Summary of Proposed Investment
Project Number
10692
Company Name
Auto Body Grand Prix Lda
Date SPI Disclosed
Mar 5, 2001
Country
Mozambique
Industry
Manufacturing
Projected Board Date
Apr 18, 2001
Status
Completed
Sector
Automotive and Light Vehicle
Date Revised SPI Disclosed
Mar 15, 2001
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Jun 13, 2001
Signed : Aug 23, 2002
Invested : Dec 24, 2002
Project Description
The project entails the expansion of an existing motor vehicle repair company in Maputo. The company is presently operating from a rented facility with an area of less than 4,000 square meters in an industrial area in Maputo. It needs to move to a new premises and expand its equipment to comply with Motorcare''s (Nissan South Africa) rigorous quality specifications for a full Nissan service centre.
Grand Prix Autobody started in 1998 doing body repair and paintwork on all makes of vehicles, and quickly extended its services to cover full car maintenance. Grand Prix has quickly established itself as one of the leading motor vehicle repair companies in Mozambique with the best quality equipment as well as up-to-date materials used in the industry. Its quality workmanship has guaranteed Grand Prix a preferred status amongst all Mozambican insurers as well as international companies in Mozambique.
Grand prix will contribute to develop new standards in the country through on-the job training given to the staff, for free, by Motorcare. All the Nissan cars, new or second hand, will have to pass a safety check before cleared to enter the demanding Mozambican traffic and roads, which will improve safety on the roads.
Grand Prix will train and employ a minimum of 20 extra people.
IFC’s main role will be to provide appropriate financial resources without which the project cannot proceed. The project requires long term financing which is not available from the local banking system. IFC''s co-lender is providing a 5 year loan so IFC will be helping to extend the maturities. IFC’s participation will also ensure that the facilities comply with environmental requirements. The project will be the largest private car repair center in Maputo. It is likely to have demonstration value and to help develop the local transport infrastructure.
Grand Prix Autobody started in 1998 doing body repair and paintwork on all makes of vehicles, and quickly extended its services to cover full car maintenance. Grand Prix has quickly established itself as one of the leading motor vehicle repair companies in Mozambique with the best quality equipment as well as up-to-date materials used in the industry. Its quality workmanship has guaranteed Grand Prix a preferred status amongst all Mozambican insurers as well as international companies in Mozambique.
Grand prix will contribute to develop new standards in the country through on-the job training given to the staff, for free, by Motorcare. All the Nissan cars, new or second hand, will have to pass a safety check before cleared to enter the demanding Mozambican traffic and roads, which will improve safety on the roads.
Grand Prix will train and employ a minimum of 20 extra people.
IFC’s main role will be to provide appropriate financial resources without which the project cannot proceed. The project requires long term financing which is not available from the local banking system. IFC''s co-lender is providing a 5 year loan so IFC will be helping to extend the maturities. IFC’s participation will also ensure that the facilities comply with environmental requirements. The project will be the largest private car repair center in Maputo. It is likely to have demonstration value and to help develop the local transport infrastructure.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Ronaldo Toledo, Investment Officer
E-mail: rtoledo@ifc.org
E-mail: rtoledo@ifc.org