The purpose of the funds is the construction and operation of 20 hectares of greenhouses using the best available “semi-closed” technology supplied by a French horticulture equipment specialist Richel for growing high quality tomatoes and bell-peppers. The new greenhouse will allow Spayka to produce up to 8,000 tonnes of tomatoes and 1,000 tonnes of bell-peppers every year.
In cooperation with the Spayka management team, FMO and Proparco developed an Environmental and Social Action Plan, which aims to improve company’s long-term sustainability performance, reduce Spayka’s operational risks and facilitate relationships with smallholder farmers.
FMO and Proparco will also support the client in strengthening its corporate governance processes. Through a Corporate Governance review and the resulting improvement plan, Spayka will establish a formal board of directors and an audit committee, strengthen its control processes and adopt a business continuity plan.
FMO and Proparco will be supporting Spayka in its ambition of becoming “IPO-ready” to be in strong position to list the company if the opportunity arises in the next years.