Alger Investment Partners

completed

Summary Of Project Information (SPI)Project NameAlgeria - Algiers Investment PartnershipRegionCentral Asia, Middle East and North AfricaSectorProject No010046Projected Board DateMarch 30, 2000Company NameAlgiers Investment Partnership (AIP)Technical Partner and/or Major Shareholders The sponsor of the project is Cairnwood Capital International (CCI), the investment banking arm of the U.S. Cairnwood Group (Cairnwood). A regional network of investment banks will be involved in establishing AIP including Upline Securities, a leading investment bank in Morocco, which will also act as the technical partner. A holding company comprising Cairnwood (12.5%), Upline (40%), AIG (7.5%) and an investor from the Gulf (40%) will be holding 60% of AIP. A local partner will hold 20% and IFC will hold 20%. Project Cost Including proposed IFC investment The estimated project cost is US$1.5 million. IFC has been requested to invest US$300,000, representing a 20% equity stake.Location of project and Description of site AIP will be headquartered in Algiers and will operate throughout Algeria.Description of Company and Purpose of Project The project involves the establishment of Alger Investment Partners (AIP) as the first investment and securities company in Algiers with a capital of US$1.5 million equivalent. AIP would be involved in a broad range of investment banking services, including: (i) corporate finance advisory services relating to privatizations, restructurings, and mergers and acquisitions; (ii) brokerage activities; (iii) private and public placement of debt and equity issues; and (iv) fund management, at a later stage.Environmental Category and Issues This is an environmental review category FI Type 1 project. AIP investments under relevant operations must comply with the environmental, health and safety requirements of the host country. AIP must attend environmental training as required, develop an environmental management system, and provide an annual environmental performance report.      Date SPI sent to InfoShop February 15, 2000“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384