Environmental Class and Points The proposed transaction is monetary only, and accordingly, is categorized as a category C Venture according to IFCs environmental evaluation tips and procedures. Date SPI despatched to InfoShop February 2, 1999; this Summary of Mission Info is prepared and distributed to the general public in advance of consideration of the proposed transaction by the Companies Board of Administrators. The sponsor has introduced plans to handle these issues and exhibits that the proposed mission will comply with relevant Sri Lanka laws and meet World Financial institution environmental, health and security policies and pointers. Challenge Value Together with proposed IFC funding, IFC is contemplating a co-guarantee of a 5-yr debenture subject in quantity equivalent to as much as SLRS220 million (approximately US$3.67 million) and a convertible loan of as much as US$1.Eight million.
The APPL has requested that IFC arrange a curiosity price swap on the IFC B mortgage to successfully convert this mortgage from variable price into US greenback mounted rate. Foreign money and interest price threat management would improve the stability of the Company’s future cash flows and enhance its economic viability. As well as, since the APPL intends to borrow US$10 million equal from DEG, which could also be denominated in Deutschmarks, they’ve requested that IFC arrange a forex swap into fastened fee US dollars to reduce the resultant foreign money threat. The IFC loan will enable MLL to write down generator price in sri lanka dollar leases for imported tools, a product it doesn’t at the moment supply. Location of undertaking and description of site Colombo, Sri Lanka Description of Firm and Purpose of Challenge MLL is one of the three specialist leasing corporations in Sri Lanka.
The undertaking would help National Growth Financial institution PLC (NDB or the Bank) to – free up capital for funding new RE projects and – consider loans for RE initiatives involving technologies new to Sri Lanka (including wind projects). It is a joint enterprise challenge with the Asian Improvement Bank. Environmental Class and Issues This is a Monetary Intermediary (FI) category project aligned with IFCs environmental review procedure. IFCs’ complete exposure beneath these swap transactions is estimated at approximately US$2 million. IFCs Technical and Environmental Division staffs overview of this mission consisted of appraising technical and environmental information submitted by the project sponsor. The venture will help enhance telecommunications services in Sri Lanka by: – offering much-needed telecommunications infrastructure in beforehand underserved areas of the nation (particularly these areas previously closed as a consequence of civil conflict); – providing a demonstration impact to overseas debt and equity providers who’ve been unwilling to take a position on account of civil conflict; – supporting the liberalization of the sector and strengthening competition; – offering new technologies to the Sri Lankan market; and – upgrading service to existing clients.