Region : Sub Saharan Africa

Sector : Tourism

Project No: : 008727

Projected Board Date : December 30, 1997

Company Name : Mosa Court Apartments Limited

Technical Partners and/or Major Shareholders: The company is owned by Mr. Moses Kigongo (85%) and his wife Olive Kigongo (15%).  Proposed managers are Protea Hotels Management Group.

Project Cost including proposed IFC Investment:

Project cost : US$2.7 million

IFC Investment : US$800,000

Location of Project and Description of Site:  The project is located off Shimoni Road /Nile Avenue in Kampala adjacent to the site of the Kampala Sheraton Hotel and within walking distance of government offices and commercial center.

Description of company and purpose of Project: The project involves the development of an extension to the existing Mosa Court Apartments in Kampala, Uganda. The extension programme will include refurbishment of the recently acquired 16 old apartments and construction of an additional 25 apartments, support facilities and infrastructure. 53 apartments will be available on the completion of the project and will have one bedroom with bath
en-suite, living room and a kitchen. IFC Role is to provide a long term foreign currency loan and to assist in identifying competent corporate managers to run the operation. The project has a strong development impact as it will:  (a) provide additional quality accommodation to improve the infrastructure in Kampala; (b) create about 70 jobs with the attendant social benefits; and (c) earn about US$600,000 per annum of foreign exchange for the country.

Environmental Categories and Issues: B. Environmental and occupational health and safety issues include sewage treatment/disposal, liquid and solid waste disposal, access road construction, employee housing, power and water supply, CFCs, fire safety measures, and employee training and general safety. The sponsor has presented information to address these issues and to demonstrate that the proposed project will comply with applicable governmental and World Bank requirements. The information provided about how these potential impacts are addressed in the development of the project is summarized in the ERS. The ERS was sent to the PIC on November 10, 1997.

Date SPI sent to PIC: November 12, 1997

“This Summary of Project Information is prepared and distributed to the public in adance 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) 676-0365

IFCSPI  

L:\CAF\AEF\UAN\MOSASPI.DOC

November 11, 1997 1:54 PM
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).