Summary of Proposed Investment
Project Number
7220
Company Name
MIDDLE EAST CAPITAL GROUP SAL
Date SPI Disclosed
Oct 27, 1995
Country
World Region
Industry
Financial Markets
Status
Completed
Sector
Merchant Bank
Department
Regional Industry FIG MCT
Environmental Category
FI
Previous Events
Approved : Jan 19, 1996
Signed : Mar 6, 1996
Invested : Mar 8, 1996
Project Description
Summary Of Project Information (SPI)
| Project Name | MIDDLE EAST - Middle East Capital Group |
| Region | Middle East |
Sector
Project No007220
Projected Board DateNovember 14, 1995
Company NameMiddle East Capital Group Limited
Technical Partner and/or Major Shareholders
The main sponsors of the project are BZW, the investment banking arm of the Barclays Plc Group (U.K.), the Bin Mahfouz Group of National Commercial Bank of Saudi Arabia, and the projected Management Team.
Project Cost Including proposed IFC investment
US$30 million of which IFC’s equity investment is US$3 million for an equity interest of 10%.
Location of project and Description of site
Middle East
Description of Company and Purpose of Project
The project involves the establishment of the first regional merchant bank in the Middle East. IFC has been requested to make an equity investment of US$3 million for a 10% equity interest in the share capital of Middle East Capital Group (MECG). MECG would carry out a broad range of merchant banking activities and would focus initially on Lebanon, Jordan, the West Bank, and Gaza. MECG would play a critical developmental role in addressing the financial needs of the private sector in the Middle East and in developing its capital markets.
Environmental Category and Issues
This is a category FI project according to IFC''s environmental classification. MECG will be required to implement an environmental risk management system to ensure that projects financed under relevant operations comply with local environmental regulations and applicable World Bank Group guidelines and are consistent with World Bank Group policy.
| Date SPI sent to PIC | October 27, 1995 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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