Summary of Proposed Investment
Project Number
8259
Company Name
First ANZ International Modaraba Limited
Date SPI Disclosed
Apr 3, 1997
Country
World Region
Industry
other
Status
Completed
Sector
Foreign Portfolio Equity Fund - Sector
Department
Equity Portfolio Management
Environmental Category
FI
Previous Events
Approved : May 16, 1997
Signed : May 19, 1997
Invested : Jul 10, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Regional-First ANZ International Modaraba Limited (FAIM) |
| Region | Central Asia, Middle East and North Africa |
| Sector |
Projected Board DateMay 15, 1997
Company NameFirst ANZ International Modaraba Limited
Technical Partner and/or Major Shareholders
Australia and New Zealand Banking Group Limited (“ANZ”)
Project Cost Including proposed IFC investment
US$50-100 million (including an IFC equity investment of US$5 million)
Location of project and Description of site
Fund domiciled in Guernsey and listed in Bahrain
Description of Company and Purpose of Project
The project consists of establishing the first listed Islamic closed-end leasing-oriented fund for emerging markets. The Fund would provide medium-term asset finance, including leasing, for projects primarily in the emerging markets of the Middle East, North Africa, Central Asia, Pakistan and Southeast Asia. The investment objective of the Fund is to achieve a high income return to investors by investing in the financing of productive assets (such as plant, equipment, and machinery). The Fund would seek a listing on the Bahrain Stock Exchange and would serve as a specialized investment vehicle for investors. The fund management company, ANZ Management Company (Guernsey) Limited, will be assisted by ANZ as its Investment Advisor.
Environmental Category and Issues
This is a Financial Intermediary (FI) category project according to IFC''s environmental review procedure. For relevant operations, FAIM will be required to implement an environmental management system consistent with host country requirements and World Bank policies and guidelines. In addition, IFC will assess FAIM’s capability to implement the system.
| Date SPI sent to PIC | April 3, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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