Poor Infrastructure Hobbles Growth in Latin America; MIGA Provides Impetus for Needed Investment
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Latin America and the Caribbean have registered strong economic growth in recent years. Yet infrastructure spending by countries in the region has fallen sharply, and the region's potential to continue to grow and reduce poverty is being stymied by clogged ports, poor roads, and uneven access to electricity—particularly in rural areas. The public sector alone cannot meet the region's infrastructure needs, yet private investors remain somewhat reticent to invest due to perceptions of risks...    >> more


New MIGA Disclosure and Safeguard Policies to Take Effect October 1, 2007

MIGA's Board of Directors recently approved new MIGA policies on social and environmental sustainability, as well as on disclosure. While drawing on the IFC's policies, there will be some differences for MIGA, reflecting the agency's role as an insurance provider rather than as a lender or equity investor. The new policies will reinforce MIGA's role as a multilateral development agency, with a business model built around openness and transparency...    >> more


Mega Deals, Mega Risks: The Enduring Relevance of PRI

(Reprinted with permission from Project Finance Yearbook, where this article originally appeared.) The global investment scene is looking rather bullish these days, with capital markets flush with cash and investors displaying a newfound willingness to take on more risk. And companies are realizing the potential in emerging market countries, home to growing middle classes, eager workforces, and reform-minded governments—all of which has led to a nice rebound in FDI flows to the developing world, following a difficult few years post 9/11...    >> more


Agency Issues $285 Million Guarantee for Mortgage Lending in Russia

MIGA's recent guarantee to Societe Generale, covering a $300 million loan to DeltaCredit, a Russian bank that specializes in mortgage lending, represents the latest trend in MIGA product offerings for the region. The agency is working with banks and financial institutions in many countries in the region, including transition economies, to develop the local financial sector and help meet the growing demand for residential mortgages...    >> more


World Bank Group Directs $34.3 Billion in 2007 to Boost Growth and Overcome Poverty

During fiscal year 2007, ending June 30, the World Bank Group committed $34.3 billion in loans, grants, equity investments, and guarantees to its members and to private business in its member countries—up $2.7 billion (7.8 percent) from fiscal year 2006. The recipients are using these funds in more than 620 projects designed to overcome poverty and enhance growth.    >> more

NEW CONTRACTS

Financial
Société Générale S.A., Russian Federation, $285M

Infrastructure
World Power Holdings Luxembourg S.à.r.l., Uganda, $115M

Manufacturing
Rockland Steel Trading Ltd., State Bank of India, Nigeria, $11.4M

Tourism
Société Malienne de Promotion Hôtelière, Guinea-Bissau, $0.65M


EVENTS

2nd Annual Structured Finance in CEE conference, Budapest, Sept. 18-19 (Ileana Boza, MIGA, panelist)

Managing & Insuring Political Risks & Terrorism, London, Sept. 18-19 (Yukiko Omura, Exec. VP, Keynote Speaker)

The Geneva Private Capital Symposium, Geneva, Sept. 24-25 (Hal Bosher, MIGA, speaker)

15th Kazakhstan International Oil and Gas Exhibition, Almaty, Oct. 2-5 (Mamadou Barry, MIGA, speaker)

Insurance Institute of London, International Lecture Programme, London, Oct. 3 (Yukiko Omura, Keynote Speaker)

US-Africa Infrastructure Conference (CCA), Washington, DC, Oct. 8-10 (Elena Palei, MIGA, speaker)

Asian PRI Summit, Singapore, Oct. 11-12 (Elena Palei, speaker)

12th Annual Financing Energy Projects in Asia, Singapore, Oct. 25-26 (Michael Silverman, MIGA, speaker)


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