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Summary of Project Information (SPI) |
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| Project number | 7885 |
| Project name | Lanka Orix Factors Limited |
| Country | Sri Lanka |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Lanka Orix Factors Ltd. |
| Environmental category | C |
| Date disclosed | March 3, 1997 |
| Status | Completed |
| Previous Events | Invested: June 18, 1999
Signed: April 27, 1999
Approved: June 18, 1997 |
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Summary Of Project Information (SPI)
| Project Name | Sri Lanka-Lanka Orix Factors Limited (LOFAC) |
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| Region | Asia |
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Project No007885
Projected Board DateApril 30, 1997
Company NameLanka Orix Factors Limited (LOFAC)
Technical Partner and/or Major Shareholders
LOFAC is owned by Lanka Orix Leasing Company (LOLC)(61.9%), several private companies, and individuals.
Project Cost Including proposed IFC investment
Total cost is US$1.8 million, including an IFC A loan of US$1.5 million, and IFC equity investment of up to US$0.3 million.
Location of project and Description of site
Sri Lanka
Description of Company and Purpose of Project
LOFAC, established in 1991 by LOLC, is the first factoring company in Sri Lanka. LOFAC’s factoring activities involves purchasing receivables of its clients and providing sales ledger administration and debt collection. The proposed project is to assist LOFAC in its expansion into international factoring whereby it will factor Sri Lankan exporters’ receipts, and to support its goal of becoming publicly listed in 1998/99. Promotion of export factoring will assist Sri Lankan companies in competing in the export market.
Environmental Category and Issues
This is a Category C project according to IFC’s environmental review procedure. No further environment review is required.
| Date SPI sent to PIC | March 3, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365 |
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