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Summary of Project Information (SPI) |
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| Project number | 9866 |
| Project name | United Leasing Company |
| Country | Bangladesh |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | United Leasing Company Limited |
| Environmental category | FI |
| Date disclosed | December 6, 1999 |
| Status | Pending Disbursement |
| Previous Events | Signed: November 15, 2003
Approved: June 13, 2000 |
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- Technical Partner and/or Major Shareholders
Lawrie Group (66%): The Lawrie Group plc, which is incorporated in the U.K., is one of the largest producers of tea in the world. The group’s portfolio also includes investments in finance, property, cold storage, warehousing and distribution, commercial fishing and fish processing.
Asian Development Bank (20%).
- Project Cost Including proposed IFC investment
$5 million guarantee or senior loan.
- Location of project and Description of site: Dhaka, Bangladesh.
- Description of Company and Purpose of Project
Established in 1989, United Leasing Company Limited (ULC Bangladesh) is the second-largest leasing company in Bangladesh and has an estimated market share of 28%. ULC's mandate is to assist the development of productive private enterprises and public institutions in Bangladesh by extending lease financing for industrial, agricultural, transport and commercial machinery/equipment.
IFC is considering extending a guarantee or a loan for $5 million to ULC in Bangladesh. This financing will be used by ULC to expand its existing leasing business and develop new services such as project finance and new types of operating leases.
- Environmental Category and Issues
This is a Financial Intermediary (FI) Type 2 project according to IFC's environmental review procedure. ULC will be required to undertake an environmental review of each subproject funded with loans backed by IFC’s guarantee to ensure compliance with host country requirements, IFC environmental and social safeguard policies, and, if applicable, World Bank Group environmental, health and safety guidelines. IFC will assess ULC’s capability to carry out environmental reviews. ULC must obtain IFC clearance prior to making any investment with funds backed by IFC’s guarantee in any Category A project.
| Date SPI sent to InfoShop | December 6, 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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