Summary of Proposed Investment
Project Number
8100
Company Name
AFP Prevision, S.A.
Date SPI Disclosed
Nov 7, 1997
Country
El Salvador
Industry
Financial Markets
Status
Completed
Sector
Portfolio Management Company (Pension Fund, etc., except when tied to a Collective Investment Vehicle)
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Apr 14, 1998
Signed : Jan 21, 1999
Invested : Feb 24, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Latin America and Caribbean Region - Central America Pension Fund Mgmt. Co. |
| Region | Latin America and the Caribbean |
| Sector |
Projected Board DateDecember 16, 1997
Company NameCentral America: El Salvador AFP
Technical Partner and/or Major Shareholders
Banco Bilbao Viscaya (51%), Ernesto Fernandez-Holmann (40%) and IFC (9%)
Project Cost Including proposed IFC investment
The project consists of an equity investment of up to US$1.5 million to develop private mandatory and voluntary pension fund management for Central America. Total project cost is estimated at US$10 million for the Salvadorean venture.
Location of project and Description of site
El Salvador and Central America
Description of Company and Purpose of Project
The venture will start with an investment in a Salvadorean Private Pension Fund Management Company (Salvadorean AFP), which will manage the mandatory pension plans. It is anticipated that the sponsors will then develop similar AFPs throughout the region, as appropriate private pension legislation is passed in each country, and long term savings vehicles wherever they are viable.
Environmental Category and Issues
This is a “C” category project under IFC’s environmental review procedures. No further environmental review is required
| Date SPI sent to PIC | November 7, 1997 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
Related ESRS/ERS
