ALL ASIA GROWTH VENTURES - I Summary Of Project Information (SPI)       Project Name    Philippines - All AsiaCapital Growth Ventures BVI III, Ltd.              Region    East Asia and Pacific        Sector       Project No004900   Projected Board DateAugust 25, 1998   Company NameAll AsiaCapital  Growth Ventures  BVI III, Ltd. (AGV  III)   Technical Partner and/or Major Shareholders    	The main project sponsor is All-Asia Capital and Trust Corporation (AACTC), an IFC investee company since its foundation in 1979.  It is the leading non-bank financial institution in the Philippines with diversified interests in investment banking, insurance, venture capital, real estate and consumer finance.  As of December 1997,  total assets amounted to US$213 million while total equity stood at US$49 million.  IFC is a  shareholder in AACTC with an ownership stake of 9.9%.         AGV III is a follow-on fund to AGV I, the first venture capital fund established by AACTC.  AGV I started operations in September 1995 and has committed US$16 million or 80% of the subscribed amount. IFC invested US$4.0 million for 20% of the fund.            The other prospective investors in AGV III would be primarily foreign institutional investors.   It is also expected that a foreign venture capital company would participate in AGV-III and provide technical assistance.     Project Cost Including proposed IFC investment    	The targeted size of the Fund is US$75 million.  IFC''s equity investment would be US$7.5 million or 15% of the total fund amount, whichever is lower.        Location of project and Description of site    	AGV III will be established as an offshore venture capital company in the British Virgin Islands for foreign investors.   An onshore Philippine company will also be formed in parallel for the Filipino investors.  These two parallel funds will be managed by two tandem management companies, Asian Venture Capital Managers, Ltd. in the British Virgin Islands and All AsiaCapital Managers, Inc. in the Philippines.               Description of Company and Purpose of Project    	AGV III will be a private equity fund that will provide long term capital for Filipino companies with the potential for generating significant capital gains.  The fund will strike a commercially prudent balance between investments in early development companies with high growth potential and those with fairly clear prospects of going public in one to three years time frame.  The fund will also focus on investment in companies with operations in areas outside Metro Manila as well as some of the less developed islands in the Philippine archipelago.        Environmental Category and Issues    	This is a category FI project according to IFC''s environmental review procedure.  The Fund will be required to undertake an environmental review of all eligible investee companies to ensure compliance with Philippine environmental, health and safety laws, regulations and standards as well as applicable World Bank policies and guidelines.  In addition, IFC will assess AGV III''s capability to carry out environmental reviews of each investee company.       Date SPI sent to InfoShop     July 20, 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