30323 - CIRA

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Summary of Proposed Investment

Project Number

30323

Company Name

CAIRO FOR INVESTMENT AND REAL ESTATE DEVELOPMENT SAE

Date SPI Disclosed

Sep 27, 2011

Country

Egypt, Arab Republic of

Industry

Health, Education and Life Sciences

Projected Board Date

Nov 7, 2011

Status

Completed

Sector

Elementary and Secondary Schools

Department

Regional Industry - MAS ME & Africa

Environmental Category

B - Limited

Previous Events

Approved : Mar 19, 2012
Signed : Mar 29, 2012
Invested : Jan 30, 2013

Project Description

Cairo for Investment & Real Estate Development, SAE (“CIRA” or the “Company”) is a leading K-12 education business based in Cairo and currently operates 16 schools in Egypt, primarily under the brand name of “Futures Schools”. CIRA was set up in 1992 and listed on Cairo Stock Exchange in 1998 and currently has over 13,000 students.

With a view to expanding it reach in Egypt from greater Cairo to other cities, CIRA is currently undertaking an expansion program over the next 5 years that entails setting up 9 new schools in Egypt with additional student capacity of 14,980 students (the “Project”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	15.0
Equity

Development Impact

- Increase access to high quality education services in the Egypt: The Project will increase capacity of good quality primary and secondary education and improve its access, as CIRA is proposing to expand to upper Egypt and other frontier regions in the country.
- Improve quality and operational performance: IFC''s investment in CIRA will improve its quality of education through sharing of IFC global knowledge of education business.
- Increase employment opportunities, especially for women: The Project will increase employment opportunities for skilled teachers to find good employment opportunities within their country. Traditionally, a greater proportion of the K-12 teachers are women, hence this may provide attractive employment opportunities for women.

- Long-term financing: IFC''s investment will provide long-term financing for an education business, which is currently limited in the MENA region. The Company currently has financing available for medium term (up to 5 years) from local banks in Egypt.
- Improved CG standards: IFC CG team has carried out CG assessment update recently and CIRA is expected to implement these CG improvement initiatives in the next 1-2 years
- Positive signal: IFC''s equity investment in CIRA will send a positive signal to other investors regarding potential profitability of education projects in MENA.
- Growth capital: IFC, through this proposed investment, is expected to provide growth capital for expansion of its schools/businesses.
- Share IFC''s global education industry knowledge: IFC''s experience financing K-12 greenfield and expansion projects will allow the sharing of best global practices. This will further help CIRA introduce such operational and financial management practices in its companies to create value for its shareholders.
- Energy Efficiency/Green buildings: IFC investment may promote ''green'' strategies and encourage CIRA to engage in constructing "green" buildings.

The nature of CIRA’s operations, which involves the provision of educational services, is such that adverse E&S impacts are minimal. Based on the site visits to all of CIRA’ premises in Cairo, and discussions with CIRA management, this project will have limited potential adverse environmental and social impacts which are site-specific, reversible and easily addressed through agreed mitigation measures as outlined in the Environmental and Social Action Plan (ESAP) attached to this ESRS. As a result of the above this is a Category B project according to IFC’s Environmental and Social Review Procedure.

The main issues include the E&S criteria for site selection of the future education facilities, the management of human resources, potable and waste water management, Life and Fire Safety design and operation of existing and to-be built school facilities and land acquisition procedures to provide land for the expansion program.

Contacts

For Inquiries About the Project, Contact

Mr Mohamed El Kalla
Director and Chief Executive Officer
36 El Sheikh Ahmed El Sawi St.,6th Region, Nasr City,Cairo, Egypt
Email: Mohamed.elkalla@cairoinvest.com.eg
Tel: +20-2274 7380
Fax: +20-2272 9723
Website: www.cairoinvest.com.eg

For Inquiries and Comments About IFC, Contact

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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

CIRA will be posting the SPI, ESRS and ESAP on its website (www.cairoinvest.com.eg). In addition CIRA will also disclose reference to these project documents in the following newspapers:
a) AL Akhbar
b) AL Alam Alyoum

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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