Joaquim Oliveira S.A. Parrticipacoes Summary Of Project Information (SPI)       Project Name    Brazil - Josapar-Joaquim Oliveira S.A. Participações (JOSAPAR)            Region    Latin America and Caribbean        Sector       Project No009173   Projected Board DateFebruary 5, 1999   Company NameJosapar-Joaquim Oliveira S.A. Participações (JOSAPAR)   Technical Partner and/or Major Shareholders    	Josapar-Joaquim Oliveira S.A. Participações (JOSAPAR or the Company) is the largest processor and marketer of white rice in Brazil. In 1997, their Tio Joao white Rice brand leads the market with a 10.4% domestic market share representing 343,000 metric tons or US$ 220 million in sales. The Company is also engaged in the processing, distribution, marketing and sales of parboiled rice, black beans, and rice flour, as well as in the manufacture and distribution of  fertilizers, herbicides, pesticides and seeds.    	    Project Cost Including proposed IFC investment    	The total investment is estimated at US$87.1 million. IFC loan will be US$20 Million, representing 22.96% of total investment. Of the balance, 39.04% will come from BNDES and 38% from cash generation.    Location of project and Description of site    	There are three project locations. The first one is located in Pelotas, State of Rio Grande do Sul. Pelotas plant will regroup various existing operations in Pelotas into one integrated plant. It will also produce a new line of value-added ready to cook rice products. Its regrouped activities will allow the operation of a 5.5 MW power plant using the Company''s entire rice hull. The second plant is in Itaqui, also located in the State of Rio Grande do Sul. The planned investment is to modernize the Itaqui Plant to increase its rice reception, drying and storage capacity, to update it to international standards of hygiene and to optimize its operational flow to yield higher production capacity. The third project location is in Recife, in the State of Pernambuco, Northeast of Brazil. Besides the increased competitiveness involved in this new site in Recife , greater efficiency is expected in supplying customers and serving the demand for products on a larger and more regular basis.    Description of Company and Purpose of Project    	The Company''s recent restructuring aimed at (i) concentrating on core food products business; (ii) increasing market share; (iii) expanding production capacity, modernizing production facilities and increasing operating efficiencies; and expanding product lines to include more specialty food products.    Thus, the Company is currently implementing a two-year upgrade and expansion project which is designed to increase the firms efficiency by consolidating, modernizing and increasing capacity in its processing operations.     The project includes the following; (i) a greenfield rice mill in Recife, Bahia in the Northeast of Brazil; (ii) a rice mill in Pelotas, in the state of Rio Grande do Sul, and (iii) the modernization of the Itaqui plant. The Pelotas plant will also produce a new line of value-added ready to cook rice products and its regrouped activities will allow the operation of a 5.5 MW power plant.    Environmental Category and Issues    This is a category B project according to IFCs environmental review process.  Environmental and occupational health and safety issues which were reviewed during the appraisal of this project included: site land use and potential for contamination; air pollution and emissions; effluent discharge; solid waste management; chemical storage and handling, emergency response, and fire protection; and employee health and safety, and training.  No location or contamination issues arise at any of the existing or proposed plant sites.  The plants are or will be fitted with appropriate pollution control technology to ensure that air and water emissions meet World Bank Group guidelines.  Solid wastes are recycled or reused to the extent possible.  The company is instituting appropriate occupational health and safety measures.  Based on the review of available information and site visits, IFC concludes that this project will meet Brazilian standards and World Bank Group policies and guidelines.    The  is  from the InfoShop.           Date SPI sent to InfoShop     December 29, 1998      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   facsimile: (202) 974-4384  Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).