IVK II (DFC)

closed

The Second Industrial Credit Project for Austria provides funds to the Oesterreichische Investitionskredit A.G. (IVK) to finance industrial projects approved by the World Bank. During the two years since its establishment, the IVK has been successful in increasing its equity and total available resources to provide for a further modest expansion of lending. The staff, although small, has demonstrated its ability to make sound project appraisals. There is reason to expect that the IVK can stand on its own and play a useful role in the Austrian capital market. In these circumstances, the IVK is a suitable borrower for a Bank loan on the condition that the total long-tem indebtedness should not exceed an amount equal to 3.5 times the sum of its unimpaired capital, reserves, and the outstanding amount of the ERP Counterpart Fund loan.