Summary of Proposed Investment
Project Number
5003
Company Name
INTER ARAB RATING COMPANY
Date SPI Disclosed
Apr 28, 1995
Country
World Region
Industry
Financial Markets
Status
Completed
Sector
Credit Information Services
Department
Regional Industry FIG MCT
Environmental Category
C - No Impact
Previous Events
Approved : Jun 13, 1995
Signed : Oct 6, 1995
Invested : Sep 11, 1996
Project Description
SUMMARY OF PROJECT INFORMATION (SPI)
Project Name Regional-Inter-Arab Rating Agency
Region Middle East and North Africa
Sector Finance
Project No. 005003
Projected Board Date May 31, 1995
Company Name Inter-Arab Rating Agency
Technical Partner and/or Major Shareholders
Technical partner - IBCA group, U.K. 60%
Other shareholders - Arab Monetary Fund 20%
- IFC 20%
Project Cost including proposed IFC investment
US$5.0 million of which IFC''s equity investment is US$1.0 million.
Location of project and Description of site
A financial center in the region to be determined.
Description of Company and Purpose of Project
The project consists of establishing domestic credit rating agencies in Middle Eastern and North African countries, including the Gulf. It involves the establishment of a holding company, expected to be called the Inter-Arab Rating Agency (the Company), that would promote domestic rating agencies in various Arab countries, initially targeting the markets of Tunisia, Jordan and Egypt. Credit rating agencies would be established in other Arab countries where market conditions warrant and as local markets evolve. The Company is being sponsored by: i) the IBCA Group, Europe''s premier rating agency (60%); ii) the Arab Monetary Fund (AMF), a leading regional financial institution (20%); and iii) IFC (20%).
Environmental Categories and Issues
This is a category C project according to IFC''s Environmental Unit, not requiring further environmental review.
Date SPI sent to PIC April 28, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
SP005003
Project Name Regional-Inter-Arab Rating Agency
Region Middle East and North Africa
Sector Finance
Project No. 005003
Projected Board Date May 31, 1995
Company Name Inter-Arab Rating Agency
Technical Partner and/or Major Shareholders
Technical partner - IBCA group, U.K. 60%
Other shareholders - Arab Monetary Fund 20%
- IFC 20%
Project Cost including proposed IFC investment
US$5.0 million of which IFC''s equity investment is US$1.0 million.
Location of project and Description of site
A financial center in the region to be determined.
Description of Company and Purpose of Project
The project consists of establishing domestic credit rating agencies in Middle Eastern and North African countries, including the Gulf. It involves the establishment of a holding company, expected to be called the Inter-Arab Rating Agency (the Company), that would promote domestic rating agencies in various Arab countries, initially targeting the markets of Tunisia, Jordan and Egypt. Credit rating agencies would be established in other Arab countries where market conditions warrant and as local markets evolve. The Company is being sponsored by: i) the IBCA Group, Europe''s premier rating agency (60%); ii) the Arab Monetary Fund (AMF), a leading regional financial institution (20%); and iii) IFC (20%).
Environmental Categories and Issues
This is a category C project according to IFC''s Environmental Unit, not requiring further environmental review.
Date SPI sent to PIC April 28, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
SP005003
Sponsor / Cost / Location
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