26639 - Jordan Student Loans

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Summary of Proposed Investment

Project Number

26639

Company Name

OMNIX INTERNATIONAL LLC

Date SPI Disclosed

May 14, 2008

Country

Jordan

Industry

Financial Markets

Projected Board Date

Jun 16, 2008

Status

Completed

Sector

Colleges, Universities, and Professional Schools

Department

Regional Industry FIG MCT

Environmental Category

C - No Impact

Previous Events

Approved : Jun 26, 2008
Signed : Jun 30, 2008

Project Description

The proposed project is a student loan program for university students in Jordan, whereby IFC will share risk-on the portfolio of loans. The loan portfolio will be originated and managed by a private Jordanian bank on a commercial basis. The maximum size of the portfolio will be $25 million equivalent. Loans will be used by students to pay tuition at universities for undergraduate and graduate education at both public and private universities. The maturity of the loans will be up to eight years which will enable students to repay the loans from their earnings after graduation. While the student is still studying at university, they will make interest payments on the loans, to instill a repayment behavior and ensure that the student continues to be eligible for further loan disbursements. The loans will be repayable four and a half years after graduation.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	9.99
Loan
Equity

Development Impact

The project is expected to high development impact as it will provide benefits for students, universities and banks. The Facility will address the lack of a student financing product in the Jordanian market, potentially giving whole new pools of students access to education. The universities will benefit from increased enrollments and the enrollment of all academically qualified students. The Facility will demonstrate to Cairo Amman Bank that student loan financing can be a viable and profitable business and increase the bank’s access to new customers.

IFC’s role in this project has been to bring all parties together and to structure the program. IFC has developed and launched similar risk sharing facilities in Indonesia, Chile and Brazil and this experience in both structured finance products and student lending has placed IFC in a unique position to take the lead in structuring this Facility. Cairo Amman Bank has not had prior experience in student loans, and IFC’s participation is therefore seen as crucial to provide comfort to the bank and to enable them to provide student loans at reasonable interest rates.

Contacts

For Inquiries About the Project, Contact

Cairo Amman Bank 950661 Amman 11195 Jordan Telephone: +962 6500 6000 Omnix International L.L.C. Dubai UAE

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. 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 Policy on Disclosure of Information that went into effect April 30, 2006.

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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