Summary of Proposed Investment
Project Number
3783
Company Name
EASTERN CARIBBEAN HOME MORTGAGE BANK
Date SPI Disclosed
Apr 20, 1995
Country
Caribbean Subregion
Industry
Financial Markets
Status
Completed
Sector
Secondary Mortgage Institutions
Department
Regional Industry FIG LAC & EUR
Environmental Category
C - No Impact
Previous Events
Approved : Mar 7, 1996
Signed : Oct 8, 1996
Invested : Oct 8, 1996
Project Description
Please find attached SPI for Eastern Caribbean Home Mortgage Bank
SUMMARY OF PROJECT INFORMATION (SPI)
Project Name Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines - Eastern Caribbean Home Mortgage Bank (ECHMB).
Region Latin America and the Caribbean
Sector Finance
Project No. 003783
Projected Board Date May 18, 1995
Company Name Eastern Caribbean Home Mortgage Bank
Technical Partner and/or Major Shareholders
The project''s technical partners are ECCB and the Home Mortgage Bank of Trinidad and Tobago ("HMB"). ECCB is the central bank of its eight member territories, responsible for the issuance of the regional currency, the Eastern Caribbean Dollar, and the establishment of monetary policy. HMB was established in 1986 as a secondary mortgage bank to mobilize private savings for mortgage loan refinancing in Trinidad and Tobago. IFC is a 10% shareholder in HMB.
Project Cost including proposed IFC investment
EC$10 million (US$3,703,704 million equivalent) including proposed IFC investment of EC$1 million (US$370,370 equivalent)
Location of project and Description of site
ECHMB will be located at the headquarters of the ECCB in St. Kitts.
Description of Company and Purpose of Project
The project involves the establishment of ECHMB, an independent, privately-managed financial institution, primarily to purchase new and existing residential mortgage loans from mostly private mortgage originating institutions located in the member territories of the ECCB.
Environmental Categories and Issues
This is a category C project according to IFC''s environmental review procedure. No further environmental review is required.
Date SPI sent to PIC April 20, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
Sponsor / Cost / Location
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