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Summary of Project Information (SPI) |
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| Project number | 8567 |
| Project name | Societe Generale d'Algerie |
| Country | Algeria |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Société Générale d'Algérie |
| Environmental category | C |
| Date disclosed | September 5, 1997 |
| Status | Completed |
| Previous Events | Invested: April 21, 1999
Signed: February 19, 1999
Approved: June 30, 1998 |
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Summary Of Project Information (SPI)
| Project Name | Algeria-First International Bank of Algeria |
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| Region | North Africa |
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Project No008567
Projected Board DateOctober 15, 1997
Company NameFirst International Bank of Algeria (FIBA)
Technical Partner and/or Major Shareholders
Société Générale (Technical Partner);African Development Bank; Algerian Businessmen.
Project Cost Including proposed IFC investment
US$10.0 million, including an IFC investment of US$1.5 million in equity.
Location of project and Description of site
Algeria (North Africa).
Description of Company and Purpose of Project
(include IFC’s Role and Development Impact)
The project involves the establishment of the first joint venture bank in Algeria, First International Bank of Algeria (FIBA), to provide modern banking services to the growing domestic private sector in Algeria. The Algerian banking system is dominated by five major state-owned banks servicing public enterprises. The institutional capacity of the Algerian banks is inadequate and has seriously impaired the financial sector’s contribution to the growth of the economy. The establishment of FIBA will be both timely and critical to help meet the existing needs of private enterprises and increase the level of efficiency of financial intermediation in Algeria.
IFC has a strong instition-building and developmental role in the establishment of this much-needed financial intermediary. IFC has played an important part in attracting and giving comfort to FIBA’s main institutional sponsor, Société Générale, and has attracted African Development Bank to participate in the project.
Environmental Category and Issues
This is an FI project according to IFC’s environmental review procedure. For relevant operations, FIBA will be required to implement an environmental risk management system to ensure compliance with local environmental regulations as well as World Bank policies.
| Date SPI sent to PIC | September 5, 1997 |
“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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