DFF - IFFCO Working Capital



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

23 Mar 2021



PSD disclosed:

30 Mar 2021

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Provision of up to TND 20,000,000 working capital loan to Compagnie Generale des Industries Alimentaires ("COGIA" or the "Borrower") to support its olive oil procurement and bottling operations in Tunisia (the "Project").The Borrower is one of the few leading olive oil companies in Tunisia exclusively focusing on export of bottled olive oil, and 100% owned by one of the leading agribusiness groups in the MENA region, IFFCO Group, headquartered in Dubai, United Arab Emirates.

Project Objectives

The Project supports a strong international sponsor with a positive spill-over effect to primary agriculture, and demonstration effect to other companies in the Tunisian olive oil sector. Through expansion of the olive oil sourcing activity and the focus on exports of bottled olive oil, the Project will lead to enhanced backward linkages to local olive oil mills and farmers, as well as contribute to the development of the "Made in Tunisia" brand and create value in a sector which remains dominated by bulk exports.

Transition Impact

ETI score: 64

Primary quality - Competitive: The Borrower is piloting the introduction of blockchain technology in order to improve the traceability, identification of origin and management of its olive oil products. This technology allows the creation of a digital log of information derived from the stages of farming, milling, transport and processing and bottling. The piloting of this technology will allow the Borrower to implement an innovative process while also adding value to its premium products.

Secondary quality - Integrated: The Borrower will expand the number of countries to which it exports its products.

Client Information


Compagnie Generale des Industries Alimentaires ("COGIA" or the "Borrower") is a joint stock company incorporated in Tunisia which sources and bottles olive oil in Tunisia and targets select export markets (GCC countries, Canada, USA, Brazil, and others). The Borrower's operations also include bottling and sales of soybean oil for domestic market, as well as confectionery segment (biscuits and wafers) via a dedicated subsidiary.

EBRD Finance Summary

TND 20,000,000.00

Up to TND 20,000,000 one-year revolving working capital facility for the Borrower's working capital needs.

Total Project Cost

TND 20,000,000.00


Risk mitigation: EBRD's long-term relationship with the Borrower provides comfort to the Borrower to be willing to take on more risk, enabling outcomes such as innovation (blockchain technology) and expansion into new markets.

Knowledge, innovation and capacity building: EBRD provides expertise, innovation, knowledge and capabilities that are material to the timely realisation of the projects objectives, including support to strengthen the capacity of the client. The Bank will provide various technical assistance to the client including the capacity building of the client's employees and suppliers, as well as assistance to improve quality standards across the value chain also strengthening the supply chains of aggregator companies.

Environmental and Social Summary

Categorised B (2019 ESP) and Low/Medium E&S Risk. The provision of short-term working capital to COGIA, an existing Client of the Bank, is not associated with any new environmental or social risks or impacts. Due diligence for this transaction comprised a review of the Company's annual reports, their COVID-19 emergency preparedness and response plan and a review of the Company's progress with implementation of the previously-agreed environmental and social action plan (ESAP) under the existing exposure.  ESDD has confirmed that the Client operates with good E&S standards and has fulfilled the ESAP requirements. No new ESAP is required for this transaction. There is no GET component associated with this Project.


Internal ESDD was undertaken in 2018 by ESD staff and included meetings with COGIA staff and a site visit to the Company's manufacturing facility in Sousse, Tunisia. The Client has all the necessary permits in place, and the factory was subject to an Environmental and Social Impact Assessment, which is updated on an annual basis. Olive oil production is operated to high quality standards, and is certified to International Food Safety (IFS) standards, BRC for Food Safety, ISO 9001 for quality and ISO 14001 for Environmental Management. There is a strong health and safety culture on site. 

The ESAP previously agreed with the Client has been fulfilled according to the timelines specified. The company has provided COVID-19 information and training for its employees and its contractors. COGIA has no plans to introduce temporary or permanent redundancies. EBRD will continue to monitor COGIA's environmental and social performance via the review of annual reporting.

Technical Cooperation and Grant Financing

The Bank will provide the client direct technical assistance through its Value Chain Competitiveness Programme (funded by the EU) which aims to improve quality and traceability standards across the company's olive oil supply chain

Company Contact Information

Moez Zid, CFO
+216 97 696 362
+216 73 306 266
Compagnie Generale des Industries Alimentaires - COGIA SA Route de Moureddine, km 3.5, Sousse, Tunisia, 4000

Implementation summary

PSD last updated

30 Mar 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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