Inter Arab Rating Company

completed

SUMMARY OF PROJECT INFORMATION (SPI)Project Name Regional-Inter-Arab Rating AgencyRegion Middle East and North AfricaSector FinanceProject No. 005003 Projected Board Date May 31, 1995Company Name Inter-Arab Rating AgencyTechnical Partner and/or Major Shareholders Technical partner - IBCA group, U.K. 60% Other shareholders - Arab Monetary Fund 20% - IFC 20% Project Cost including proposed IFC investment US$5.0 million of which IFC''s equity investment is US$1.0 million.Location of project and Description of site A financial center in the region to be determined.Description of Company and Purpose of Project The project consists of establishing domestic credit rating agencies in Middle Eastern and North African countries, including the Gulf. It involves the establishment of a holding company, expected to be called the Inter-Arab Rating Agency (the Company), that would promote domestic rating agencies in various Arab countries, initially targeting the markets of Tunisia, Jordan and Egypt. Credit rating agencies would be established in other Arab countries where market conditions warrant and as local markets evolve. The Company is being sponsored by: i) the IBCA Group, Europe''s premier rating agency (60%); ii) the Arab Monetary Fund (AMF), a leading regional financial institution (20%); and iii) IFC (20%).Environmental Categories and Issues This is a category C project according to IFC''s Environmental Unit, not requiring further environmental review. Date SPI sent to PIC April 28, 1995For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.SP005003