Jubilee Insurance Company of Tanzania

completed

Summary Of Project Information (SPI)Project NameTanzania-Jubilee Insurance Company of Tanzania (JICT)RegionSub-Saharan AfricaSectorProject No008409Projected Board DateOctober 20, 1997Company NameJubilee Insurance Company of Tanzania (JICT)Technical Partner and/or Major Shareholders The main sponsor of JICT is Jubilee Kenya. The Jubilee Insurance Company was incorporated 60 years ago, with headquarters in Mombasa, Kenya. Since its inception in 1937, Jubilee has expanded its operations with offices in Nairobi (the new headquarters), Kampala, Karachi, Bombay, and in Mauritius. The Company’s shares are listed on the Nairobi Stock Exchange and enjoy blue chip status. Jubilee Kenya sponsored a similar project with IFC in Uganda, which is now the third largest insurance company in Uganda.Project Cost Including proposed IFC investment US$2,000,000 equivalent in share capital.Location of project and Description of site Dar Es Salam, TanzaniaDescription of Company and Purpose of Project This project involves setting up one of the first private insurance companies in Tanzania. JICT’s main line of business will be the provision of general (non-life) insurance with the exclusion of aviation, followed by an entry into the life assurance field a year or two later. The initial paid-up capital will be US$2 million, with the shareholding structure as follows: Jubilee Insurance Kenya, 40%; AKFED, 15%; IFC, 15%; Jubilee Uganda, 3%: Jubilee Mauritius, 3%; and local Tanzanian investors, 24%. JICT has a strong developmental impact as it is intended to fill an important institutional gap in Tanzania’s financial sector by setting up a strong and diversified insurance company. JICT will act as an agent to mobilize savings and foster economic growth in the Tanzanian economy. Environmental Category and Issues This is a Category C project according to IFC’s environmental review procedure. No further environmental review is required.     Date SPI sent to PIC      October 2, 1997“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384