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Tiryaki-Proparco-IFC-FMO-Iraq
By supporting Sama Al-Manar, Proparco is contributing to strengthening food security and job creation. The project will generally help diversify the country’s economy by reducing its dependance on fossil fuels.
Client presentation

Sama Al-Manar is the Iraqi import-export and food processing subsidiary of Tiryaki Group, a Turkish multinational company specialized in trade in legumes, cereals, nuts, oilseeds, etc. Proparco has had relations with Tiryaki since 2012, through three senior loans (including two transactions conducted by FMO under the “Friendship Facility”). 
The Iraqi counterparty currently imports and sells corn and soybean meal, the main ingredients for animal feed (feed for the poultry sector).

Project description

IFC, FMO and Proparco are supporting Sama Al-Manar with the development of a new state-of-the-art agro-industrial complex in Iraq’s Umm Qasr Port, including a soybean crushing plant and warehouses.
The new facility will enable Sama Al-Manar to more than double its imports of corn by 2027 and import raw soybeans for processing for the first time. Indeed, the company will process raw soybeans, producing both soybean meal for domestic animal feed and soybean oil, which is set to become one of the country’s largest non-oil exports.

Project impact

The expected impacts of this project are: 

  • Support for 270 direct jobs and 20,490 indirect jobs 
  • An increase in the local production of animal feed at competitive prices, which will contribute to the development of Iraq’s poultry industry 

The project will contribute to Sustainable Development Goals (SDGs) n° 2 (Zero hunger) and n° 8 (Decent work and economic growth).

12/13/2023
Date of signature of the project
Iraq
Location
Financing tool
13 555 033 Euros
Amount of funding
USD 15m loan
Financing details
Sama Al Manar for General Trading Company / Manar FZCO
Client
Head office country
PIQ1014
Project number
CES