26716 - Fuba PC

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Summary of Proposed Investment

Project Number

26716

Company Name

FUBA PRINTED CIRCUIT TUNISIA SA

Date SPI Disclosed

May 13, 2008

Country

Tunisia

Industry

Manufacturing

Projected Board Date

Jun 13, 2008

Status

Completed

Sector

Computer & Electronic Products(Computers & Peripherals, Communications Equip., Elec. Watches & Similar Elec. Products. Integrated Circuits & the application of Miniturization Technologies characterize this sector.)

Department

Regional Industry - MAS Africa

Environmental Category

B - Limited

Previous Events

Approved : Jun 25, 2008
Signed : Jun 26, 2008
Invested : Dec 8, 2008

Project Description

The proposed IFC investment in Fuba Printed Circuits Tunisie S.A. (the company or Fuba), will contribute to the growth and development of an export-oriented Tunisian high-technology industrial company, which is fully aligned with the World Bank Group-supported objectives of improving competitiveness and creating employment opportunities for university graduates. Fuba is active in the electronics sector and aims at increasing the technological content of the products it manufactures. Fuba produces Printed Circuit Board (PCB). The PCB is the principal subassembly in virtually all electronic products, serving as an interconnection and circuit layout platform for component and modules.
The proposed IFC equity investment of up to 19 percent of the Fuba’s capital will support the company’s growth.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	12.65

Development Impact

The project will support a medium size company set up a platform to undertake future expansion, thereby improving its competitiveness in the export market and benefiting the local economy by protecting and increasing jobs, tax revenues and exports earnings.

In addition, the Group has aspirations to expand internationally by developing manufacturing capabilities in other low cost countries (South-South investments).

Through this project, IFC will support a leading Tunisian group in its strategy to rationalize, modernize and expand its operations. IFC will offer strategic advice and assist in an eventual public listing. IFC’s equity participation is considered crucial to support Fuba in its expansion by providing the necessary funding and global industry expertise. IFC will support the company in improving its environmental and social practices while ensuring compliance with IFC performance standard.

Private sector development:

Fuba aims to work with IFC to improve financial and operational reporting systems, and to adopt international best practices for environment as well as transparency and corporate governance. Transformation of a family-owned group to a more transparent and professionally managed company is expected to ensure long-term sustainability, encourage best practices across the industry and contribute to private sector development in Tunisia.

Support to South-South investment:

IFC’s experience in countries of interest (e.g. India), its financial capabilities (debt and equity) and its focus on South-South transactions are uniquely suited to the Group’s needs.

The key social and environmental issues in this industry are social and environmental management, management of labor relations and workplace conditions, management of emissions to air and water, and solid and hazardous material management. Potential adverse effects arising from these issues are limited in scope, largely reversible and may readily be mitigated through the use of available control technologies. This is therefore an environmental Category B project.

Contacts

For Inquiries About the Project, Contact

Ms. Sabeh Boussarsar
Chief Financial Officer
Fuba Printed Circuits Tunisie
El Azib 7026 Km 9 Bizerte

Phone: (+216) 72 451 144
Fax: (+216) 72 451 333

Email: s.boussarsar@fuba.com.tn
Web Site: www.fubatunisie.com

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: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

Environmental documentation will be made available at the following location:

Entrance of the factory at the following address -
El Azib 7026 Km 9 Bizerte, Tunisia,
from May 14 to June 14 2008.

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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