DANUBE FUND

completed

Summary Of Project Information (SPI)Project NameRomania-The Danube Fund     RegionEuropeSectorProject No007168Projected Board DateMarch 14, 1996Company NameThe Danube FundTechnical Partner and/or Major Shareholders The Fund is sponsored by the Alpha Credit Bank group, the largest private banking group in Greece. Alpha Credit Bank and its affiliates have committed to provide 15% of the Fund’s total capital. Other investors will include BNP, EBRD, various Greek industrial concerns and several international institutional investors.Project Cost Including proposed IFC investment Total Fund size will be US$25 million, of which IFC will invest US$1 million.Location of project and Description of site The Fund’s principal investment activities will take place in Bucharest, Romania. Description of Company and Purpose of Project The Danube Fund will make equity and quasi-equity investments in small and medium-scale private enterprises in Romania. In particular, the Fund will seek opportunities to invest alongside Greek industrial companies which are establishing joint ventures in Romania. As a result, the Fund Manager will spend significant amount of time in Athens, Greece, to solicit capital from Greek companies interested in investing in Romania. The Fund is expected to contribute to the development of Romania’s private sector and to the country’s transition to a market economy.Environmental Category and Issues This is an environmental category FI project. The Danube Fund will be required to undertake an environmental review of eligible investee companies’ operations. In addition, IFC will assess the Danube Fund’s capability to carry out environmental reviews of each investee company.Date SPI sent to PIC      February 6, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365