Settavex

completed

Summary Of Project Information (SPI)Project NameMorocco-Settavex S.A.RegionCentral Asia, Middle East and North AfricaSectorProject No008703Projected Board DateApril 30, 1998Company NameSettavex S.A.Technical Partner and/or Major Shareholders Settavex is 100% owned by Tavex Algodonera, a leading European manufacturer of denim fabrics. Tavex Algodonera, itself, is owned by the following shareholders: Inversiones Ibersuizas - 24%; British and Spanish investment funds (23%); and Tavex''senior executives (7%).Project Cost Including proposed IFC investment US$42.0 million; IFC''s equity investment: US$9 million;A loan: US$12 million; B loan: US$10 million. The balance of the financing will be provided by local banks.Location of project and Description of site Casablanca, MoroccoDescription of Company and Purpose of Project Established in 1991 in Settat, 70 kms from Casablanca, Settavex is the largest integrated textile company in Morocco specialized in the production of demin fabric. The company employs 247 persons in 4 shifts and produces annually 13 million linear meters (mlm) of heavy denim fabric destined to the local garment manufacturing sector for both local consumption (35%) and exports (65%). The purpose of this project is to support Settavex''s US$42 million expansion plan over the next two years. Settavex will upgrade its facilities with the installation of a new dyeing and finishing line, reduce its energy cost by constructing a co-generation plant and increase its output to 19 mlm by adding spinning and weaving capacity.      Environmental Category and Issues This is a category B project. Environmental, occupational health and safety issues associated with this project include: air emissions, wastewater discharges, sludge and solid waste management and disposal, chemicals and hazardous materials handling and storage; fire prevention and emergency response; and workplace health and safety.The is from the Public Information Center.Date SPI sent to PIC RevisedMarch 30, 1998August 10, 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) 974-4384Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).