Announcement of IFC Investment in Societe Nationale d'Investissement (SNI) Tunisia on June 23, 1970

FOR IMMEDIATE RELEASE INTERNATIONAL FINANCE CORPORATION . 1 8 1 8 H STREET. N.W., WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 IFC News Release No. 70/15 Subject: IFC Investment in Societe .June 23, 1970 Nationale d'Investissement (3NI) Tunisia The Intemational Finance Corporation, of the World Bank Group, is making its Gecond investment in Societe Nationale d'Investissement (SNI) to help double the lunisian development finance company's share capital. The IFC connnitment of approxi~ately $630,000 is its pro rata share of a $3.2 million offering to stockholders. The offering, planned for late this year~ is expected to permit several interested foreign banks to become shareholders and to allow a number of current institutional stockholders to increase their • proportionate participation in SNI • IFC originally invested in SNI in 1966 as part of a reorganization program that the Corporation helped plan. Since the reorganization, r;NI has more than tripled its investments. In addition to the IFC financing, it has received three World Bank loans totaling $25 million. The share capital increase is intended to help SNI continue its present :.evel of operations, maintain a satisfactory equity/loan ratio in its investmentr;, .-~r:.d assure adequate local currency resources. The new conunitment is IFC's fourth in Tunisia and brings its total investme~ts 1.n. that co\ll1try to $14.6 million. The investments were in fertilizer, industrisl financing and tourism projects which had a total cost of approximately $63.1 millio• equivalent • • II II fl