Summary of Proposed Investment
Project Number
9413
Company Name
Vision +
Date SPI Disclosed
May 6, 1999
Country
Benin
Industry
other
Status
Completed
Sector
Miscellaneous Consumer Products (Including Sporting and Athletic Goods, Exercise Equipment, Jewelry, Musical Instruments, Toys, Games, Diversified)
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Jun 28, 1999
Signed : Nov 24, 1999
Invested : Oct 22, 2001
Project Description
Summary Of Project Information (SPI)
| Project Name: | AEF-BENIN:CCIFF |
Region:Sub Saharan Africa
Sector:
Project No:009413
Projected Board Date:June 6, 1999
Company Name:Vision +
Technical Partner and/or Major Shareholders
The project is jointly sponsored by CCIFF Sarl and Vision + Sarl. CCIFF is a holding company whereas Vision + has been set up by Mr. Folahan to implement the lens processing activity. Both companies are owned by Mr. Folahan. Mr. Folahan has over 15 years experience in the optical industry. He started his involvement in the sector in 1983 when he became representative of EFOP S.A, a French company specialized in the manufacturing of eye glass lenses. Mr. Folahan created CCIFF in 1989 to trade in optical products before initiating the lens processing activity in 1995. He is currently Managing Director of CCIFF and Director of Vision +.
Project Cost Including proposed IFC investment
Total project cost is estimated at US$0.45 million equivalent. IFC has been asked to provide a loan guarantee of US$0.18 million equivalent representing 40% of total project cost.
Location of project and Description of site
The project is located in a two story building in the Cotonou suburb of Sodjatime (Akpakpa).
Description of Company and Purpose of Project
The project involves the extension of an existing lens manufacturing and processing plant to respond to market demand. CCIFF was created in 1989 by the sponsor, a Beninese entrepreneur, to trade in optical products and since 1995, Vision +, the project company, has been set up to process polished lenses to meet medical specifications at the request of its clients’ optical shops. Investment is planned in new types of machinery which will allow treatment of lenses for anti reflection. The new types of lens treatment which will be introduced will be unique both in Benin as well as regionally. Vision + currently supplies optical lenses to Benin and the sub-region.
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure because specific impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The review of this project consisted of the appraisal of technical and environmental information submitted by the project sponsor and completed by IFC’s Environment Department staff. The key environmental, health and safety issues considered in this project include:
Site location;
Power and water supply;
Waste management;
Storage and handling of chemical products;
General plant safety;
Fire prevention;
Employee exposure to noise, dust and chemical substances;
Emergency response plan.
The sponsor has presented plans to address these issues and demonstrate that the proposed project will comply with applicable governmental and World Bank requirements.
The is from the InfoShop.
| Date SPI sent to InfoShop: | May 6, 1999 |
“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
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).
Sponsor / Cost / Location
Related ESRS/ERS
