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ACCESS LEASING
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 27071
Company nameACCESS LEASING
Country
Ethiopia (IDA)
Sector1Leasing Services
Environmental categoryFI
Department
StatusCompleted
Date SPI disclosedMay 9, 2008
Projected board dateJanuary 31, 2011
Date revised SPI disclosedDecember 13, 2010
Previous EventsSigned: June 28, 2011
Approved: June 13, 2011
  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
The proposed Project consists of the establishment of the first leasing company in Ethiopia. The Project will include a comprehensive investment and advisory services program in a greenfield leasing company likely to be named Access Leasing S.C. (“Access Leasing” or the “Company”). This is a second disclosure of the Project and follows the first disclosure made on May 9, 2008.

The investment will consist of:

- an equity investment of up to US$1 million in the company (the “Equity Investment”). The Equity Investment will be made in Ethiopian Birr;

- a partial credit guarantee (“PCG” or the “Guarantee”) of up to US$2 million for a period of up to five years. The Guarantee will cover credit facilities to be extended to the Company by local commercial banks in Ethiopia; and

- an advisory services program to implement leasing and small and medium enterprises (“SME”) financing best-practices.

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