Summary of Proposed Investment
Project Number
7876
Company Name
CFC Bank Limited
Date SPI Disclosed
Nov 18, 1996
Country
Kenya
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Regional Industry - FIG Africa
Environmental Category
C - No Impact
Previous Events
Approved : Dec 31, 1996
Signed : Jun 3, 1997
Invested : Sep 2, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Kenya - CFC Bank Limited |
RegionSub-Saharan Africa
Sector
Project No007876
Projected Board DateDecember 20, 1996
Company NameCFC Bank Limited
Technical Partner and/or Major Shareholders
CFC Bank Limited is primarily owned by private Kenyan investors.
Project Cost Including proposed IFC investment
IFC will extend a loan option facility of up to $10 million.
Location of project and Description of site
Nairobi, Kenya
Description of Company and Purpose of Project
CFC was established in 1955 as a non-bank financial institution specializing in asset finance, primarily hire purchase transactions and corporate loans. It obtained a listing on the Nairobi Stock Exchange in 1970. In 1995, it converted into a commercial bank and is now one of the 10 largest banks in Kenya, with a net worth and total assets of US$18 million and US$114 million equivalent respectively. The proposed Loan Option Facility (LOF), which would give CFC Bank Limited (CFC) the right, but not the obligation, to draw down amounts from IFC as its circumstances dictate, is intended to enable CFC to make medium-term foreign currency loans using short-term foreign currency funding raised in the domestic market, without the liquidity risks that would normally be involved in such term transformation. The tenor of any IFC funding would be as required by CFC; it could range from short to medium-term.
Environmental Category and Issues
This is an environmental review category C project.
| Date SPI sent to PIC | November 18, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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