Banco de Galicia y Buenos Aires

completed

Summary Of Project Information (SPI)Project NameArgentina:Banco de Galicia y Buenos Aires S.A.RegionLatin America and the CaribbeanSectorFinancial ServicesProject No007345Projected Board DateFebruary 15, 1996 Company NameBanco de Galicia y Buenos Aires S.A.Technical Partner and/or Major Sponsor Banco de Galicia y Buenos Aires S.A. (“Galicia”) and Dresdner Bank (“Dresdner”) as fronting bank for the Letter of Credit.Project Cost Including proposed IFC investment Total Project Cost: US$230 Million, IFC loan US$30 millionLocation of Company Buenos Aires, ArgentinaDescription of Company and Purpose of Project IFC Loan and structured US Commercial Paper Facility. The project involves the structuring of a US$230 million funding package in the form of an IFC A and B Loan for Galicia. The US$30 million IFC A Loan would have a term of eight years including a three year grace period. It would be used to provide longer term financing to middle market private sector Argentine companies for projects involving consolidations, modernization, expansion and export-related growth. The B Loan would be for the account of participants and would comprise the proceeds of a three-year structured US commercial paper program which is expected to be up to US$200 million and which would be an irrevocable direct-pay letter of credit to be provided by the fronting bank. It would be used to develop Galicia’s local debt underwriting and industrial finance operations for private sector companies in Argentina.Environmental Category and Issues This is an environmental review category FI project. Galicia will be required to undertake an environmental review of each subproject. IFC will assess Galicia’s capability to carry out environmental reviews.Date SPI sent to PIC January 11, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365