Summary of Proposed Investment
Project Number
8118
Company Name
Societatci Comerciala de Asegurare reasigurare Eleno-Romana Garanta S.A.
Date SPI Disclosed
Nov 26, 1997
Country
Romania
Industry
Financial Markets
Status
Completed
Sector
Composite Insurance (Life and Non-life)
Department
Regional Industry FIG LAC & EUR
Environmental Category
C - No Impact
Previous Events
Approved : Mar 4, 1998
Signed : Mar 4, 1998
Invested : Jan 20, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Romania-Garanta |
| Region | Europe |
| Sector |
Projected Board DateDecember 30, 1997
Company NameGaranta
Technical Partner and/or Major Shareholders
Ethniki (Greece)
Banc Post (Romania)
Project Cost Including proposed IFC investment
US$3 million. IFC will invest up to US$600,000 for up to 20% in the capital of Garanta, which is being established as a new insurance company in Romania.
Location of project and Description of site
Bucharest, Romania
Description of Company and Purpose of Project
The project entails establishing a new composite insurance company, Garanta which will sell both life insurance and general insurance products to individuals and corporations in Romania. This new insurance company will support the development of the Romanian insurance market which remains one of the least developed in Central Europe. Garanta will be one of the best-capitalized joint venture insurance companies in the market and its operating and investment policies should provide a strong demonstration effect for other insurers.
IFC is playing a key role in structuring the venture and in drafting the Company’s operational and investment guidelines.
Environmental Category and Issues
This is a no impact (C) category project according to IFC’s environmental review procedure.
| Date SPI sent to PIC | November 26, 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
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