PRESS RELEASES

Media Contact: Leah Dering
704-383-0551

February 12, 2004
Wachovia Provides Financing for Jamaican Infrastructure Development Project
$75 million loan is one of the first under new OPIC insurance program

Charlotte, N.C. - Wachovia announced today that it has issued a $75 million loan for the National Road Operating and Constructing Company, Ltd. (NROCC) of Jamaica. The loan will be used, over its 15-year life, to support the construction of a new Jamaican toll road, Highway 2000.

One of the first deals completed under a new insurance program developed by the Overseas Private Investment Corporation (OPIC), the loan is also guaranteed by the Government of Jamaica. OPIC's insurance program protects against the non-payment of sovereign debt obligations and paves the way for the funding of other, select infrastructure development projects. PricewaterhouseCoopers Jamaica acted as financial advisor to the borrower on the deal.

"OPIC's insurance coverage and its support of the toll road project were instrumental in obtaining the long-term project financing needed," said Brian J. Fulk, Director in Wachovia's Structured Trade Finance Group. "We are excited to be able to bring this financing to this region and look forward to participating in more transactions like this one, in other parts of the world."

Kingsley Thomas, Chairman of NROCC, said that the finalization of the financing for NROCC, with the involvement of both Wachovia and OPIC, is testimony to the future viability of the Highway 2000 project, the single largest infrastructure project undertaken in Jamaica.

Wachovia's Structured Trade Finance Group

For over 25 years, Wachovia has facilitated financing in emerging markets through its Structured Trade Finance Group. Working with a wide array of public and private sector risk mitigation providers such as Export-Import Bank of the United States, Overseas Private Investment Corporation, private credit insurers, multilateral institutions and correspondent bank participants, Wachovia has assisted its international clients with their financing needs around the world.

About Wachovia

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $401 billion, market capitalization of $61 billion and stockholders' equity of $32 billion at Dec. 31, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

Email This Page

Printer Friendly Version