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Impala Group Pre-Export Finance Facility

Bulgaria | Consumer Staples

Identification Code:: OP/17/0064
Total Operation Cost:: 10.000.000 EUR
Maturity:: 12 months
Operation Status:: BSTDB Approved Amount – Approval Date

10.000.000 EUR – 18 May 2018
: BSTDB Signed Amount – Signed Date

10.000.000 EUR – 08 Aug 2018
: Status:
Completed
Description and Purpose of the Operation:: Pre-export finance facility to finance the working capital needs of Impala Group in Bulgaria. Impala Group is the largest food holding in Bulgaria, with a powerful portfolio of branded products across the meat, pastry, margarineand dairy segments.
Countries of Operation:: Bulgaria (100,00%)
Financial Product:: Trade Finance
Sector:: Consumer Staples
Domain:: Private
Borrower/Client:: Impala Capital Limited, Cyprus
Co-Financers/Participants:: n.a.
Guarantors/Sponsors:: P.I.C. Co., Bulgaria, partial guarantee
Developmental and Regional Cooperation Impact:: Developmental impact by helping agricultural sector to partially recover from the downward trend. Thanks to Bulgarian membership in the EU, foreign trade is relatively liberalized with the EU members and the company will need to remain competitive in a wider EU region. As such, financing of the project has the potential to enhance competitiveness of the Bulgarian company in the wider EU region, increase its export potential, utilize its agricultural capacity, create employment and generate more taxes. BSTDB funds will be used to expand exports to BSTDB member countries and beyond. The company has already established itself in Greece and it is co-owned by a Greek entrepreneur. Additionally, it already exports to Romania, Albania and plans to expands its exports to these economies and add Ukraine as a new market. Given its export orientation and potential to enhance the company’s competitiveness beyond Bulgarian borders, the operation will likely have positive developmental impact.
Environmental Classification and Impact:: As per the Bank’s E&S Policy and procedures the Operation has been screened as Category B. It has the potential to generate low to medium E&S risks and impacts that are generally limited and can be addressed through relevant mitigation measures. The E&S due diligence of Impala focused mainly on the holding company Bella Bulgaria AD, which is involved in meat processing, production of pastry and margarine products. The scope of the due diligence was limited to corporate level assessments of the legal compliance with environmental, labor, and health and safety laws and regulations; the applied E&S management systems; labor and working conditions; pollution prevention and abatement; and potential impacts on the local communities.
Operation Leader:: General Industries, Transport, Tourism 2
E-mail:: gitt2@bstdb.org