Summary of Proposed Investment
Project Number
4940
Company Name
Union Africaine - Cote D'Ivoire
Date SPI Disclosed
May 31, 1995
Country
Cote D'Ivoire
Industry
Financial Markets
Status
Completed
Sector
General Insurance (Non-Life)
Department
Regional Industry - FIG Africa
Environmental Category
C - No Impact
Previous Events
Approved : Oct 17, 1995
Signed : Dec 5, 1996
Invested : Dec 11, 1996
Project Description
SUMMARY OF PROJECT INFORMATION
Project Name Cote d''Ivoire-Union Africaine-IARD
Region Sub-Saharan Africa
Sector Finance
Project No 004940
Projected Board Date June 27, 1995
Company Name Union Africaine-IARD (UA-IARD)
Technical Partner and/or Major Shareholders
Union des Assurances de Paris (UAP International)
Project Cost including proposed IFC investment
US$2 million equivalent
Location of project and Description of site
Abidjan, Côte d''Ivoire
Description of Company and Purpose of Project
The project involves an IFC equity participation in the planned CFA Franc 1.0 billion (US$2 million equivalent) capital increase of Union Africaine-IARD, a general insurance company based in Côte d''Ivoire. The capital increase will enable the Company to expand in the region by establishing new subsidiaries in countries such as Benin, Burkina-Faso, and Togo, where the insurance industry is still underdeveloped. IFC''s partcipation in the capital increase is a cost-efficient way to have a strong developmental impact in the capital markets sector of small African economies. IFC''s participation is expected to lead to the listing of the Company on the Abidjan Stock Exchange which will help deepen the local securities market.
Environmental Categories and Issues
This is a Category “C” project according to IFC’s environmental review procedures, and as such does not require further environmental evaluation..
Date SPI sent to PIC May 31, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
Project Name Cote d''Ivoire-Union Africaine-IARD
Region Sub-Saharan Africa
Sector Finance
Project No 004940
Projected Board Date June 27, 1995
Company Name Union Africaine-IARD (UA-IARD)
Technical Partner and/or Major Shareholders
Union des Assurances de Paris (UAP International)
Project Cost including proposed IFC investment
US$2 million equivalent
Location of project and Description of site
Abidjan, Côte d''Ivoire
Description of Company and Purpose of Project
The project involves an IFC equity participation in the planned CFA Franc 1.0 billion (US$2 million equivalent) capital increase of Union Africaine-IARD, a general insurance company based in Côte d''Ivoire. The capital increase will enable the Company to expand in the region by establishing new subsidiaries in countries such as Benin, Burkina-Faso, and Togo, where the insurance industry is still underdeveloped. IFC''s partcipation in the capital increase is a cost-efficient way to have a strong developmental impact in the capital markets sector of small African economies. IFC''s participation is expected to lead to the listing of the Company on the Abidjan Stock Exchange which will help deepen the local securities market.
Environmental Categories and Issues
This is a Category “C” project according to IFC’s environmental review procedures, and as such does not require further environmental evaluation..
Date SPI sent to PIC May 31, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
Sponsor / Cost / Location
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