TV Africa Project TV Africa is a content provider that offers its affiliates high quality programming in exchange for: a) airtime in which to place network and regional advertising that is sold directly by TV Africa; and b) a share of the local advertising revenue that is generated by the affiliates themselves. The company''s network currently provides advertisers and sponsors with a single point of access to a pan-African audience. It also offers access to audiences on a regional basis.    IFC''s financing would assist TV Africa with its ongoing development program by providing capital with which the company can finance the strengthening of its affiliate network, purchase and produce content, secure programming rights, put in place infrastructure, and finance start up costs and working capital requirements. TV Africa estimates that it will require up to US$40 million of equity financing and IFC has been asked to provide up to US$10 million of this amount to complete the financing plan. The balance of the financing requirement will be provided by other institutional investors.        Development Impact:      TV Africa will assist in the development of local programming content.      One of the key success factors of TV Africa is its ability to deliver quality local programming content, which is desired by TV Africas viewers, potential advertisers and affiliates. TV Africa intends to develop further its local content through a combination of co-production, commissions and the acquisition of rights. This will lead to the strengthening of a number of firms involved in the writing, producing and processing of such content. These firms are often small and medium sized enterprises, which provide employment to a large proportion of the African creative talent not employed by governments.      TV Africa will help to strengthen its affiliate partners.     In Africas recently liberalised television market, private sector operators are generally undercapitalised and financially weak. Unable to acquire quality programming, these companies often lack the technical and managerial ability to operate as successful commercial TV stations. Affiliation with TV Africa enables these small operators to address their problems by obtaining: a) technical advice, in order to address their technical and managerial shortcomings; b) access to a broader audience, thus increasing the rates at which advertising can be sold; c) an increase in transmission hours, at little extra cost, augmenting their potential revenue.  Moreover, being part of the TV Africa network also encourages cooperation between affiliates (for example in sharing equipment).      TV Africa will continue to provide educational programming and take part in HIV/AIDS and other health and social awareness campaigns    . TV Africa currently provides up to 5 hours per day of educational programming. This programming, which has a strong following in a number of countries, covers a wide range of areas, including a high school equivalency program and subjects such as finance, accounting, and computing. In addition, TV Africa also airs programming aimed at increasing awareness about HIV/AIDS and other health and social issues. In connection with the last World AIDS Day, TV Africa    aired various documentaries about the disease and carried AIDS-related public service announcements prepared by the World Bank and UNAIDS.       TV Africa is a platform for public service announcements    .  TV Africa is currently used by various NGOs and various bi- and multi-lateral organizations as a vehicle for public service announcements on various issues.      TV Africa will assist in the media liberalization process currently underway in a number of African countries    .  By strengthening the competitive position of its affiliates, introducing economies of scale in the production and acquisition of programming, and creating regional markets for advertising, TV Africa will contribute to the development of sustainable competitors in the newly liberalized African media market.  This will in turn provide broader access to high quality programming in a continent where less than 0.5% of the owners of television sets have access to pay-TV options such as satellite and cable TV, to date the only conduits of such high quality programming. Such programming will provide viewers with a greater diversi  ty of sources of information, while helping to break the monopolies of the state-owned broadcasting companies.     IFC''s Role      IFC will provide the necessary funding.     Given the perceived risks of investing in Africa and the scarcity of telecommunications and media investments on the world''s major markets, without IFCs assistance it would be difficult to raise the large scale funds necessary for an investment such as TV Africa.  If IFC does not participate in the proposed investment, it is likely that funding would be delayed, setting back the project.      IFC will act as a catalyst    . The other major potential investors in TV Africa have made it clear that they would take great comfort from IFC''s presence and the added value that the Corporation''s participation would provide. For these reasons, they will be much more likely to proceed with their investments in TV Africa if IFC decides to go ahead.      IFC will ensure that some important development benefits are realized    . TV Africa has indicated its willingness to work with IFC to optimize the company''s developmental benefits, should IFC go ahead with the proposed investment.