AEF J. Y. Estate

completed

SUMMARY OF PROJECT INFORMATIONProject Name Zambia-JY Estates LimitedRegion Sub-Saharan AfricaSector FloricultureProject No 007907Projected Board Date March 31, 1997Company Name JY Estates LimitedTechnical Partner and/or Major Shareholders  The project is jointly (50/50) owned by Michael Jones and Sharon Jones, a husband and wife team.  Mr Jones is a South African citizen who was born and grew up in Zambia.  He holds a Diploma in Agriculture. Mrs Jones is a Zimbabwean citizen with a degree in Education.Project Cost Including Proposed IFC Investment  The project is estimated to cost US$2.2 million and IFC has been requested to provide a loan of US$890,000.Location of Project and Description of Site  The project will be located on a 206 hectare farm in Chisamba, 60km north of Lusaka, Zambia.Description of Company and Purpose of Project JY Estates Limited is a Zambian registered company which intends to establish a 5 hectare rose project at Kamwaysunka Farm in Chisamba.  JY has been successfully running a 3 hectare export rose project on the outskirts of Lusaka, Zambia for the last three yearsExpected Developmental Impact IFC''s investment will contribute to the creation of 230 jobs comprising of 200 labourers and 30 administrative and management staff.  This will improve the quality of life of over 2,000 people in the surrounding areas.  The project will generate substantial foreign currency earnings for Zambia.  The project’s earnings will all be in foreign currency.Environmental Category and Issues This is an environmental review category B project. Environmental, occupational, health and safety issues include pesticides handling and application, integrated pest management, water supply, liquid and solid waste disposal, CFCs, disposal/destruction of pesticides and provision of personal protective equipment and framing. The sponsors have agreed to comply with applicable World Bank and Government of Zambia environmental requirements. The environmenal Review Summary is available from the Public Information Center.Date SPI sent to PIC February 18, 1997 For additional information contact:  Corporate Relations Unit -   telephone:  (202) 473-7711 - facsimile:  (202) 676-0365.L:\CAF\AEF\ZAM\JYESTSPI.DOCFebruary 13, 1997 3:11 PMEnvironmental 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).