Surinvest International Limited

completed

Summary Of Project Information (SPI)Project NameUruguay/Cayman Islands:Surinvest International Limited (“SIL”) RegionLatin America and CaribbeanSectorProject No007339Projected Board DateJanuary 15, 1996Company NameSurinvest International LimitedTechnical Partner and/or Major Shareholders Shareholders of Surinvest International Limited include: IFC (18.53%), Rabobank (18.53%), Banco Roberts (13.41%), Unibanco (13.41%), Banco BICE (13.41%), Philadelphia International Investment Corporation (13.41%), and local individual Uruguayan and Argentine investors (9.30%).Project Cost Including proposed IFC investment IFC to subscribe up to US$6 million of a US$20 million Subordinated Loan with free Equity Warrants attached to be issued by Surinvest International Limited in the form of a rights issue to existing shareholders.Location of project and Description of site Uruguay and Cayman Islands.Description of Company and Purpose of Project The project involves a US$20 million Subordinated Loan and an Equity Warrant issue. SIL is the holding company of Banco Surinvest S.A., Uruguay (“Surinvest”) and Norinvest Bank, Grand Cayman (“Norinvest”). Surinvest has been providing trade financing and other financial services in the Mercosur region since 1981. Norinvest was established in 1994 to complement Surinvest’s activities. The proposed Loan will be downstreamed by SIL to its two wholly-owned subsidiaries as Tier I and Tier II capital to support the group’s future growth. IFC’s participation in the Loan would be a critical component of achieving SIL’s targeted goal of raising US$20 million in fresh capital, and would act as a stimulus for other investor participation in the Loan.Environmental Category and Issues The project has been reviewed by IFC’s Environmental Division and has been assessed a Category C under the IFC’s environmental review procedure. No further environmental review is required.Date SPI sent to PIC December 18, 1995For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365