Maghreb Fund Ltd (The Fund)

completed

Summary Of Project Information (SPI)Project Name:Morocco: Maghreb Invest FundRegion:Central Asia, Middle East and North AfricaSector:Project No:009516Projected Board Date:September 15, 1999Company Name:Maghreb Invest FundTechnical Partner and/or Major Shareholders Tuninvest Finance Group (TFG) is the key sponsor of the project and will set up Maghreb Invest Gestion (MIG) to be the management company. MIG will also include Upline Securities, Financière Natexis, and IFC. TFG, the investment affiliate of Tunisie Leasing, was set up in 1994 by Mr. Abdelkafi, a long-standing IFC client. TFG is now majority owned by its executive officers, with Mr. Abdelkefi and Investcorp retaining 30% of the company. TFG, which has developed a good track record as a private equity player, has funds under management of US$40 million. Upline Securities is one of Morocco''s leading corporate finance and brokerage firm. Upline is EMDB''s correspondent for Morocco. Upline manages four listed securities mutual funds, including a bond fund. It has over US$60 million under management. Financière Natexis (FN) is the wholly-owned private equity subsidiary of French banking group Natexis. Financière Natexis manages US$1.1 billion of assets, including US$800 million financed from its own funds. Project Cost Including proposed IFC investment US$30 millionIFC US$5 million (equity)Location of project and Description of site MoroccoDescription of Company and Purpose of ProjectThe project consists of establishing a US$30 million (with a minimum first closing at US$20 million) private equity fund for Morocco with a view to investing in small and medium sized companies to support their expansion and diversification, including restructuring. The objective of the Fund will be to realize long-term capital gains from equity investments in privately held Moroccan companies. The Fund will seek to be an active investment partner in investee companies and offer value added in terms of staffing, marketing, as well as financial and strategic management services. Environmental Category and IssuesThis is an FI Type 2 project. The Fund Manager will be required to undertake an environmental review of each subproject. The Fund Manager must participate in environmental training, develop an environmental management system, and provide an annual environmental performance report to IFC.The is from the InfoShop.Date SPI sent to InfoShop: July 8, 1999“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