Project Brief 2005 COUNTRY : NIGERIA PROJECT NAME: SECTOR CONTRIBUTION OF ADB : PROJECT DESCREPTION:

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1 Project Brief 2005 COUNTRY : NIGERIA PROJECT NAME: SECTOR ZENITH BANK PLC : FINANCIAL SERVICES CONTRIBUTION OF ADB : USD 70 MILLION The project has two components, a Line of Credit (LOC) to Zenith Bank Plc of Nigeria and a Technical Assistance package for in-house training and capacity building. The Line of Credit to Zenith will be used for on-lending to its corporate clients through project finance and medium term funding. The funding will mainly be used to support enterprise expansion and rehabilitation projects, with strong foreign currency income streams. It will also be extended to start-ups with strong export potentials and the ability to service a hard currency loan. The LOC will cover asset based financing in the manufacturing, agribusiness, transportation, telecommunication, energy, and tourism sectors, amongst others. The loan may also be used by the Borrower to finance the balance sheets of recently privatised and localized companies to increase the productive capacity of these enterprises. The direct funding will be complemented by a Technical Assistance package with the general objective of reinforcing the technical capacity of Zenith Bank in areas such as a) Project Finance, b) Corporate Finance, c) adoption and implementation of Basel 2 recommendations and d) Environmental Risk assessment. PROJECT BENEFITS: With the Bank s line of credit, Zenith Bank will be able to provide medium to long term funding to sub-borrowers in Nigeria. Such medium to long term funding is not readily available to corporate companies in Nigeria when term funding is fundamental for the implementation of investment plans and the development of the real economy activities. The economic benefits likely to accrue from the sub-projects to be financed from the proposed LOC include, but are not limited to: (a) Foreign exchange earnings by export-oriented enterprises; (b) Transfer of technology as a result of importation of plant and machinery; (c) Increase in the awareness of entrepreneurs to sound environmental considerations, which could lead to sustainable development; (d) The availability of medium and long term funding in foreign currency, which will strengthen local capital markets; (e) The subprojects will generate government revenues in the form of income and corporate taxes and import duties that will be paid on importation of capital goods; (g) The dissemination and application of the Bank s Good Corporate Governance principles and practices amongst private entities of the RMCs.

2 NAME OF PROJECT: ADB CONTRIBUTION: Nigeria Guarantee Trust Bank (GTB) Financial Services US DOLLARS 40 MILLION PROJECT DESCRIPTION: The project involves the provision of Line of Credit (LOC) to GTB for project finance and medium term funding. The LOC will be used for onlending to its corporate and SME clients. The funding will mainly be used to support enterprise expansion and rehabilitation projects, with strong foreign currency income streams. It will also be extended to start-ups with strong export potentials and the ability to service a hard currency loan. The LOC will cover asset based financing primarily in the infrastructure sector (energy, telecommunication, transportation). It can also be used in the financing of projects in other sectors (manufacture, agribusiness etc.). The loan maybe used by the Borrower to finance the balance sheets and increase the productive capacities of recently privatized firms and the local operating units of international companies. PROJECT BENEFITS: With the LOC, GTB will be able to provide medium to long term funding to sub-borrowers in Nigeria. Such medium to long term funding is not readily available to corporate companies in Nigeria, this term funding is fundamental to the implementation of investment plans and the development of the real economic activity. The economic benefits likely to accrue from the sub-projects, to be financed under the proposed LOC include, but are not limited to: (a) Foreign exchange earnings by export-oriented enterprises; (b) Transfer of technology as a result of importation of plant and machinery; (c) Increase in the awareness of entrepreneurs to sound environmental considerations, leading to sustainable development; (d) The availability of medium and long term funding in foreign currency, strengthening local capital markets; (e) The subprojects will generate government revenues in the form of income and corporate taxes and import duties (paid on importation of capital goods); (f) Indirectly, other Nigerian companies are likely to benefit from the expansion of GTB s business and corresponding the profits that should accrue. (g) The dissemination and application of the Bank s Good Corporate Governance principles and practices amongst private entities of the RMCs. (h) Creation or retention of 1500 to 2500 direct and indirect jobs by 2010.

3 Kenya NAME OF PROJECT: GROWTH-ORIENTED WOMEN ENTERPRISES DEVELOPMENT PROJECT (GOWE) ADB CONTRIBUTION: Financial Services US DOLLARS 10 MILLION PROJECT DESCRIPTION: The proposed project combines two inter-linked components: a partial guarantee and a technical assistance facility. The partial guarantee facility will be extended to selected local banks, thus providing them more comfort in extending loans to the target population that lacks collateral. It will therefore contribute to a better understanding of the credit risks related to women entrepreneurs. Loans provided by selected banks to eligible women entrepreneurs will be guaranteed up to 50% by the Bank facility, excluding interest. The technical assistance facility (TAF) will consist of partially financing three major elements: (i) training of project clients aiming at supporting their growth; (ii) mentoring of project clients in order to ensure a better management of their businesses; and (iii) capacity building of financial institutions, BDS providers and Women (iv) Entrepreneurs Associations. The TAF objective is twofold: (i) to strengthen the business profile of targeted women entrepreneurs, enhance their access to markets and strengthen their associative capacity; and (ii) to improve the capacity of financial and non financial partners in the program, in order for them to provide adequate financial and business services. These two project components are complementary and reinforce each other. Loans that are partially guaranteed would record a higher than normal default rate without the training and mentoring; and the training and mentoring would not be so useful without the partial guarantee, since the target women would not be able to invest and apply their newly acquired skills to grow their businesses. PROJECT BENEFITS: Through the partial guarantee line, the Bank will be able to fill an existing gap and help finance GOWE in Kenya through well-established private banks, thereby increasing the access to finance for at least 400 women entrepreneurs. The economic benefits of the project will include: (i) Women entrepreneurship development; (ii) Employment creation; and, (iii) technical and financial strengthening of businesswomen associations, BDS providers and the participating banks. It is estimated that 500 new jobs will be generated by the project. In addition, although the guaranty scheme would be discontinued at the end of the project, it is expected that FIs will continue to work with the BDS providers through crossreferrals, mentoring and follow-up, as this would be in their long-term interest. This proposal is in line with the Bank s private sector development strategy, its Gender Plan of Action as well as its strategy of intervention in Kenya.

4 PROJECT NAME: CONTRIBUTION OF ADB: Senegal Kounoune Thermal Plant Power EUROS 8 MILLION The project comprises the construction and operation of a 67.5MW heavy fuel diesel plant based on a Build- Own-Operate (BOO) type of contract in the Kounoune area 23 km to the East of Dakar. It also comprises the construction of a fuel supply pipeline (heavy fuel) and a transformer station on the project site PROJECT BENEFITS: On the whole, the power plant will widely contribute in a positive manner to the socioeconomic development of Kounoune and the Department of Rufisque. When the Power Plant goes into operation, the rural community of Sangalkam will be paid levies that will be used for the development of the area. The location of the Plant will accelerate the total electrification of the area and create employment for the youth on the construction site. It is also worth noting other positive impacts such as the development of local trade, particularly by women (catering, laundering, etc.) or the increase of the turnovers of consumer services (bakeries, dairies, grocery shops, markets, etc.). The potential impact of this project on the country s economic growth can be measured on the basis of the strategy paper for Senegal updated in July The latter specifies that the expected growth for 2004 and 2005 will exceed 6% in view of the continued recovery of the agricultural, buildings and construction and chemical products sectors as well as the rehabilitation of energy production capacities

5 COUNTRY : Regional PROJECT NAME : (EMP) Equity Participation in EMP Africa Fund II LLC SECTOR : Financial Services (Equity) CONTRIBUTION OF ADB : US DOLLARS 50 MILLION The project involves the establishment of a US$ 458 million private equity fund comprising equity investment of US$ 358 million and a long-term loan of US$ 100 million granted by Overseas Private Investment Corporation (OPIC). This Fund will make equity or quasi-equity investments in enterprises operating in Africa. Investments will be made in the sectors of telecommunications, media, energy, water, environmental services, agribusiness, industry, tourism, infrastructure, financial services, mining, logistics, transport, storage, education and health. PROJECT BENEFITS: As an investor in the Fund, the Bank will systematically ensure that the investments of the Fund meet, in addition to its financial objectives, objectives in terms of the economic and social impact on the communities wherein the target investment enterprises will be operating. This implies that these enterprises should operate like community-based enterprises that play a critical role in furthering the social welfare of local communities. In fact, besides the attendant job creation, these enterprises will contribute to delivering health services, education and access to basic services such as water, electricity and other utilities. The Fund s investments are expected to generate several opportunities to be listed on the stock market. The Fund could also support Africa s banking sector to mobilize much-needed equity to meet the equity capital increase requirements set out in the Basel II standards and especially, through the newfound growth of African economies that unlocks several investment opportunities. Most countries in Africa are presently in dire need of investments owing to the growth of the oil sector, tourism, infrastructure and social amenities like housing needs. The Bank s investment in the Fund will back the development of the rarest financing instrument in Africa. In fact, African enterprises are often handicapped by the scarcity of equity which erodes their growth and, hence, their capacity to generate more jobs.

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