SREI International Finance Ltd.

completed

Summary Of Project Information (SPI)Project NameIndia-SREI     RegionAsiaSectorProject No008057Projected Board DateMay 22, 1997Company NameSREI International Finance LimitedTechnical Partner and/or Major Shareholders Kanoria familyProject Cost Including proposed IFC investment IFC Loan: US$15 million; IFC equity: US$3 millionLocation of project and Description of site CalcuttaDescription of Company and Purpose of Project The project consists of a US$15 million credit line to SREI (the Facility) which would be used to fund long-term leases or loans involving small and medium scale infrastructure projects in India. IFC is also considering an equity investment (US$3 million) in the Company. The Facility would be an effective way of channeling long-term funds to financially and economically viable infrastructure projects which are too small for IFC to finance directly, through a financial intermediary with a proven track record and a strong local presence. A major constraint to private infrastructure investments in India has been the lack of necessary market mechanisms to provide funds in terms of maturity, structure, and volume required. This is true not only of the larger infrastructure projects, but also small to medium sized projects which are wholly dependent on local financial institutions for financing. SREI has been engaged in financing a variety of infrastructure assets, particularly in the small to medium sized sector, and is committed to supporting the future development of the infrastructure sector.Environmental Category and Issues This is a Financial Intermediary (FI) category project according to IFC’s environmental review procedure. SREI will be required to undertake an environmental review of eligible borrower’s environmental performance and each sub-project’s compliance with applicable host country environmental, health and safety laws, regulations and standards as well as applicable World Bank policies and guidelines. IFC’s Environment Division will review and clear Category A sub-projects.Date SPI sent to PIC: April 23, 1997     For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365