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Jordan Student Loans
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 26639
Company nameOmnix International
Country
Jordan
Sector1Colleges, Universities, and Professional Schools
Environmental categoryC
Department
StatusCompleted
Date SPI disclosedMay 14, 2008
Projected board dateJune 16, 2008
Previous EventsSigned: June 30, 2008
Approved: June 26, 2008
  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
The proposed project is a student loan program for university students in Jordan, whereby IFC will share risk-on the portfolio of loans. The loan portfolio will be originated and managed by a private Jordanian bank on a commercial basis. The maximum size of the portfolio will be $25 million equivalent.

Loans will be used by students to pay tuition at universities for undergraduate and graduate education at both public and private universities. The maturity of the loans will be up to eight years which will enable students to repay the loans from their earnings after graduation. While the student is still studying at university, they will make interest payments on the loans, to instill a repayment behavior and ensure that the student continues to be eligible for further loan disbursements. The loans will be repayable four and a half years after graduation.

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