Summary of Proposed Investment
Project Number
9435
Company Name
NIS Restructuring Facility, L. P.
Date SPI Disclosed
May 14, 1999
Country
World Region
Industry
other
Status
Completed
Sector
Private Equity/Venture Cap Fund - Regional
Department
Equity Portfolio Management
Environmental Category
FI
Previous Events
Approved : Feb 27, 2000
Signed : Mar 16, 2000
Invested : May 5, 2000
Project Description
Summary Of Project Information (SPI)
| Project Name | Russian Federation - NIS Restructuring Facility |
RegionEurope
Sector
Project No009435
Projected Board DateJune 25, 1999
Company NameNIS Restructuring Facility
Technical Partner and/or Major Shareholders
The NIS Restructuring Facility (the Facility) will be a limited liability partnership with IFC as the sole limited partner and Baring Vostok Fund as the General Partner. The Facility would enter into a Co-Investment Agreement with the First NIS Regional Fund and with the Baring Vostok Private Equity Fund L.P (BVPEF), a limited partnership with the ING Asset Management as the sole limited partner. The Facility will be managed by General Partner.
Project Cost Including proposed IFC investment
Project Cost: US$90 million; IFC Investment: US$15 million
Location of project and Description of site
The NIS Restructuring Facility will be registered in Guernsey and will make equity investments in companies operating in Georgia, Russia, Turkmenistan and Ukraine.
Description of Company and Purpose of Project
The project involves providing an equity line of up to US$15 million to the Facility for investment in the equity of pre-selected portfolio companies of the First NIS Regional Fund (the Fund) that need funds for working capital and restructuring in the aftermath of the August 1998 Russian economic crisis. The Facility will co-invest with BVPEF and the First NIS Regional Fund based on pre-agreed percentages.
Environmental Category and Issues
This is a Financial Intermediary (FI) Tier 2 project according to IFC''s environmental review procedure. The Facility Manager will be required to undertake an environmental review of each subproject to ensure compliance with host country requirements, IFC environmental and social safeguard policies, and, if applicable, World Bank Group environmental, health and safety guidelines, and submit an annual environmental performance report. IFC will assess the Facility Manager’s capability to carry out environmental reviews. The Facility Manager must obtain IFC clearance prior to making any investment with IFC funds in any Category A project. The Facility Manager and First NIS Regional Fund will be required to develop and implement an Environmental Action Plan for Sakhinles (on Sakhalin Island) acceptable to IFC.
The is from the InfoShop.
| Date SPI sent to InfoShop | May 14, 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
Sponsor / Cost / Location
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