Life Company of Namibia

completed

Summary Of Project Information (SPI)Project NameNamibia-Namibia Life     RegionSub-Saharan AfricaSectorProject No008133Projected Board DateMay 29, 1997Company NameNamibia LifeTechnical Partner and/or Major Shareholders The local sponsors are a group of Namibian business people led by Mr. Henry Dames, managing director of a Namibian based Insurance brokerage and Mr. Festus Naholo, Chairman of an investment company with diverse business interests. The foreign technical partner is Aflife, a well-established South African life company listed on the Johannesburg Stock Exchange.      Project Cost Including proposed IFC investment Anticipated to be up to N$20 million (US$4.5 million equivalent); IFC’s participation is in the form of an equity investment of up to US$1 million.Location of project and Description of site Windhoek, Namibia.Description of Company and Purpose of Project The project involves the establishment of Namibia’s first indigenous life insurance company. This new company will be the result of a joint venture between a group of local Namibians with an extensive and diverse range of business interests, including representatives from the insurance industry, and African Life Assurance Company (Aflife), a majority black-owned South African life insurance company in which IFC holds an 8.5% equity stake. The initial capital is expected to be approximately US$4.5 million, with the expected to be ownership structure to be local Namibians (55%), Aflife (30%) and IFC (15%). This project will be IFC’s first investment in Namibia’s financial sector.    Environmental Category and Issues This is an environmental review category C project. No further review is necessary. Date SPI sent to PIC March 26, 1997For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365