📋 Tender Overview
Project Number
49926
Company Name
SANIFER SARLU
Date ESRS Disclosed
Jul 22, 2025
Country
Madagascar
Region
Africa
Last Updated Date
Environmental Category
B - Limited
Status
Pending Approval
Sector
other
Industry
other
Department
Regional Industry - MAS Africa
Project Description
IFC’s proposed project is a US$10m corporate A-Loan ( IFC Loan ) to SANIFER SARL ( SANIFER , or the Borrower ) and KIBO SARLU ( KIBO or the Co-Borrower ) (collectively the Companies or the Borrowers ). The companies form part of Groupe Talys (the Group ), a family-owned conglomerate based in Madagascar.
SANIFER was established in 1993 and is one of the country's largest importers and distributors of construction materials and home improvement accessories. SANIFER currently operates five stores in Madagascar and trades more than 23,000 items from over 385 suppliers.
KIBO is a wholesale Fast-Moving Consumer Goods business based on the ‘Cash & Carry’ concept. Since its establishment in 2021, KIBO currently operates 3 stores in Madagascar.
The Group operates a warehouse in Antananarivo (25,000m2), which is utilized by the Borrowers.
The IFC investment will support the development of five new stores, including SANIFER Nosy Be and KIBO Nosy Be (located on the same site), and SANIFER Ivato, KIBO Ivato, and SANIFER Bypass. Additionally, the investment will facilitate the implementation of the Sage X3 Enterprise Resource Planning ( ERP ) system for the Companies and the refinancing of the Borrowers' outstanding working capital credit facility, collectively referred to as the Project.
Overview of IFC's Scope of Review
IFC’s appraisal, conducted in April 2025, included site visits to operational SANIFER and KIBO stores in Alarobia, central Antananarivo and SANIFER and KIBO stores currently under construction in Ivato.
