Summary of Proposed Investment
Project Number
8370
Company Name
Kula Fund Limited
Date SPI Disclosed
May 28, 1997
Country
East Asia and Pacific Region
Industry
other
Status
Completed
Sector
Private Equity/Venture Cap Fund - Regional
Department
TMT, Venture Capital & Funds
Environmental Category
FI
Previous Events
Approved : Jun 30, 1997
Signed : Aug 25, 1997
Invested : Dec 18, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Pacific Islands-Kula Fund Ltd. |
| Region | Asia |
| Sector |
Projected Board DateJune 30, 1997
Company Name
Technical Partner and/or Major Shareholders
Kula Fund is being sponsored by the Commonwealth Development Corporation (CDC). Established in 1948, CDC is the UK’s overseas development finance institution providing long-term loans and equity to financially viable and sustainable ventures primarily in the private sector. Apart from IFC, the other investors are expected to be mainly development finance institutions, including ADB, EIB and Proparco. Other potential investors may include local investment institutions and local provident funds.
Project Cost Including proposed IFC investment
The target size of Kula Fund is US$18 million, of which IFC is expected to invest US$2.5 million, or 15% of the total commitments, whichever is lower.
Location of project and Description of site
To be incorporated in Vanuatu, Kula Fund will operate throughout the Pacific Island countries, with the majority of investments expected to be in Papua New Guinea and Fiji.
Description of Company and Purpose of Project
Kula Fund will make equity or quasi-equity investments in private sector companies in the Pacific Island countries, thereby promoting growth of medium-sized private businesses which have limited access to institutional sources of equity finance.
Environmental Category and Issues
This is a Financial Intermediary (FI) category project according to IFC’s environmental review procedure. The management company will be required to undertake an environmental review of eligible investee companies’ operations. In addition, IFC will assess the management company’s capability to carry out environmental reviews of each investee company.
| Date SPI sent to PIC | May 28, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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