Softbank Emerging Markets Softbank Emerging Markets (SBEM) is owned by SOFTBANK Corp., a Japan-based global Internet company (75%), and IFC (25%).    - Project Cost Including proposed IFC investment    Total project cost is estimated at $200 million financed with equity only. IFC''s equity investment will total $50 million.    - Location of project and Description of site    SBEM will be incorporated in the US and located in San Jose, California, but will be responsible for incubating Internet companies in some 100 developing countries.    - Description of Company and Purpose of Project    SBEM aims to establish Internet-related businesses in developing countries by establishing a wide series of partnerships with key industry players. It will follow a two-pronged approach by:     - setting up holding companies with established Internet companies to transfer and adapt their businesses to different markets; and    - helping promote the development of local home-grown Internet businesses by backing local entrepreneurs.    The investment will bring successful leading edge Internet models to developing markets, and will foster local enterprises, through the incubation approach that allows entrepreneurs to focus on business concepts while a core of centrally-based experts handles many of the ancillary business start-up requirements. Growth of e-business and Internet-based enterprises in the developing world will narrow the gap, or digital divide, between countries with access to information technology and countries that are hampered by reliance on traditional sources of information and business tools.    The project will seek to improve Internet access levels in targeted countries by generating investor interest in emerging markets, which in turn should help lower the price of Internet access and increase the number of subscribers. SBEM will also promote free or subsidized Internet service to schools and other educational institutions to increase knowledge and access for people in developing countries.    IFC is playing a major role in structuring the project as well as in its implementation. IFC was instrumental in conceiving the project as an effective mechanism to accelerate the Internet revolution and knowledge diffusion to emerging markets. IFC''s presence in the project would also help to focus attention on the opportunities in developing countries in this rapidly developing industry; provide the credibility necessary for the project to attract top level strategic business partners and entrepreneurs; provide the emerging markets knowledge and expertise that will be critical for the successful implementation of the project; identify some of the constraints impeding the diffusion of Internet applications; and bring parallel investment and expertise to develop the enabling physical and commercial infrastructure.    - Environmental Category and Issues    This is a category FI Type 2 project according to IFC''s environmental and social review procedure.  The project sponsor has committed to establishing an environmental management system to ensure that investments will be consistent with the environmental health and safety requirements of the country of location and with IFC environmental and social safeguard policies; will not involve companies whose principal business includes activities on IFC''s exclusion list; and will not invest in companies whose principal business involves environmental Category A projects/activities  (category A investments are those with the potential for diverse and significant environmental impacts).  In addition, the company''s staff with responsibility for environmental and social issues will participate in an environmental and social management workshop and provide an annual environmental progress report.         Date SPI sent to InfoShop     March 9, 2000      This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations Board of Directors.  It is provided for the purpose of enhancing the transparency of IFCs 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   Fax: (202) 974-4384