Credit Finance and Commerce Bank Limited

completed

Summary Of Project Information (SPI)Project NameKenya - CFC Bank LimitedRegionSub-Saharan AfricaSectorProject No007876Projected Board DateDecember 20, 1996Company NameCFC Bank LimitedTechnical Partner and/or Major Shareholders CFC Bank Limited is primarily owned by private Kenyan investors.Project Cost Including proposed IFC investment IFC will extend a loan option facility of up to $10 million.Location of project and Description of site Nairobi, KenyaDescription of Company and Purpose of Project CFC was established in 1955 as a non-bank financial institution specializing in asset finance, primarily hire purchase transactions and corporate loans. It obtained a listing on the Nairobi Stock Exchange in 1970. In 1995, it converted into a commercial bank and is now one of the 10 largest banks in Kenya, with a net worth and total assets of US$18 million and US$114 million equivalent respectively. The proposed Loan Option Facility (LOF), which would give CFC Bank Limited (CFC) the right, but not the obligation, to draw down amounts from IFC as its circumstances dictate, is intended to enable CFC to make medium-term foreign currency loans using short-term foreign currency funding raised in the domestic market, without the liquidity risks that would normally be involved in such term transformation. The tenor of any IFC funding would be as required by CFC; it could range from short to medium-term. Environmental Category and Issues This is an environmental review category C project.Date SPI sent to PIC November 18, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365