AEF Executive Investment Limited

completed

Summary of Project InformationProject Name : Uganda – Executive Investments Ltd.Region : Sub-Saharan AfricaSector : Industrial and Consumer ServicesProject No : 008726Project Board Date : April 15, 1998Company Name : Executive Investments Ltd.Technical Partners and/or Major Shareholders: The Company is owned by Mr. P.C. Jani and his brother B.C. JaniProject cost including proposed IFC Investment: Project Cost : US$3.1 million, Proposed IFC Loan : US$1 millionLocation of project and Description of site: Kampala City centre, in a residential area. The site previously had houses on it.Description of Company and Purpose of Project: The project is to build an eight floor apartment building in the city centre of Kampala. The project will improve the availability of quality residential space in Kampala, and supply much needed infrastructure. The lack of residential space of international quality deprives Uganda of an element that is essential to promote economic growth. IFC is one of the few sources of long term financing in Uganda. IFC’s participation will assist in completing the financial plan. Although the sponsors are experienced property developers, this is their first project in Uganda and the first targeted to the rental market. IFC’s support enabled them to go through the government approval process quickly and IFC’s technical consultant’s suggestions have improved the project specifications and market focus.This is an environmental review category B project. Environmental and occupational health and safety issues include land use, sewage treatment/disposal, liquid and solid waste disposal, construction materials, power and water supply, CFCs, fire safety measures, and employee training and general safety. The complex will be connected to Kampala’s municipal services for water supply and sewage disposal and power will be supplied from the national/local grid. Any onsite electrical equipment or transformers will be PCB-free. Fuel storage will be provided with secondary containment. Solid waste will be disposed of by the municipality. All cold storage and air conditioning systems will be CFC-free. The sponsor is committed to compliance with World Bank fire safety guidelines and a specialized fire safety firm has been retained by the sponsor to conduct an independent fire safety audit.Date SPI sent to PIC: March 12, 1998For additional Invormation contact: Corporate relations Unit - Telephone: (202) 473-7711 Facsimile: (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).