Summary of Proposed Investment
Project Number
8556
Company Name
ARAB INSURANCE GROUP B.S.C.
Date SPI Disclosed
Sep 8, 1997
Country
World Region
Industry
Financial Markets
Status
Completed
Sector
General Insurance (Non-Life)
Department
Regional Industry FIG MCT
Environmental Category
C - No Impact
Previous Events
Approved : Oct 7, 1997
Signed : Nov 4, 1997
Invested : Nov 18, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Bahrain-Arab Insurance Group (ARIG) |
| Capital Restructuring & Privatization |
| Region | Central Asia, Middle East and North Africa |
Sector
Project No008556
Projected Board DateOctober 8, 1997
Company NameArab Insurance Group
Technical Partner and/or Major Shareholders
The company, prior to its privatization, is currently owned one-third each by the governments of the U.A.E., Kuwait and Libya.
Project Cost Including proposed IFC investment
Total Project Cost: US$250 million, IFC Investment: US$10 million (equity). Underwriting of up to US$7.5 million.
Location of project and Description of site
Bahrain
Description of Company and Purpose of Project
(include IFC’s Role and Development Impact)
The project involves assisting ARIG with a US$250 million capital increase to meet growing business opportunities provided by the liberalization of the insurance sector in the Arab world. The project involves the privatization of a leading financial institution whose objective is to promote insurance in a region where this sector is underdeveloped.
Environmental Category and Issues
This is a category C project according to IFC’s environmental review procedure. No further review is necessary
| Date SPI sent to PIC | September 8, 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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