GENERAL HIPOTECARIA

completed

Summary Of Project Information (SPI)Project NameMexico - General Hipotecaria     RegionLatin America and CaribbeanSectorProject No004916Projected Board DateNovember 28, 1996Company NameGeneral Hipotecaria, S.A. de C.V. (GH)Technical Partner and/or Major Shareholders The project’s sponsors are Mr. Jose Manuel Rivero, a prominent Mexican banker, and his business partner, Mr. Luis Contreras, an experienced accountant and financial specialist, who together manage the Company. The U.S. Federal National Mortgage Association (Fannie Mae) is being considered for the role of the Company’s technical partner.Project Cost Including proposed IFC investment US$8 million, including a proposed IFC equity investment of US$2 millionLocation of project and Description of site The project is located in Mexico City and will provide residential mortgage-related financial services throughout Mexico.Description of Company and Purpose of Project GH is a recently-formed Mexican private second-tier home mortgage bank, whose purpose is to develop the secondary market for home mortgages and mortgage-backed securities in Mexico. The project will be the first local-currency mortgage securitization operation in Mexico. IFC’s institution-building role is important, given the need to strengthen the institutional framework for home mortgages in Mexico. The project will include an assessment of the Mexican secondary mortgage market and IFC assistance, in collaboration with the IBRD, to federal and state authorities to strengthen the housing finance framework. Environmental Category and Issues This is a category C project according to IFC’s environmental review procedures. No further environmental review is required.Date SPI sent to PIC October 28, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365