SOGECA

completed

Summary Of Project Information (SPI)Project NameSenegal-Societe Generale de Credit Automobile (SOGECA)     RegionSub-Saharan AfricaSectorProject No003915Projected Board DateOctober 27, 1995Company NameSOGECATechnical Partner and/or Major Shareholders Sogeca is a Senegalese leasing company in which IFC acquired a 20% equity stake in FY94. Other shareholders are a large Senegalese commercial bank, Compagnie Bancaire de l’Afrique Occidentale (CBAO) (33%) and Proparco (20%).Project Cost Including proposed IFC investment The total project cost is CFAF1.2 billion (approximately US$2.4 million equivalent). Proposed IFC investment: CFAF600 million (approximately US$1.2 million equivalent) Location of project and Description of site Dakar, SenegalDescription of Company and Purpose of Project The proposed facility will replace an undrawn FF6 million Availability Letter Agreement that was approved in conjunction with IFC’s equity investment in October 1993. Sogeca is a dynamic Senegalese leasing company, in which IFC acquired a 20% equity stake in FY94. IFC is invited to make available a local currency guarantee facility in the amount of CFAF600 million to facilitate the raising by Sogeca of a FCFA-denominated medium-term loan made available by a Malian bank. It is envisaged that this loan will close the duration gap in Sogeca’s assets and liabilities.Environmental Category and Issues This is a Category “C” project according to IFC’s environmental review procedures, and as such does not require further environmental evaluation.The is from the Public Information Center.Date SPI sent to PIC September 25, 1995For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365