Translated version of this PSD: Arabic
The EBRD is considering providing a loan of up to EUR 15 million to the Spanish company Borges Holding, S.L. (“Borges Group”), which will then be fully on-lent to Borges Tunisia (the “Ultimate Beneficiary”). The loan would provide stable financing for the increasing sourcing of olive oil from Tunisian farmers while targeting the export market.
The loan will ease the expansion of the operations of Borges Tunisia and is expected to contribute significantly to backward linkages and the demonstration of leading business practices in origination and export.
Borges Group is a privately held company, headquartered in Reus, Spain, and is a world leader in packaged dried fruits and nuts, and the largest Spanish exporter of bottled olive oil.
The Ultimate Beneficiary of the loan, Borges Tunisia, is a majority owned subsidiary of Borges Group and specialised in the sourcing, conditioning, and exporting of unrefined olive oil to other Group companies, mostly in Spain and Italy.
Up to EUR 15 million 3-year revolving loan.
EUR 50 million.
The Project has been categorised B in accordance with the Bank's 2008 Environmental and Social Policy. The Project, comprising of working capital loan, will not result in change of the Company operations or production capacity. The Bank’s environmental and social due diligence (ESDD) showed that potential impacts associated with the Company's operations are limited in nature and well managed.
During due diligence it was demonstrated that both Borges Group and Borges Tunisie have assigned dedicated staff to manage environmental and social impacts and risks and have adopted environmental and social management systems that are compliant with EBRD Performance Requirements. Borges Group is committed to implementing across their operations the principles of the United Nations Global Compact covering human rights, labour, environment and non-corruption as well as publishing relevant reports regarding their progress on CSR issues. The Tunisian subsidiary is certified in accordance with ISO 9001, ISO 14001, ISO 22000 and OHSAS 18001. Due diligence also identified that the Company has commenced the process of addressing risks related to labour conditions and environmental practices within its supply chain through implementation of the Group's practices and quality cooperation with local olive oil mills.
The Environmental and Social Action Plan (ESAP) for the Project is focused on further integrating labour and biodiversity considerations into the Company’s supply chain management, building on the on-going cooperation and quality training for the olive oil producers. Accompanying Technical Cooperation “Setting standards in Tunisian olive oil value chain” will among others assists the Company in implementing ESAP requirements.
Borges Mediterranean Group
Calle Flix 29, 43205 – Reus, Spain
Tel: +34 977 309 000
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