The Multinational Monitor

September 2001 - VOLUME 22 - NUMBER 9


B e a r i n g  t h e  B u r d e n  of  I M F  a n d  W o r l d  B a n k  P o l i c i e s

RECENT IFC PROJECTS THAT HAVE BENEFITTED MULTINATIONALS

Source: IFC Monthly Operations Reports from

Location

Project Name

Type

IFC Commitment

Primary Sponsor(s) (HQ)

Report

Date

Notes

Argentina

TRPSA

investment support container terminal

$ 65 mn loan

P&O Ports (Australia) (53%)

Mitsui (5%)

   

Argentina

Salutia

electronic healthcare Payment products

$3 mn Equity

Salutia (USA)

   

Asia

Clough Engineering

mining-related services

$50 mn:

$45 mn loan

$5 mn equity

Clough Engineering (Australia)

   

Azerbaijan

Azercell Telkom B.M.

telecom: cellular network expansion

$60 mn:

$50 mn loans

$10 mn equity

Turkcell/Azertel (>$1bn revenue/yr)

5-00

 

Baltic Region

Linx Telecomms

Fiber optic Information Network Services

$125 mn:

$115 Mn Loan $10 Mn Equity

Venture Partners (Amsterdam)

   

Bolivia

Transportadora de Electricidad, S.A.

high voltage transmission network

$40 mn

Union Fenosa (Spain)

   

Botswana

AfrbnkCorp

diversify and expand leasing operations

$20 mn loans

shareholders include Anglo American plc

   

Brazil

CEMAR

electricity distribution In Maranhao state

$95 mn:

$90 mn loan

$5 mn equity

PPL Corp

(Pennsylvania)

   

Bulgaria

Kronospan Group

expand particleboard biz

$23.6 mn loan

Kronospan Group

8-99

 

Cameroon

Societe Camerounaise De Mobiles

cellular operator

$16.2 mn:

$13.7 mn loan

$2.5 mn equity

France Telecom

   

Chile

Comunicacion y Telefonia Rural

new wireless telecom network

$25 mn loan

SR Telecom, a Canadian co.

6-99

 

China

Puqi Power

build coal-fired plant

$245 mn loans

Sithe and Marubeni

7-99

 

China:

Shanghai

CIMIG Tile

expand ceramic tile biz

$35 mn:

$30 mn loans

$5 mn equity

CHL holds 80% of CIMIC; Morgan Stanley has 25% share of CHL

5-00

 

Costa Rica: Guanacaste region

Costa Smeralda

470-room hotel

$21 mn loans

Occidental Hotels

3-00

previous IFC/Occidental projects in Dominican Rep.

Dominican Republic

CODACSA

private toll roads

$21.4 mn:

$20 mn loan

$1.4 mn equity

shareholders:

Sacyr, 35%; Elsamex, 23%; Consorcio Eco-Energetico, 10%; et al

3-00

World Bank model project

Egypt

Port Said

build 682.5 MW steam generation plant

$170 mn loans

EDFI, owned by Electricite de France

1-00

See Suez Gulf project

Egypt

Suez Gulf

build 682.5 MW steam generation plant

$170 mn loans

EDFI, owned by Electricite de France

1-00

See Port Said project

Egypt

Egypt Waste

incinerator, landfill

$28.5 mn:

$26.5 mn loan

$2 mn equity

Vivendi

   

Egypt

Alexandria Carbon Black III

carbon black production con't expansion

$7.5 mn loan

Aditya Birla Group

Grasim Ind.

Indo-Bharat Rayon

3-00

 

El Salvador

CAESS/EEO/DEUSEM

electricity service expansion

$120 mn loan

AES

   

El Salvador and Guatemala

Central America Power

gas-fired power generation

$274 mn:

$254 mn loan

$20 mn equity

AES

   

Gabon

Banque Internationale pour le Commerce and l'Industrie du Gabon

revolving line of credit

$15.9 mn loan

BNP

1-00

 

Ghana:

Aboadze

Takoradi II Thermal Power Plant

330MW power station

$90 mn loans

CMS Energy of U.S., 90%; VRA, 10%

2-00

to be anchor load for West African Gas Pipeline

India

BTAL

cellular communications

$70 mn:

$55 mn loan

$15 mn equity

AT&T (33%)

India

Ballapor Industries Ltd.

to expand & restructure p&p biz in India and Asia (Thailand)

$28 mn:

$5 mn equity

$23 mn guarantee

Thapar Group

3-00

chlorine

$356 mn assets

India

IndAsia

create investment fund

$15 mn equity

IndAsia; AMP; Unit Trust of India

3-00

 

India

Oriental Carbon and Chemical

carbon black production

$11 mn:

$7 mn loan

$4 mn equity

Continental Carbon Co.

   

India

NIIT - SLP

student loan program

$8 mn guarantee

NIIT and Citibank

1-00

Citibank

Indonesia

PT Cargill Mas Sejahtera

rehabilitation of palm oil plantations

$225 mn

Cargill (45%)

   

Indonesia

Sumitomo Bank

Trade Facility

(capital support for importers)

$50 mn guarantee

Sumitomo Bank

   

Indonesia

Salim Oleochemicals Group Asia Opportunity Fund

fatty alcohol and other specialty chemicals

$40 mn

Chase Capital

   

Indonesia

Gulf Indonesia Resources Ltd.

expand 3 oil & gas fields in South Sumatra

$30 mn:

$20 mn loan

$10 mn equity

GRL, 72% owned by Gulf Canada

6-99

 

Indonesia

PT Petrosea

finance for expansions

$25 mn loan

PT Petrosea and Clough Group

12-99

 

Indonesia

Arutmin Coal

support for ongoing operations/expansion

$20 mn equity

BHP (80%)

   

Jordan

Hydro Ari Jordan Acid

phosphoric acid plants

$110 mn loan

Norsk Hydro (60%)

   

Kazakhstan

Lukoil Overseas

increase oil production

$150 mn

LUKoil (Russia) (Arco, 7%)

   

Kazakhstan: Astana

Argokaz

ag leasing co.

$3 mn loan

debis Int'l Trading (diT) is sub of DaimlerChrysler and IP Consult Beratungs

8-99

DaimlerChrysler

Korea

Korea Corporate Governance Fund

Investment Fund

$220 mn equity

StateStreet (USA)

   

Korea

Korea Development Leasing Corp.

restructure

$68 mn:

$50 mn loan

$18 mn quasi-equity

KDLC and ORIX Corp

12-99

 

Korea

NYLI-KL

life insurance

$48.8 mn equity

NYLI, fka New York Life Worldwide

7-99

NY Life

Lithuania

Vilnius Hotel

196-room hotel

$24.5 mn loan

Hilton, SRV Devo, Baltic Fund

7-99

Hilton

Luxembourg

Gerling Credit

emerging market credit insurance

$10 mn euro equity

Gerling (Germany)

   

Mauritius

Mauritius Commercial Bank

syndicated finance facility

$100 mn loan

Lloyds (UK) (10% shareholder)

   

Mexico

Pegaso Telecom

wireless co. expansion

$240 mn loan

Leap Wireless (US), Televisa, Grupo Pegaso

7-99

 

Mexico

MetroGas Mexico

capital funding for gas distribution in Mexico City

$100 mn loans

SEMSA owned by Texas Utility Co., and DF Gas (Spain)

1-00

 

Mexico

Teksid Hierro de Mexico

diesel motor plant

$40 mn loan

Quimmco and Teksid, a sub of FIAT

7-99

tagged on to this project: Teksid Aluminio

Mexico

Educacion

5 new private schools

$8.5 mn loan

Legion of Christ

8-99

 

Mexico: Chiapas and Oaxaca

GESSA

reorg cola bottling co.

$25 mn:

$23 mn loans

$2 mn equity

Advent Int'l, Harborvest, BancBoston

7-99

bottles Pepsi and El Rey

Moldova

UF Moldova

loan to 3 electricity distributors

$15 mn loan

Union Fenosa (Spain)

3-00

 

Morocco

Medi Telecom

telecom: GSM 900 network

$400 mn loans

Telefonica Intercontinental; Portugal Telecom; Holdco; CDG; et al

3-00

$400 mn in loans

Morocco

ABS Hotel

new 320-room hotel

$14.4 mn:

$13 mn loan

$1.4 mn equity

ABS Hotel and HPL

12-99

HPL: Hard Rock Café, Planet Hollywood, Haagen-Daz

Mozambique

Mozal II

aluminum smelter

$25 mn loan

Billiton

   

Nigeria

Citibank Nigeria

pass-thru loan?

$40 mn loan

Citibank

12-99

Citibank

Nigeria

Oil Services Facility

credit facility for oil services contractors

$15 mn loan

Shell

   

Pakistan

Crescent Industrial Chemicals Ltd.

construct acrylic fiber plant

$15.5 mn:

$3.5 mn equity

$12 mn guarantee

CICL; Faysal Bank; ITOCHU of Japan; Solutia of U.S.

2-00

Solution is ex-Monsanto chemcial biz

PA: West Bank and Gaza

PalCem

new clinker grinding plant

$15 mn loan

Holderbank of Switzerland and Orascom of Egypt

12-99

cement

Panama

Noreste II

expand Elektra Noreste

$80 mn loans

Constellation Power, as sub of Baltimore G&E

1-00

 

Panama: Port of Manzanillo

Manzanillo II

refinance and expansion for port co.

$170 mn loan

Stevedoring Service of America

5-99

 

Peru

Ferrocarril Transandino

railroad rehab

$12 mn loan

Sea Containers Ltd. and Peruval Corp.

12-99

 

Russia

Sonic Duo

mobile phone services $32.5 mn loan in Moscow

$7.5 mn equity

Sonera (Finland)

   

Russia

Swedwood Rus

furniture manufacturing

$5 mn loan

IKEA

   

Slovak Rep.

Scametatra

plastics expansion

$2 mn loan

Scame-Mastaf

8-99

expansion for Whirlpool prod.

South Africa

Egoli

gas utility privatization

$28 mn:

$20.2 mn loan

$7.8 mn equity

Cinergy Corp.

   

South Africa

Unicell Paper

kraft paper mill

$7.5 mn:

$5.5 mn loan

$1.55 mn equity

Cosco Ltd.

6-99

 

Tajikstan

Dunavant

holding co. to manage cotton biz

$2.1 mn loan

Dunavant, a Memphis, TN, corp.; and Aga Khan Devo

8-99

 

Thailand

TelecomAsia

bond backing telecommunications

$100 mn:

$75 mn guarantee

$25 mn equity

Verizon (USA - 14% share)

CP Group (Thailan - 27%)

   

Thailand

Sanyo Universal Electric Public Co. Ltd.

restructure SUE

$25 mn loan

Premier Group of Thailand and Sanyo

1-00

 

Turkey

Dusa II

Nylon expansion

$22.5 mn loan

DuPont and Sabanci Group of Turkey

8-99

DuPont

Turkey

Ipek Paper Turkey

expansion of tissue production

$10 Mn Loan

JV: Georgia Pacific (USA) and Eczacibasi Group (Turkey)

   

Uganda

Bujagali

(

hydroelectric power plant

$115 mn

AES

   

Venezuela

Marsulex

refinery pollution control

$35 mn loan

Marsulex (Canada)

   

Venezuela

Elkem Carbon

construct carbonization plant

$15.7 mn loans

Elkem

2-00

IFC also loaned $8 mn to Elkem for plant in China

Zambia

KNNN Co.

rebuild mining co.

$225 mn:

$200 mn loan

$25 mn equity

Anglo and Codelco

7-99

2 of world's largest mining co.s

Zambia

Zamcell

digital cellular network expansion

$3.3 mn loan

Mobile Systems Int'l and Mitsui

1-00

 
 

InfrastructureWorld.com

internet portal for Infrastructure sector

$10 mn equity

Bechtel

   

Africa

Privatization Fund For Africa

Investment Fund

$50 mn equity

Zephyr Management LP (NY)

   

"Europe Region"

AIG Emerging Europe Infrastructure Fund

debt financing

$30 mn loan

American Int'l Group, Edison Capital, ABN AMRO Bank

8-99

AIG