Summary of Proposed Investment
Project Number
7885
Company Name
Lanka Orix Factors Ltd.
Date SPI Disclosed
Mar 3, 1997
Country
Sri Lanka
Industry
Financial Markets
Status
Completed
Sector
Other Non-Depository Credit
Department
Regional Industry - FIG Asia & Pac
Environmental Category
C - No Impact
Previous Events
Approved : Jun 18, 1997
Signed : Apr 27, 1999
Invested : Jun 18, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Sri Lanka-Lanka Orix Factors Limited (LOFAC) |
| Region | Asia |
| Sector |
Projected Board DateApril 30, 1997
Company NameLanka Orix Factors Limited (LOFAC)
Technical Partner and/or Major Shareholders
LOFAC is owned by Lanka Orix Leasing Company (LOLC)(61.9%), several private companies, and individuals.
Project Cost Including proposed IFC investment
Total cost is US$1.8 million, including an IFC A loan of US$1.5 million, and IFC equity investment of up to US$0.3 million.
Location of project and Description of site
Sri Lanka
Description of Company and Purpose of Project
LOFAC, established in 1991 by LOLC, is the first factoring company in Sri Lanka. LOFAC’s factoring activities involves purchasing receivables of its clients and providing sales ledger administration and debt collection. The proposed project is to assist LOFAC in its expansion into international factoring whereby it will factor Sri Lankan exporters’ receipts, and to support its goal of becoming publicly listed in 1998/99. Promotion of export factoring will assist Sri Lankan companies in competing in the export market.
Environmental Category and Issues
This is a Category C project according to IFC’s environmental review procedure. No further environment review is required.
| Date SPI sent to PIC | March 3, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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