MicroCredit National, S.A.

completed

REVISED Summary Of Project Information (SPI)Project NameHaiti-MicroCredit National, S.A.RegionLatin American and the CaribbeanSectorProject No008561Projected Board DateJune 11, 1998Company NameMicroCredit National, S.A.Technical Partner and/or Major Shareholders IPC GmbH, a consulting company based in Germany, has consulted with or managed numerous microlending operations in Latin American, Africa, and Eastern Europe, including projects with IFC. IPC will serve both as shareholder and technical partner in setting up the company.Unibank, S.A., Haití''s second largest bank in term of assets, will be the largest single shareholder. Founded in 1993, Unibank is controlled by a group of young Haitian businessmen. Unibank has several subsidiaries, including a consumer credit company, a real estate development company, an investment bank, and a consulting firm, which together join the "Group Financial National" (GFN). At the end of September 1997, Unibank had the equivalent of US$138 million in assets, and capital of US$6 million.Project Cost Including proposed IFC investment US$2,000,000 in equity, of which IFC would contribute up to US$500,000.Location of project and Description of site Port-au-Prince, HaitiDescription of Company and Purpose of Project The project would create MicroCredit National, S.A., the first financial institution dedicated exclusively to lending on a commercial basis to microenterprises in Haiti. The new institution will offer loans ranging in size from US$200 to US$10,000 to an eventual client base of 10,000-20,000 customers in the informal sector. Its operations will make use of special credit analysis and loan administration technologies to serve a large number of very small clients. IPC GmbH will manage the bank under contract for the start up phase, with plans to train and eventually turn over the management to Haitian staff.Environmental Category and Issues This is a Financial Intermediary (FI) category project according to IFC''s environmental review procedure. The project will be required to lend to subborrowers whose projects comply with relevant laws of Haiti, commit to the use of an exclusion list as part of the application review process, and disseminate appropriate environmental information to loan applicants.Date SPI sent to Infoshop:Revised: May 7, 1998May 14, 1998“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