Summary of Proposed Investment
Project Number
7763
Company Name
UDC Limited
Date SPI Disclosed
Dec 18, 1996
Country
Zimbabwe
Industry
Financial Markets
Status
Completed
Sector
Leasing Services
Department
Regional Industry - FIG Africa
Environmental Category
C - No Impact
Previous Events
Approved : Jun 30, 1997
Signed : Sep 28, 1999
Invested : Mar 22, 2000
Project Description
Summary Of Project Information (SPI)
| Project Name | Zimbabwe-udc Holdings Limited |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateFebruary 1, 1997
Company NameZimbabwe: udc Holdings Limited
Technical Partner and/or Major Shareholders
udc’s largest shareholder is Edesa of Switzerland (30% of the capital). udc’s shares are listed on the Harare Stock Exchange.
Project Cost Including proposed IFC investment
The total project cost for the project is up to approximately US$12 million. IFC total financing is between US$8-10 million as detailed below.
Location of project and Description of site
Harare, Zimbabwe
Description of Company and Purpose of Project
The project consists of the extension of (i) an up to US$8 million line of credit to udc Holdings Limited, (ii) an up to US$4 million equivalent local currency guarantee facility and (iii) an up to US$0.2 million loan-equivalent US$/ECU currency swap. The proposed financing package will help udc fund its growing leasing business with local private sector companies. The swap will enable the Company to offer its client exporters US$-denominated loans using an ECU funding.
Environmental Category and Issues
This is a category FI according to IFC’s environmental review procedure. Thus, udc will be required to do an environmental review of the lessees’ proposed operations funded with the proposed IFC loan. In addition, IFC will assess udc’s capabilities of carrying out an environmental review of each lessee.
| Date SPI sent to PIC | December 18, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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