21967 - P.T. SOUTH PACIFIC VISCOSE III

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Summary of Proposed Investment

Project Number

21967

Company Name

SOUTH PACIFIC VISCOSE, PT

Date SPI Disclosed

Mar 10, 2004

Country

Indonesia

Industry

Manufacturing

Projected Board Date

Apr 16, 2004

Status

Completed

Sector

Man-Made Fibers (Including Nylon, Polyester, Rayon, etc.)

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : Jun 2, 2004
Signed : Jun 21, 2004
Invested : May 13, 2005

Project Description

P.T. South Pacific Viscose (SPV or the company) is an internationally competitive export oriented Indonesian producer of high quality viscose staple fiber (VSF or Rayon). SPV is an existing client of IFC.

The p-roject is to develop and implement necessary capital expenditures for SPV in 2004-2005 to achieve its objectives of increased production sustainability and self-sufficiency in power, as well as provision of working capital.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	9.50
Equity

Development Impact

Development impacts are expected to include:

- providing reliable, cheap and environmentally sound source of power for an excellent company in the Indonesian textile industry in light of anticipated electricity shortages in the country which would disrupt the Company’s production and thus exports significantly,
- reallocating the extra power that SPV will not need, thereby increasing the source of electricity the general public has access to in a country prone to electricity shortages, and
- supporting the long-term sustainability of an environmentally and socially responsible industry player.

IFC will be providing long-term financing to a textile company in the country where such financing is still not readily available. IFC’s participation will also send a positive signal to foreign investors that it is still feasible to invest in a sound project in a country where there is a dearth of foreign investment due to perceived high country risk.

This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects because a limited number of specific environmental impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.
Location of environmental documents In locally affected community
The ERS will be disclosed at SPV’s factory gates at the following address:
Desa Cicadas, Purwakarta 41101
West Java, Indonesia

Contacts

For Inquiries About the Project, Contact

Mr. Peter Viehboeck, Finance Director
Desa Cicadas, Purwakarta 41101
West Java, Indonesia
Phone. (62-264) 200 636 Ext.603
Fax (62-264) 206 432

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

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