The main sponsor and major shareholder of the project company is Egyptian American Bank (“EAB”) (www.eab-online.com). EAB is a joint venture between American Express Holdings, Inc, and the state-owned Bank of Alexandria, and was established in 1976. It is licensed to conduct a full range of commercial banking services through its head office in Cairo and has 30 branches, and has a total of 825 permanent employees. As of December 31, 2002, American Express holds 40.83% of EAB’s capital and the Bank of Alexandria holds 33.81%. The remaining shares are held by the EAB’s employees, companies and private individuals. At year-end 2002, EAB has total assets of EGP8.2 billion ($1.8 billion equivalent) and net income of EGP50.0 million ($10.8 million equivalent). The other two proposed shareholders are: DEG, an enterprise of the KfW Group, is one of the largest European institutions for long-term project and company financing. Its aim is to establish and expand private enterprise structures in developing and transition countries, and thus create the basis for sustainable economic growth and a lasting improvement in the living conditions of the local population, and , Housing Development Finance Corporation Limited (HDFC) (www.hdfc.com), incorporated in 1977, is one of India's premier financial institutions with a 55% share of the entire Indian mortgage market. While its main line of business continues to be residential mortgage loans, HDFC has extended and diversified its reach by developing other financial businesses through subsidiary and associate companies. As of March 31, 2002 HDFC has a net income of Rs. 5,800 million ($121 million) and total assets of Rs. 214,585 million ($4,380 million). HDFC would also provide technical assistance to the company.

The project company will be capitalized at EGP50 million ($10.9 million equivalent). The proposed IFC investment would include an equity investment of up to EGP10 million (approximately $2.5 million) for up to a 20% equity stake in the project company, and a loan of up to $5 million equivalent.

1.60 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	1.60

* These investment figures are indicative

The project company will be established in Cairo, Egypt.

This is an environmental and social category C project. No further environmental or social analysis is required.
Location of environmental documents in locally affected community
Not applicable.