Banque Marocaine du Commerce Exterieur/GDR Issue

completed

Summary Of Project Information (SPI)Project NameMorocco-Banque Marocaine du Commerce Extérieur-Global Depositary Receipts (GDR) RegionNorth AfricaSectorProject No007173Projected Board DateFebruary 29, 1996Company NameBanque Marocaine du Commerce ExtérieurTechnical Partner and/or Major Shareholders Nomura Securities will be the joint lead Manager and bookrunner. Three or four managers will be selected to help in the placement. Project Cost Including proposed IFC investment Direct equity investment of up to US$3 million, and underwriting of up to 35% of a US$50 million GDR offering for BMCE. Location of project and Description of site The GDRs representing BMCE shares will be listed in London or Luxembourg and will be placed with international investors worldwide. Description of Company and Purpose of Project The proposed project represents the first GDR offering from Morocco. It involved assisting BMCE, a leading Moroccan commercial bank, in raising up to US$60 million in ordinary share capital through an international equity offering ($50 million base issue, including a $10 million over-allotment option to cover excess demand). The project was approved by IFC on March 13, 1996. The SPI for this project was not released before the transaction took place due to restrictions on disclosure according to SEC Rule 144A (for private placements). Environmental Category and Issues This is a category C project according to IFC’s environmental review classification. Date SPI sent to PIC May 29, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365