VIETNAM INTERNATIONAL LEASING COMPANY

completed

Summary Of Project Information (SPI)Project NameVietnam-International Leasing Company Limited     RegionAsiaSectorProject No004434Projected Board DateMay 23, 1996Company NameVietnam International Leasing Company LimitedTechnical Partner and/or Major Shareholders Local sponsor - The Industrial and Commercial Bank of Vietnam 19% Main technical partner - Korea Industrial Leasing Corporation 32% Other partners - Nippon Credit Bank 17% - Banque Francaise du Commerce Exterieur 17% - International Finance Corporation 15%Project Cost Including proposed IFC investment Initial capitalization of this Company is expected to be US$5 million. IFC is expected to take up to 15% of the equity in the amount of US$750,000 and to make a loan in the amount of up to US$5 million.Location of project and Description of site The Company is expected to be headquartered in Ho Chi Minh City, Socialist Republic of Vietnam.Description of Company and Purpose of Project The project consists of the establishment of one of the first finance leasing company in Vietnam. The Company will write full pay-out financial leases for plant and machinery, office equipment and transportation vehicles to enterprises involved in export-oriented activities. The project addresses the financing needs of small and medium scale enterprises, which form the bulk of Vietnam’s private sector. This project is a logical extension of IFC’s technical assistance in leasing which started in 1991. VILC’s equity holders are expected to provide the initial term funding package. In addition to the supply of equity and term finance, IFC will act as a neutral broker between the local and the foreign sponsors in a venture that will help build a finance leasing industry in Vietnam and thereby deepen Vietnam’s financial sector. Environmental Category and Issues This is a financial Intermediary (FI) category project. For relevant operations, VILC will be required to implement an environmental risk management system to ensure that the operations of lessee companies comply with host country environmental and health and safety requirements as well as World Bank policies. Two officers who will conduct environmental reviews will attend IFC’s environmental risk management workshop. VILC will provide IFC with an annual environmental report. Date SPI sent to PIC      April 23, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365