Summary of Proposed Investment
Project Number
8606
Company Name
National Insurance Company (Zambia) Limited
Date SPI Disclosed
Oct 16, 1997
Country
Zambia
Industry
Financial Markets
Status
Completed
Sector
General Insurance (Non-Life)
Department
Regional Industry - FIG Africa
Environmental Category
C - No Impact
Previous Events
Approved : Jan 26, 1998
Signed : Aug 27, 1998
Invested : Jan 12, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Zambia-National Insurance Company (Zambia) Limited |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateDecember 1, 1997
Company NameNational Insurance Company (Zambia) Limited (NICOZAM)
Technical Partner and/or Major Shareholders
National Insurance Company of Malawi
Project Cost Including proposed IFC investment
US$2.0 million total project cost. It is proposed that IFCinvests up to US$300,000 equivalent for a 15% stake in NICOZAM).
Location of project and Description of site
Zambia
Description of Company and Purpose of Project
The project involves setting-up a general insurance company, National Insurance Company (Zambia) Limited (NICOZAM) in Zambia. NICOZAM will initially focus on the provision of general insurance and subsequently enter into life insurance. IFC’s involvement in the project will provide the necessary credibility to the technical partner, NICO, which despite its strong track record is not widely recognized outside Malawi
Environmental Category and Issues
This is a Category “C” project according to IFC’s Environmental Review Procedures.
| Date SPI sent to PIC | October 16, 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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