UNION AFRICAINE - IARD- COTE D'IVOIRE

completed

SUMMARY OF PROJECT INFORMATIONProject Name Cote d''Ivoire-Union Africaine-IARD Region Sub-Saharan AfricaSector FinanceProject No 004940Projected Board Date June 27, 1995Company Name Union Africaine-IARD (UA-IARD)Technical Partner and/or Major Shareholders Union des Assurances de Paris (UAP International)Project Cost including proposed IFC investment US$2 million equivalent Location of project and Description of site Abidjan, Côte d''IvoireDescription of Company and Purpose of Project The project involves an IFC equity participation in the planned CFA Franc 1.0 billion (US$2 million equivalent) capital increase of Union Africaine-IARD, a general insurance company based in Côte d''Ivoire. The capital increase will enable the Company to expand in the region by establishing new subsidiaries in countries such as Benin, Burkina-Faso, and Togo, where the insurance industry is still underdeveloped. IFC''s partcipation in the capital increase is a cost-efficient way to have a strong developmental impact in the capital markets sector of small African economies. IFC''s participation is expected to lead to the listing of the Company on the Abidjan Stock Exchange which will help deepen the local securities market.Environmental Categories and Issues This is a Category “C” project according to IFC’s environmental review procedures, and as such does not require further environmental evaluation..Date SPI sent to PIC May 31, 1995For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.