27819 - Africa Investco

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Summary of Proposed Investment

Project Number

27819

Company Name

BAOBAB INVESTMENTS LIMITED

Date SPI Disclosed

May 19, 2009

Country

Africa Region

Industry

Infrastructure

Projected Board Date

Jun 26, 2009

Status

Completed

Sector

Other Support Activities for Transportation (Grain Terminals, Cargo Terminals, Airport Operations)

Department

Regional Industry - INF Africa

Environmental Category

C - No Impact

Previous Events

Approved : Jun 25, 2009
Signed : Sep 30, 2009
Invested : Jul 19, 2010

Project Description

The proposed investment is for IFC to acquire an equity interest in a newly-formed Africa-focused transport infrastructure development company alongside Al Qudra Holding, Hutchison Ports Development, and Grindrod Limited. The company is expected to become an important infrastructure developer in Africa and is advancing a select number of high-impact, large scale transport infrastructure projects in three to four African countries.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	0.0
Equity	3.0

Development Impact

The proposed investment is expected to generate substantial development impact by developing transport infrastructure projects which would enhance regional transportation, trade and economic development. This would lead to (i) the creation of jobs in regions with few employment opportunities, (ii) improvement in infrastructure through upgrades to port facilities, investment in track infrastructure, rolling stock and regular maintenance, (iii) reduced deterioration on pre-existing transport systems, such as a decrease in heavy bulk traffic on roads, (iv) reduction in the project countries' fiscal burden, as responsibility for securing railway financing passes to the private sector, and (v) the enhancement of government resources through annual concession fee payments, which frees up public sector capital for investment in other priority sectors.

IFC’s investment would help ensure transparency and the sustainable development of the company’s infrastructure projects. In addition, the proposed investment highlights IFC's counter-cyclical role and demonstrates IFC’s response to the effects of the global credit crisis in critical IDA regions while regional banks and international lenders are hesitant to lend. The company’s projects are also expected to help develop sustainable transport corridors in African countries and are fully consistent with the World Bank's Strategy in these areas.

Because IFC’s investment is limited to the Company’s development activities, which themselves pose no adverse impacts, this is considered a category C investment. Notwithstanding, the Company will develop and implement a management system that formally integrates the IFC Performance Standards into its policies, procedures and practices applied to the development of each project. This means that the Company will have to: (i) prepare conforming environmental and social assessments; (ii) include assessment findings into the design, construction and/or operation plans; and (iii) engage affected communities as appropriate.

Contacts

For Inquiries About the Project, Contact

Mark Manders Hutchison House, 5 Hester Road, London SW11 4AN, United Kingdom +44-20-7350-5628 (o) +44-20-7350-5621 (f)

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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