First ANZ International Modaraba

completed

Summary Of Project Information (SPI)Project NameRegional-First ANZ International Modaraba Limited (FAIM)     RegionCentral Asia, Middle East and North AfricaSectorProject No008259Projected Board DateMay 15, 1997Company NameFirst ANZ International Modaraba LimitedTechnical Partner and/or Major Shareholders Australia and New Zealand Banking Group Limited (“ANZ”)Project Cost Including proposed IFC investment US$50-100 million (including an IFC equity investment of US$5 million)Location of project and Description of site Fund domiciled in Guernsey and listed in BahrainDescription of Company and Purpose of Project The project consists of establishing the first listed Islamic closed-end leasing-oriented fund for emerging markets. The Fund would provide medium-term asset finance, including leasing, for projects primarily in the emerging markets of the Middle East, North Africa, Central Asia, Pakistan and Southeast Asia. The investment objective of the Fund is to achieve a high income return to investors by investing in the financing of productive assets (such as plant, equipment, and machinery). The Fund would seek a listing on the Bahrain Stock Exchange and would serve as a specialized investment vehicle for investors. The fund management company, ANZ Management Company (Guernsey) Limited, will be assisted by ANZ as its Investment Advisor.Environmental Category and Issues This is a Financial Intermediary (FI) category project according to IFC''s environmental review procedure. For relevant operations, FAIM will be required to implement an environmental management system consistent with host country requirements and World Bank policies and guidelines. In addition, IFC will assess FAIM’s capability to implement the system.Date SPI sent to PIC April 3, 1997For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365