Summary of Proposed Investment
Project Number
8051
Company Name
Isfar (Pvt) Limited
Date SPI Disclosed
Mar 3, 1997
Country
Zimbabwe
Industry
Manufacturing
Status
Completed
Sector
Household Textile Products (Including Drapes, Mattress Covers, Carpets, Towels, etc.)
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Apr 22, 1997
Signed : Jun 3, 1997
Invested : Sep 11, 1997
Project Description
SUMMARY OF PROJECT INFORMATION
Project Name ZIMBABWE-Isfar (Pvt.) Ltd
Region Sub-Saharan Africa
Sector Textiles/Soft Furnishings
Project No 008051
Projected Board Date April 25, 1997
Technical Partner and/or Major Shareholders: Mrs. Abigail Magwenzi (80%) and Mr. Israel Magwenzi (20%). Mrs. Magwenzi, the lead sponsor, has a Masters in Business Administration degree. She is a dynamic entrepreneur who was awarded the Zimbabwe National Chamber of Commerce (ZNCC) "Businesswoman of the Year" in 1995. Mr. Magwenzi is also a successful businessman running his own construction company.
Project Cost Including Proposed IFC Investment: Project cost is estimated at US$427,000 and IFC is being asked to provide a loan of US$100,000.
Location of Project and Description of Site: The project is located in the city centre in Harare in an area predominantly occupied by construction material merchants and manufacturers of small products (pens, books, and clothing). The production facilities will be located on the first floor of a two storey building which, on the ground floor, will also house the Company’s show room and offices.
Description of Company and Purpose of Project: Isfar (Pvt.) Limited was formed in 1990 to manufacture a variety of soft furnishings like curtains, pillow cases, cushion covers, bolsters, plain bedspreads and accessories. The company now wants to expand by (a) acquiring faster automated production machines (b) rationalising its product range and (c) increasing production for the regional export market. It wants to enter the export market with a narrow range of products.
Environmental Category and Issues: This is a category B project according to IFC''s environmental review procedures. Environmental and occupational health and safety issues associated with this project include liquid and solid waste disposal, employee training and safety, fire safety and response, and plant hygiene and good housekeeping procedures. It is anticipated that the sponsor will employ methods to ensure proper handling of chemicals and to ensure proper disposal of liquid and solid waste. The ERS is expected to be submitted to the PIC by March 25, 1997.
Date SPI sent to PIC: March 3, 1997
For additional information contact: Corporate Relations Unit - telephone: (202) 473-7711 - facsimile: (202) 676-0365.
L:\CAF\AEF\ZIM\ISFARSPI.DOC
March 3, 1997 5:00 PM
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Project Name ZIMBABWE-Isfar (Pvt.) Ltd
Region Sub-Saharan Africa
Sector Textiles/Soft Furnishings
Project No 008051
Projected Board Date April 25, 1997
Technical Partner and/or Major Shareholders: Mrs. Abigail Magwenzi (80%) and Mr. Israel Magwenzi (20%). Mrs. Magwenzi, the lead sponsor, has a Masters in Business Administration degree. She is a dynamic entrepreneur who was awarded the Zimbabwe National Chamber of Commerce (ZNCC) "Businesswoman of the Year" in 1995. Mr. Magwenzi is also a successful businessman running his own construction company.
Project Cost Including Proposed IFC Investment: Project cost is estimated at US$427,000 and IFC is being asked to provide a loan of US$100,000.
Location of Project and Description of Site: The project is located in the city centre in Harare in an area predominantly occupied by construction material merchants and manufacturers of small products (pens, books, and clothing). The production facilities will be located on the first floor of a two storey building which, on the ground floor, will also house the Company’s show room and offices.
Description of Company and Purpose of Project: Isfar (Pvt.) Limited was formed in 1990 to manufacture a variety of soft furnishings like curtains, pillow cases, cushion covers, bolsters, plain bedspreads and accessories. The company now wants to expand by (a) acquiring faster automated production machines (b) rationalising its product range and (c) increasing production for the regional export market. It wants to enter the export market with a narrow range of products.
Environmental Category and Issues: This is a category B project according to IFC''s environmental review procedures. Environmental and occupational health and safety issues associated with this project include liquid and solid waste disposal, employee training and safety, fire safety and response, and plant hygiene and good housekeeping procedures. It is anticipated that the sponsor will employ methods to ensure proper handling of chemicals and to ensure proper disposal of liquid and solid waste. The ERS is expected to be submitted to the PIC by March 25, 1997.
Date SPI sent to PIC: March 3, 1997
For additional information contact: Corporate Relations Unit - telephone: (202) 473-7711 - facsimile: (202) 676-0365.
L:\CAF\AEF\ZIM\ISFARSPI.DOC
March 3, 1997 5:00 PM
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
Related ESRS/ERS
