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Summary of Project Information (SPI) |
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| Project number | 9379 |
| Project name | Saudi Leasing Company |
| Country | Saudi Arabia |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Saudi Orix Leasing Company (SOLC) |
| Environmental category | FI |
| Date disclosed | May 11, 1999 |
| Status | Active |
| Previous Events | Invested: October 31, 2000
Signed: June 17, 2000
Approved: July 29, 1999 |
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Summary Of Project Information (SPI)
| Project Name: | Saudi Arabia -Saudi Leasing Co. |
Region:Central Asia Middle East and North Africa
Sector:
Project No:009379
Projected Board Date:June 17, 1999
Company Name: ORIX Leasing-SA
Technical Partner and/or Major Shareholders
Technical Partner: ORIX Corporation
Major Shareholder: -Saudi Investment Bank (SAIB)
-A group of eight Saudi businessmen
Project Cost Including proposed IFC investment
Total project cost US$31 Million
IFC Investment: equity - up to US$2.4 Million
Location of project and Description of site
Riyadh, Saudi Arabia
Description of Company and Purpose of Project
The project is to establish the first leasing company in Saudi Arabia, whose main goal would be to provide term finance for Small and Medium Enterprises (SMEs). The company's operations, supported by the market knowledge of the local sponsors and the technical expertise of the foreign partner, are expected to have a high developmental impact for the promotion of "non-bank" finance alternatives for SMEs. IFC would invest in the equity of the Company. Through this project, IFC would support the Government's strategy by promoting a specialized financial intermediary focused on SMEs.
Environmental Category and Issues
This is a Financial Intermediary (FI) type 1 project according to IFC's environmental review procedure. For relevant operations, the Company will be required to implement an environmental management system consistent with host country requirements. IFC will assess the Company's capability to carry out environmental reviews. In addition, the Company will be required to submit an annual environmental performance report.
| Date SPI sent to InfoShop: | May 11th 1999 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
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