&S performance at exit. The Umm Qasr Port, located in the south of Iraq, is Iraq’s main port. The closest community settlement, Umm Qasr town, is 2 km from the project site. The project site covers an area of 171,000 m2. Soybean will be imported from Brazil and Argentina and processed locally into by-products, such as soybean meal, oil, lecithin, and hull. Corn will be imported from various countries, only be stored, and distributed. The project’s storage is estimated at 145,000 tons and crushing capacity at 900,000 tons / year. The company’s operations primarily comprise storage of soybean and corn, soybean dehulling, flaking, crushing, oil extraction, distillation, and degumming, soymeal desolventizing, toasting, drying, and cooling.  Manarat Umm Qasr Company (Manarat) signed a contract with the General Company for Ports of Iraq (GCPI / “Port Authority”) to rehabilitate and operate Berth 4 of the Umm Qasr Port. The rehabilitation of the berth has been completed. Manarat and Sama Al Manar signed a partnership agreement for the operation of Berth-4 and the backyard facilities in October 2020. Manarat will be responsible for maritime cargo operations of soybean products and corn by the company. Sama Al Manar signed an EPC contract for the construction of the soybean crushing plant. 65% of the construction was completed as of March 2023. The project is expected to be commissioned by October 2023.