devinitorg/iati-policy-markers huggingface dataset:
FirstRand SL p.cls-NormalWeb { margin-top:5pt; margin-bottom:5pt; text-align:justify; font-family:'Times New Roman', 'serif'; font-size:12pt; line-height:108%; margin-left:0pt; margin-right:0pt; } span.cls-DefaultParagraphFont { font-family:'Times New Roman', 'serif'; font-size:12pt; font-weight:normal; margin:0in; padding:0in; } table { border-collapse:collapse !important; width:100%; table-layout:fixed; border-spacing:0 !important; margin-bottom:15px; } .k-table, .k-table td, table, table td, div table, div table td {outline: 0;border: 1px solid #000;} .k-table td, table td, div table td { padding: 5px;}    The proposed engagement with FirstRand Bank (the Bank), the operating banking subsidiary of FirstRand Limited, a listed holding company in the Republic of South Africa (RSA), is well aligned with IFCs strategy for the African financial sector. The project consists of an unsecured 7-year senior loan of up to US$150 million to help the Bank grow its lending to Small and Medium Enterprises (SMEs) with a particular focus on underbanked SMEs to boost job creation in the country (the Project). i) Access to Finance for SMEs: Access to finance for SMEs in the RSA remains low. The proposed financing will further accelerate the Bank's outreach to SMEs.  

ii) Financial Inclusion: RSA has a sizable number of SME which are either owned or operated by women. FirstRand has been specifically focusing on women-owned SMEs and therefore, the proposed investment is expected to increase flow of investment to women-owned SMEs.

iii) Job Creation: Through this engagement, IFC expects to help boost job creation throughout the country.
KIWANE Project This project will create the first emerging market local currency collateralized debt obligation (CDO) vehicle, securitizing loans and other ZAR denominated corporate debt held in the books of South African financial institutions.  The project will have a significant development impact by stimulating the development of a local  corporate  bond market and reducing corporate lending rates through disintermediation. While South Africa''s  government  bond market is one of the largest and most liquid of any emerging market economy, the absence of a properly developed non-government (i.e corporate and municipal) bond market is notable.  Pooling otherwise illiquid corporate debt through Kiwane, creates relatively liquid, highly-rated senior asset-backed bonds, which will offer an attractive investment instrument to domestic and eventually even foreign investors. Transparency of the Senior Bonds performance and the trading spreads provide useful information, thereby improving the efficiency of the South African debt market. IFC''s role will be as a structuring investor in a junior or mezzanine tranche and provider of technical expertise.  IFC''s analysis of the investment, due diligence, and our continued involvement in the project will help sponsors to structure the CDO to international standards.
Aspen Pharmacare The proposed investment is an up to EUR600 million (approximately US$723 million) financing package comprising (i) an unsecured, straight senior loan (A loan) of up to EUR200 million (approximately US$241 million) from IFC and; (ii) mobilization of B and/or parallel loans of up to EUR400 million (approximately US$482 million) to Aspen Finance Proprietary Limited (AFPL), a wholly owned subsidiary of Aspen Pharmacare Holdings Limited (Aspen or the Company). The financing will help Aspen, South Africas largest pharmaceutical company, to refinance existing debt and strengthen the Companys balance sheet, supporting Aspens operations including production of vaccines, and other therapies in African and emerging markets. The Project will refinance existing loans which funded the
addition of sterile pharmaceutical manufacturing capacity and the acquisition
of related pharmaceutical products which are supplied to emerging markets. This
has allowed for an increase of available supplies of healthcare products to
treat, inter alia, COVID-19 patients, including the supply of COVID-19 vaccines
at a time where demand exceeds supply.
SAHL-MBS Project The project involves the launch of South Africa''s first local currency residential mortgage securitization.  SAHL''s business model is largely based on its ability to offer mortgage rates below current market levels, based largely on low-cost, securitization based funding from institutional investors.  SAHL''s mortgage portfolio has now reached sufficient size to launch its first placement of mortgage backed securities in the institutional markets.     IFCs participation in SAHL''s "maiden" securitization will significantly increase the probability of a successful placement, which is a fundamental requirement for the success of SAHL''s business model.  IFC will also be able to add a lot of value in the structuring period, based on its experience with similar initiatives in other emerging markets.  The project is also in line with IFC''s strategy to develop and modernize the housing finance sector in emerging markets through investments in model transactions that other investors may wish to follow.     The proposed project will be an efficient way of channeling long-term financing from institutional investors in MBS to retail home mortgage borrowers.   The project is expected to have a significant developmental impact in a number of areas:  (i) it will improve the feasibility of the securitization of domestic assets in South Africa by allowing the accumulation of an economically efficient sized pool of assets, (ii) it will introduce the concept of  securitization warehouse lending in the local banking market and (iii) by helping a pioneering initiative like SA Home Loans succeed the project will improve competition in the domestic market for housing finance.
Cape Town Debt The Project is to support the City of Cape Town Metropolitan Municipalitys (CCT or the City) FY24/25 capital investment program, through a proposed IFC loan of up to the lower of ZAR2.8 billion or US$150 million (in South African Rands equivalent) with an up to 20-year tenor.     The investment aims to support the Citys FY24/25 capital investment program for infrastructure assets, which comprises primarily upgrades, replacements and expansion of sanitation and water supply infrastructure, roads, electrical infrastructure, and transport assets, amongst others. The capital investment program forms part of the Citys ten-year infrastructure plan, under which the City aims to address key infrastructure gaps to deliver quality basic services to its growing population and enable inclusive economic growth. The Project supports: i) improving the quality of infrastructure services in the City through infrastructure upgrades, replacements and expansion; and ii) improving CCTs financial resilience through supporting the Citys revenue base and improving operational efficiency.
Columbus Project Columbus a South African stainless steel manufacturer that plans to install new plant to expand downstream cold-rolling capacity which would allow it to increase output of higher valued-added cold-rolled product, increase margins and reduce income volatility. Strengthening economic linkages:   The project will support Columbus long term sustainability and increase profitability, benefiting employees through job-security, the government through higher taxes, and generate higher export earnings. It will also help strengthen upstream and downstream supply chains in raw material supply, transportation and services.  Support for the transport sector:    The vehicle manufacturing industry in South Africa is a large user of Columbus stainless steel. By improving Columbus competitiveness, the project will indirectly support the growth and competitiveness of the domestic vehicle production industry.
Hernic Ferrochrome The Hernic company was established in 1994 and has grown to become one of the worlds leading ferrochrome producers. The purpose of the project is to increase total ferrochrome production capacity from 260,000 to 420,000 tonnes per annum by expanding the existing operations of Hernic Ferrochrome (Pty) Ltd. (Hernic or the company).
SOUTH AFRICA HOME LOANS - LF The proposed project involves an IFC investment in a local currency securitization warehouse line for SA Home Loans, South Africas first specialized residential mortgage origination, servicing and securitization company based in Durban, South Africa.  The principal business objective of SA Home Loans is to originate high quality residential mortgages featuring strong borrower repayment capacity and low Loan to Value (LTV) ratios. SA Home Loans intends to fund its origination of the mortgages through the issuance of credit-rated, mortgage-backed securities, initially in the domestic market. Using a combination of efficient, securitization-driven funding and low overheads, SA Home Loans will offer mortgage rates 2 to 3 percent lower than those currently offered by the large commercial banks, which are the sole source of private sector mortgage finance in South Africa at this time.  The purpose of the project is to provide SA Home Loans with sufficient warehousing capacity  to fund its growing mortgage originations prior to their securitization in the domestic market.  IFC has been asked to be a lead investor in the Warehouse Line, which is being arranged by J.P. Morgan with domestic banks in South Africa. The proposed Warehouse Line is fundamental to the companys ongoing viability.  The project is expected to have a significant developmental impact in a number of areas:  (i) it will improve the feasibility of the securitization of domestic assets in South Africa by allowing the accumulation of an economically efficient sized pool of assets, (ii) it will introduce the concept of  securitization warehouse lending in the local banking market and (iii) by helping a pioneering initiative like SA Home Loans succeed the project will improve competition in the domestic market for housing finance.
EDU LOAN Project Summary Of Project Information (SPI)    Project NameSouth Africa - Edu-Loan    RegionSub-Saharan Africa   Sector   Project No10197   Projected Board DateJune 1, 2000   Company NameEdu-Loan (Proprietary) Limited   Technical Partner and/or Major Shareholders    	Real Africa Holdings Limited, Open  Learning Group, FBC Fidelity Bank Holdings Limited, and Kopane Group have equal shareholdings of 25% each.         Real Africa Holdings was launched in 1994 by a consortium of South African black business people and labour unions.  It is involved in banking and insurance as well as information technology and fishing industries.         Open Learning Group provides adult education and practical skills through several colleges.  Its main shareholders are National Empowerment Corporation and several investment banks.         FBC Fidelity Bank Holdings is a Johannesburg Stock Exchange listed banking services company, which is owned by Thebe Financial Services and Fedsure Group.         Kopane Holdings is owned by Mr. Jan Kitsoff and Mr. Johan K. Wasserfall, who are South African citizens with extensive working experience in financial institutions.     Project Cost Including proposed IFC investment    	The project cost is US$16.1 million. IFC is asked to make a loan, convertible into common equity after two years, of US2.8 million.            Location of project and Description of site    	Edu-Loan is located in Johannesburg, South Africa.    Description of Company and Purpose of Project    	Edu-Loan is a company which provides loans to working employees, mainly in the public sector, for taking courses at tertiary institutions (universities and technikons) in South Africa. All deductions are payroll-based and the loans are repayable over nine months. The loan is required to enable the company to expand its lending operations in this sector.         Education is probably South African''s single biggest constraint on economic growth and the integration of the black population into the mainstream economy.  By providing finance to Edu-loan, IFC is assisting in empowering learners so that they can have a higher standard of living in the future.         IFC''s role and contribution is the provision of finance to a company financing education, to obtain additional funding to complete the company''s financing plan, and to structure the deal.     Environmental Category and Issues    	Based on the available information, this is a category C project according to IFC''s environmental review procedure.  No further environmental review is therefore required.    Date SPI sent to InfoShop April 18, 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   facsimile: (202) 974-4384
AEF Decentralised Banking Solutions Summary Of Project Information (SPI)       Project Name    South Africa - DBS Consult      RegionSub-Saharan Africa   SectorIndustrial and Consumer Services   Project No009467   Projected Board DateDecember 29, 1999   Company NameDBS Consult (Proprietary) Ltd   Technical Partner and/or Major Shareholders    	DBS Consult is owned 100% by Global Technology Ltd., a South African company listed on the Johannesburg Stock Exchange.    Project Cost Including proposed IFC investment    	Project Cost is estimated at US$2,042,000. IFC is asked to invest US$1,000,000 in equity.    Location of project and Description of site    	DBS Consult is located in an office building at Thibault Square, Cape Town.    Description of Company and Purpose of Project    	DBS Consult owns the rights to two loan administration software programs called eMerge and Solace Retail Banking System (RBS). These programs are targeted at microfinanciers, credit cooperatives, small-scale commercial lenders, building societies and second tier banks. The purpose of the project is to complete the development work which is necessary to merge the two versions of the programs, improve the architecture, add a number of desirable functions (e.g. additional language versions) and to build-up the marketing channels for the products in areas outside South Africa.    Environmental Category and Issues    	This is a Category C project according to IFC''s environmental review procedure. Because of the nature of the company and its products no further environmental review has been done by IFC.    	     Date SPI sent to InfoShop     October 25, 1999      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
DFP Ninety One ACO3 The proposed project consists of an IFC investment of up to US$75 million in Africa Credit Opportunities 3 Fund (ACO3 or the Fund), an Africa focused 7.5-year closed-end private credit fund with a target size of US$500 million. The purpose of the Fund is to invest in US$ denominated senior loans and bonds issued by mid- to large-sized corporates across Africa. The Fund will be managed by Ninety One Plc (Ninety One or the Fund Manager). Project outcome: The most significant expected project level outcome is improved quality of credit for mid- to large-sized companies across about 20 countries in sub-Saharan Africa. The customized assessment supported by ACO3 senior private credit strategy and experienced credit team are expected to be able to offer longer tenor loans and bonds than what the banking sector typically provides. 


Contribution to market creation: IFC anticipates that supporting a major fund manager in sustainable lending practices will continue to strengthen the competitiveness of the private credit market and will signal to other fund managers the viability and bankability of long-term investments in the region.
Ekurhuleni Muni2 The Project is to support the City of Ekurhuleni Metropolitan Municipalitys (CoE) FY19/20 capital investment program, through an IFC investment of up to US$55 million (in South African Rands equivalent) in CoE's expected bond issuance. The proposed investment supports the implementation of municipal infrastructure projects in CoE and is expected to have positive effects on access to quality of urban infrastructure services such as water, electricity, sanitation, and roads for households and private productive enterprises. It is also expected to promote inclusive development by enabling the CoE to expand access to essential infrastructure to households in townships and informal settlements. At the market level, the Project is expected to help i) improve the City's financial resilience by reducing non-technical losses in the water and electricity distribution systems, with potential for market-wide effects; and, ii) increase the financial integration of municipalities with capital markets to support infrastructure projects, particularly in a time of declining market conditions.
Teraco Project Teraco Data Environments (Pty) Limited (Teraco or the Company) operates vendor neutral data centers in South Africa  large, energy efficient information and communication technology (ICT) infrastructure facilities whereby customers can locate ICT equipment to connect to any of numerous data carriers (Internet Service Providers) in an open market environment.  The Company was founded in 2007 and operates South Africas first carrier and vendor neutral data center, located just outside of Cape Towns business district, and has recently opened a second data center in the Johannesburg metropolitan area.  

Teraco is raising capital to expand in South Africa and develop plans for international expansion into Sub-Saharan Africa.  Proceeds would be invested in three new facilities, i) a second data center in Cape Town, ii) second and third phases of its Johannesburg facility, and iii) a new data center in Durban, another major business hub in the country.  Additionally, as those facilities come on line, Teraco would use the remaining funds to develop detailed plans for their international expansion.

The expansion of capacity in Cape Town and Johannesburg, and new facility in Durban, would complete Teracos national data center footprint, offering customers state-of-the-art ICT infrastructure in South Africas main business conurbations. In Sub Saharan Africa the Data Center market is nascent, forcing government and corporations, especially financial institutions, to build their own facilities in-house.  When compared to in-house facilities, data centers offer improved energy efficiency, a high level of reliability and redundancy, the capability to host more sophisticated IT services and solutions and are often much more cost effective.

IFC's investment will expand the availability of high quality/high availability IT infrastructure which is, in turn, needed for IT systems, business continuity and disaster recovery services.   This, in turn, would improve private sector connectivity and public sector competitiveness.  The Project will help provide cost-efficient and energy-efficient IT infrastructure and services, the lack of which is a major constraint to doing business in the region, including in South Africa.
FirstRand BEE The project under consideration is to finance the acquisition and transfer of 6.5% of FirstRand Limiteds (FirstRand or FR) common shares to a select number of broad based Black Economic Empowerment (BEE) groups in South Africa (SA).  The project marks a significant step by FirstRand towards satisfying the BEE requirements of South Africas new Financial Sector Charter.  In addition to the ownership transfer financed under this project, FR will allocate another 3.5% of its shares for the benefit of its black South African staff and non-executive directors.  Together, these share transfers will amount to 10% of FRs outstanding shares.  Under the terms of this project, FirstRand will create the FirstRand Empowerment Trust (the trust), an entity which will hold 6.5% of FRs common shares with an approximate value of ZAR4.5 billion (appr. $740 million), and whose beneficiaries are four BEE groups.  FirstRand will capitalize the trust with ZAR1.5 billion (appr. $245 million) by donating an equivalent of 2.1% of FRs shares to be issued.  The required funding of ZAR3.0 billion (appr. $490 million) for the rest of the 4.4% of FRs shares will be raised from senior and subordinated (mezzanine) lenders.  IFC is one of the mezzanine lenders with a proposed participation of $30 million equivalent.  The funded shares will be acquired directly from select shareholders of FirstRand.    Black ownership and control through board representation constitute only one element of FirstRands BEE program.   In accordance with the Financial Sector Charter, which was voluntarily developed by the entire sector, FirstRand is committed to a host of measures to address the social and economic inequalities which hold back South Africa from realizing its full economic potential.   These measures include skills development and training for black professionals and managers, senior appointments, access to financial services,  procurement and sourcing from black owned ventures.  In brief, FirstRand is pursuing a comprehensive transformation program, with specific and measurable targets over the next decade.
ASSUPOL Project Assupol Life Limited is an insurance company in South Africa with a long history in providing insurance products to the police force. In the late 80s, it expanded its offering to all South Africans, particularly serving previously disadvantaged groups. Assupols products include life, disability and accident cover; funeral cover; retirements products; and savings and investment products. Approximately 90% of Assupol Life Limiteds 240,000 individual life policyholders are black, previously disadvantaged individuals.  A large portion of these individuals are from lower income segments.

On 09 December 2010, Assupol was formally demutualized, thereby transforming from a mutual society to a stockholding company majority-owned by its policyholders. It is now known as Assupol Life Limited.  The demutualization involved the creation of a holding company, namely Assupol Holdings Limited (HoldCo) that owns 100% of the life company, and has issued shares to policyholders and employees.  In due course, Holdco will issue additional shares to new investors, including the IFC.  In terms of the demutualization scheme a structured process is being implemented to assist the policy holders who became shareholders and who have not elected to retain their shares but to redeem their shares for cash.  The redemption of shareholders would be made possible through the introduction of further strategic investors (other than IFC) over the next 18 months.  Key to management strategy is to ensure that the company continues to be black empowered.

Through this project, Assupol Life Limited is looking to raise ZAR170 MM (equivalent to approx. $24.3 MM) of capital from IFC following the demutualization. IFCs role in supporting this process is to: (i) lend credibility to the transformation of Assupol Life from a mutual society to a stockholder company; (ii) enhance Assupol Lifes reputation in the marketplace; and (iii) provide Assupol Life with capital to expand its reach in South Africa and also selectively explore opportunities in other parts of Africa. The project is expected to (i) expand the availability of insurance products (e.g. life, disability and accident cover, funeral cover, retirement policies and savings and investment products, etc.) to underserved populations in South Africa; (ii) highlight the potential of this market segment to other companies and the business model required to serve it; and (iii) increase the safety net protection for those who mostly need it.