Romania and Moldova Direct Fund

completed

Summary Of Project Information (SPI)Project NameRomania and Moldova Direct Fund   RegionCentral and Southern EuropeSectorProject No009021Projected Board DateJune 30, 1998Company NameRomania and Moldova Direct FundTechnical Partner and/or Major Shareholders International Equity Partners, LPProject Cost Including proposed IFC investment US$65-90 million, including an IFC equity investment of up to US$15 million.     Location of project and Description of site Romania and Moldova     Description of Company and Purpose of Project The project consists of an equity investment of up to US$15 million for up to 20% of total capital of the Romania and Moldova Direct Fund. The Fund will raise between US$65-90 million for direct equity investments in Romanian and Moldovan companies, providing technical assistance and creating a close cooperation between the international sponsors and the companies. Environmental Category and Issues This is a Financial Intermediary (FI) category project according to IFC’s environmental review procedure. The Romania and Moldova Direct Fund has committed to establishing an environmental management system that will ensure that investments are consistent with applicable host country environmental laws and regulations as well as applicable World Bank environmental, health, and safety guidelines and policies; designating appropriate individuals who will have responsibility for environment; attending IFC’s environmental management workshops; submitting an environmental management plan; ensuring that category A projects are cleared by IFC’s Environment Division; and submitting an annual environmental performance report.     Date SPI sent to PIC May 8, 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