Summary of Proposed Investment
Project Number
8637
Company Name
First Merchant Bank Zimbabwe Limited
Date SPI Disclosed
Oct 22, 1997
Country
Zimbabwe
Industry
Financial Markets
Status
Completed
Sector
Merchant Bank
Department
Regional Industry - FIG Africa
Environmental Category
FI
Previous Events
Approved : Jan 21, 1998
Signed : Jun 10, 1998
Invested : Jan 22, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Zimbabwe-First Merchant Bank of Zimbabwe |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateDecember 12, 1997
Company NameFirst Merchant Bank Zimbabwe Limited
Technical Partner and/or Major Shareholders
FMB is a listed bank. The other major shareholders are Anglo-American Co.(28%), Heritage Investment Bank 22%, Old Mutual Investment Corporation (16%) and IFC (9%).
Project Cost Including proposed IFC investment
US$15 million
Location of project and Description of site
Zimbabwe
Description of Company and Purpose of Project
The project involves an IFC term-loan of up-to US$15 million to be used for trade and project finance by export-oriented small and medium-size enterprises in the productive sector of the Zimbabwean Economy.
IFC’s loan would serve to channel much-needed foreign exchange term-finance resources to fund the operations and expansion needs of private Zimbabwean enterprises.
Environmental Category and Issues
This is a Category FI project according to IFC’s environmental Review Procedures. For relevant project finance operations, FMB will be required to do an environmental review of eligible investee operations. As this is IFC’s first loan (since the introduction of Environmental Guidelines) to FMB, IFC will assess FMB’s capacity to conduct environmental review.
| Date SPI sent to PIC | October 22, 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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