Cashbank-2

completed

Summary Of Project Information (SPI)Project NameRepublic of South Africa - CASHBANKRegionSub-Saharan AfricaSectorProject No008725Projected Board DateDecember 4, 1997Company NameCashbankTechnical Partner and/or Major Shareholders Cashbank was established in April 1995 after 6 years of development and planning by the Group Credit Company (GCC), an NGO established in 1989 to develop financial services for low income groups within South Africa. The bank’s initial capital of US$14 million equivalent was provided principally by a number of South Africa’s insurance companies and the GCC. During 1996/7 CB benefited from an approximate 50% increase in its capital base with the introduction of a number of strong shareholders including IFC (10% stake) and Investec (20%). This increased capital base has strongly positioned the Bank for further growth.     Project Cost Including proposed IFC investment US$10 million equivalentLocation of project and Description of site Cape TownDescription of Company and Purpose of Project The project involves a direct IFC Rand loan of up to US$10 million equivalent to Cashbank (CB). CB is a bank established exclusively to service the banking needs of the low income communities of South Africa through the provision of savings facilities, as well as credit for housing, small business, education and personal loans. IFC’s proposed loan will assist the Bank to meet the strong demand for its products.–––––     Environmental Category and Issues This is an environmental review category C project. No further review is necessary.Date SPI sent to PIC October 30, 1997“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