Project Name Tanzania-International House Property Ltd (IHP)

Region Sub-Saharan Africa

Sector Cement and Construction Materials

Project No 004848

Projected Approval Date April 28, 1996

Company Name International House Property Limited (IHP)

Technical Partner and/or Major Shareholders: Mitsubishi is leading an international consortium forming a joint venture to construct an office building with a local partner.  The shareholder structure is:  Mitsubishi Corporation, Japan (31%), Konoike Construction, Japan (18%), Murray & Roberts Construction, South Africa (13%) and Tanzania Telecommunications Company Limited, Tanzania (18%).  IFC and another lender are minority equity holders.

Project Cost Including proposed IFC Investment:

Project Cost: US$9 million

   IFC Loan: US$1.65 million

Equity: US$0.60 million

Location of Project and Description of Site: Construction of an office building at the junction of Shebaan Robert Street and Garden Avenue in Dar es Salaam.

Description of Company and Purpose of Project: The project is a seven story modern, deep-floor office building with central air conditioning and a full load stand-by generator, 5-day water reserves, curtain walling, suspended ceilings with sprinklers and advanced communications.  The project will offer businesses and government agencies operating in Dar es Salaam tenancy in the first building to be constructed at international standards.

Environmental Category and Issues: This is a Category B project according to IFC’s environmental review procedure; key environmental, health and safety issues analyzed included:  water supply, sewage disposal, installation of PCB-free transformers, installation of CFC-free refrigeration systems, fire safety measures, fuel storage for standby generators and earthquake protection.  Additional issues evaluated during the environmental review included land ownership and relocation of existing residents, and the relationship of the project to the adjoining city Botanical Gardens.  The sponsors have made a commitment to fully comply with World Bank policies, guidelines and governmental requirements.

Date SPI sent to PIC: March 27, 1996

For additional information contact: Corporate Relations Unit - Telephone (202) 473-7711 Facsimile: (202) 676-0365.
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).