Egypt Trust

completed

Summary Of Project Information (SPI)Project NameEgypt-The Egypt TrustRegionMiddle East and North AfricaSectorProject No007650Projected Board DateJuly 22, 1996Company NameThe Egypt TrustTechnical Partner and/or Major Shareholders PRIMARY SPONSORS: International: Lazard Frères Asset Management. Local: Egypt - National Bank of Egypt.Project Cost Including proposed IFC investment US$50 million, including an IFC equity investment of the lesser of 10% or US$5 million in the Fund. IFC will also serve as structuring agent to the Fund.Location of project and Description of site New York, Cairo.Description of Company and Purpose of Project The proposed project involves the establishment of an investment fund for Egypt, The Egypt Trust (ET, the Fund). The objective of the Fund is to realize long-term capital appreciation through investment primarily in listed equity securities of Egyptian companies and, to a limited extent, in shares of companies that are in the process of securing a listing. ET will be established as a closed-end investment company, incorporated in Luxembourg and listed in London, Luxembourg and, subsequently, Cairo. The Fund, with a minimum capital of US$50 million, will be managed by Lazard Frères Asset Management, with local support provided by National Bank of Egypt, the country’s largest commercial bank. SBC Warburg and Lazard Capital Markets will serve as the lead placing agents.  Environmental Category and Issues This is a Category C project according to IFC’s Environmental Unit, needing no further environmental review.     Date SPI sent to PIC June 24, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365