Summary of Proposed Investment
Project Number
8133
Company Name
Life Office of Namibia Limited
Date SPI Disclosed
Mar 26, 1997
Country
Namibia
Industry
Financial Markets
Status
Completed
Sector
Life Insurance
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Jun 30, 1997
Signed : Apr 28, 1998
Invested : Aug 27, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | Namibia-Namibia Life |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateMay 29, 1997
Company NameNamibia Life
Technical Partner and/or Major Shareholders
The local sponsors are a group of Namibian business people led by Mr. Henry Dames, managing director of a Namibian based Insurance brokerage and Mr. Festus Naholo, Chairman of an investment company with diverse business interests. The foreign technical partner is Aflife, a well-established South African life company listed on the Johannesburg Stock Exchange.
Project Cost Including proposed IFC investment
Anticipated to be up to N$20 million (US$4.5 million equivalent); IFC’s participation is in the form of an equity investment of up to US$1 million.
Location of project and Description of site
Windhoek, Namibia.
Description of Company and Purpose of Project
The project involves the establishment of Namibia’s first indigenous life insurance company. This new company will be the result of a joint venture between a group of local Namibians with an extensive and diverse range of business interests, including representatives from the insurance industry, and African Life Assurance Company (Aflife), a majority black-owned South African life insurance company in which IFC holds an 8.5% equity stake. The initial capital is expected to be approximately US$4.5 million, with the expected to be ownership structure to be local Namibians (55%), Aflife (30%) and IFC (15%). This project will be IFC’s first investment in Namibia’s financial sector.
Environmental Category and Issues
This is an environmental review category C project. No further review is necessary.
| Date SPI sent to PIC | March 26, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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