Grameen Phone (Bangladesh) Ltd. Summary Of Project Information (SPI)       Project Name    Bangladesh - GrameenPhone              Region    Asia        Sector       Project No007954   Projected Board DateJanuary 15, 1998   Company NameGrameenPhone Limited   Technical Partner and/or Major Shareholders    	The principal shareholders are TelenorInvest A.S. (51%), a wholly owned subsidiary of Telenor A.S., the Norwegian national telecommunications operator, and Grameen Telecom (35%), a company controlled by Grameen Bank.    Project Cost Including proposed IFC investment    	Estimated project cost is approximately US$165 million.  IFC would provide a US$30 million senior loan for its own account and invest in 3% of the Companys equity.  The Commonwealth Development Corporation (CDC)  and the Asian Development Bank (ADB) will be co-investors on similar terms.    Location of project and Description of site    	The project financed by IFC would provide cellular service to the major metropolitan areas of Bangladesh as well as to rural areas along the main railway arteries.  The Company plans subsequently to provide coverage to 98% of the country.        Description of Company and Purpose of Project    	GrameenPhone is a joint venture between Grameen Telecom  and Telenor A.S.  GrameenPhone holds one of the three non-exclusive nationwide GSM licenses. The Company launched operations in Dhaka in late March 1997.  It is planning an aggressive roll-out plan to cover 300,000 subscribers over the next 5 years in 24 major cities and the rural population located in the vicinity of those cities.  This project will improve telecommunications services throughout Bangladesh, a country with one of the lowest telephone penetration rates (0.4%) worldwide.  It has an inefficient and financially strapped state operator, which is unable to meet the huge demand for telephones.  A particular developmental focus of this Project is the creation of village payphones, which will provide connectivity to Bangladeshs villages and foster small businesses in these areas.  The IFC/CDC/ADB syndicate, under IFCs coordination, will provide a long-term financing package to stimulate private sector investment in this sector on terms and maturities not otherwise available.    Environmental Category and Issues    	This is an Environmental Review Category B project.  Key environmental, health, and safety issues associated with this project include: selection and acquisition of new station and transmission sites and switching centers; liquid and solid waste management; use and storage of hazardous materials; ambient noise; fire protection and emergency response; and workplace health and safety (including air quality, noise, electrical hazards).  Station sites will be in or on exisiting commercial buildings or on existing Bangladesh Railway-owned properties, and no persons are expected to be displaced in the process. There are no significant air emissions or liquid effluents.  Solid wastes will be recycled or disposed in approved off-site facilities. Excessive ambient noise will be controlled through suitable attenuators. Adequate fire safety and fire-fighting allowances have been made in systems design, and procedures for fire prevention and workplace health and safety will be implemented.  This project will meet all    applicable World Bank social and environmental policies and guidelines.    The  is  available from the Public Information Center.         Date SPI sent to PIC     November 12, 1997      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).