24240 - Taageer Finance Company (SAOC)

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Summary of Proposed Investment

Project Number

24240

Company Name

Taageer Finance Co SAOG

Date SPI Disclosed

Mar 29, 2005

Country

Oman

Industry

Financial Markets

Projected Board Date

Apr 30, 2005

Status

Completed

Sector

Leasing Services

Department

Regional Industry - FIG ME & Africa

Environmental Category

Previous Events

Approved : May 27, 2005
Signed : Jun 8, 2005
Invested : Jun 24, 2005

Project Description

The project consists of an IFC A loan of up to $10 million to Taageer Finance Company (Taageer or the company), to support its growing operations primarily for increased on-lending to Small and Medium Enterprises (SMEs) in Oman. The company is the newest entrant in the Omani leasing market and was established in February 2001 as a non banking finance company with the license to offer products such as financing and operating leases, corporate and retail loans, factoring, and consumer loans.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity

Development Impact

The project has two developmental impacts. First, the IFC investment would strengthen Taageer’s ability to expand lending to the SME segment, which generates substantial employment in Oman and would support the country’s growing private sector. Second, as many of Taageer’s SME borrowers are non-oil producers, IFC’s financing would help the growth of the non-oil sector and aid the Government of Oman’s efforts to diversify the economy. IFC has an important role to play in this Project. IFC’s long-term loan would help extend the maturity of funding available to the company, and allow the company to better manage the terms of liabilities and assets.

This is a category FI Type 1 project according to IFC''s environmental and social review procedure. Taageer will be required to develop an environmental management system to ensure that investments under relevant operations meet Omani environmental, health and safety standards; and to submit to IFC annual environmental performance reports. IFC will assess Taageer''s capacity for environmental review, and if necessary, will require Taageer to participate in environmental management training conducted or approved by IFC.
Location of environmental documents in locally affected community

Contacts

For Inquiries About the Project, Contact

Mr. Sanjeev Kumar Chadha General Manager Qurum House P O Box No. 3509 Postal Code 112, Ruwi Sultanate of Oman Fax: (+ 968 ) 2481 1143 Email: Taageer@omantel.net.om

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.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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