AEF Bailey Bridges (Nigeria) Limited

completed

Summary Of Project Information (SPI)Project NameNigeria-Bailey Bridges (Nigeria) Limited RegionSub-Saharan AfricaSectorProject No004720Projected Board DateMarch 29, 1996Company NameBailey Bridges (Nigeria) LimitedTechnical Partner and/or Major Shareholders Bailey Bridges Limited is owned in equal proportions by four Nigerians and a British citizen. Messrs. Tete Mbuk and Ikpeme are the principal sponsors. Technical partner is Adasco UK Limited; a company incorporated by the shareholders of Bailey Bridges to handle foreign liaison for Bailey Bridges. Project Cost Including proposed IFC investment Total project cost is estimated at N45.2 million (US$532,000 equivalent). IFC has been asked to provide a loan of US$117,000. Location of project and Description of site The pontoon will operate across the Orashi River, about 1-1/2 hours drive from Port Harcourt in Rivers State, Nigeria. Description of Company and Purpose of Project The Company specializes in the supply, installation and operation of prefabricated steel bridges for the oil industry for access to on-shore oil field locations. The Company recently diversified into the hiring of ferry pontoons to the oil industry. The proposed project is to purchase, install and operate a 110 MT pontoon ferry for Nigeria Agip Oil Company under a three year contract. The project will strengthen an indigenous company in the oil service sector, and provide new opportunities for employment. The surrounding villages will benefit from the pontoon operation through free transportation across the river. By providing financial assistance to Bailey Bridges, IFC will develop indigenous entrepreneurship in a large, lucrative sector.Environmental Category and Issues This is a category B project. The main environmental issues include fuel storage, recycling, proper disposal of all motor fluids, safety around heavy equipment, proper disposal of bilge waste, fire safety, provision of life preservers and life boats as appropriate, and emergency response preparedness. The sponsors have agreed to conform to World Bank environmental guidelines. According to the Environmental Division, no Environmental Review Summary was prepared for this project as its IPR approval predates the requirement for an ERS on AEF projects.Date SPI sent to PIC February 22, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365Environmental 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).