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Source: World Bank
27 October 1995

Project Name            Middle East-Middle East Capital Group

Region                  Middle East

Sector                  Financial Services

Project No              007220

Projected Board Date    November 14, 1995

Company Name            Middle East Capital Group Limited

Technical Partner and/or Major Shareholders

                     The main sponsors of the project are BZW, the
investment banking arm of the Barclays Plc Group (U.K.), the Bin Mahfouz
Group of National Commercial Bank of Saudi Arabia, and the projected
Management Team.  

Project Cost Including proposed IFC investment

                     US$30 million of which IFC's equity investment is
US$3 million for an equity interest of 10%.  

Location of project and Description of site

                     Middle East

Description of Company and Purpose of Project

                     The project involves the establishment of the first
regional merchant bank in the Middle East.  IFC has been requested to
make an equity investment of US$3 million for a 10% equity interest in
the share capital of Middle East Capital Group (MECG).  MECG would carry
out a broad range of merchant banking activities and would focus
initially on Lebanon, Jordan, the West Bank, and Gaza.  MECG would play
a critical developmental role in addressing the financial needs of the
private sector in the Middle East and in developing its capital markets.    

Environmental Category and Issues

                     This is a category FI project according to IFC's
environmental classification.  MECG will be required to implement an
environmental risk management system to ensure that projects financed
under relevant operations comply with local environmental regulations
and applicable World Bank Group guidelines and are consistent with World
Bank Group policy.  

Date SPI sent to PIC October 27, 1995

For Additional Information contact:  Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365

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