Summary of Proposed Investment
Project Number
10132
Company Name
FIDELITY BANK PLC
Date SPI Disclosed
Mar 28, 2000
Country
Nigeria
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Regional Industry - FIG Africa
Environmental Category
FI
Previous Events
Approved : Jun 8, 2000
Signed : Apr 10, 2001
Invested : Sep 28, 2001
Project Description
Summary Of Project Information (SPI)
RegionSub-Saharan Africa
Sector
Project No010132
Projected Board DateApril 28, 2000
Company NameFSB International Bank Plc
Technical Partner and/or Major Shareholders
The sponsor is FSB International Bank Plc., a leading commercial bank in Nigeria, with a wide network of 13 branches located in the major commercial centers of country.
Project Cost Including proposed IFC investment
IFC participation in the form of an A loan is estimated at US$15 million.
Location of project and Description of site
Nigeria.
Description of Company and Purpose of Project
The project involves an IFC term loan of up to US$15 million to FSB International bank Plc to be on-lent to private Nigerian enterprises for rehabilitation, project finance, trade finance, working capital and new investment projects. A portion of IFC''s loan will be convertible to equity to enable IFC to have a 10% stake in FSB when its privatization process is completed. A recent mission by both the World bank and IFC concluded that the provision of significant term-finance resources to Nigeria’s private sector is an immediate priority in reviving the country''s economy. The proposed investment is therefore intended to address some of this demand. IFC''s equity participation will depend on the completion of the privatization process, which culminates with the identification of a suitable partner.
Environmental Category and Issues
This is a Financial Intermediary (FI) Type 2 project according to IFC''s environment review procedure. FSB will be required to undertake an environmental review of each sub-project to ensure compliance with host country requirements, IFC environmental and social safeguard policies, and if applicable, World bank Group environmental, health and safety guidelines. IFC will assess the Bank''s capability to carry our environmental reviews. FSB must obtain IFC clearance prior to making any investment with IFC funds in any category A project.
Date SPI sent to InfoShop March 28, 2000
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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