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Summaries of proposed guarantees are provided prior to Board consideration and final contract signing, and therefore are subject to change. Project briefs are disclosed after contract signing and do not reflect subsequent modifications (e.g., changes in guarantee amount).
Project Name Ice Ice Baby Limited
Guarantee Holder Manocap LLC
Investor Country Mauritius
Host Country Sierra Leone
Sector Manufacturing
Gross Exposure ($million) 1.37
Fiscal Year 2009
Status Proposed
Project Number 7836
Environmental Category C
Date SPG Disclosed November 26, 2008
Project Board Date December 12, 2008

Project Description

This summary covers a proposed investment in Sierra Leone by the Sierra Investment Fund of Mauritius, via fund manager, Manocap LLC (Manocap). Manocap has applied for a MIGA guarantee of $1.37 million for a period of up to 10 years against the risks of transfer restriction, expropriation, and war and civil disturbance.

Manocap’s investment will be to acquire 100 percent of the equity shares of the existing owners of Ice Ice Baby Ltd (IIB), and to finance modernization and expansion of the firm’s operations.

IIB is a Sierra Leone limited liability company engaged in the manufacture of crushed and cubed ice for the fishing (artisanal and commercial) and consumer (beverage) segments of the Sierra Leonean market.  

Environmental Risk and Categorization

There are no significant adverse environmental, social, or worker safety issues directly resulting from this investment. It is a Category C investment under MIGA’s environmental and social review procedures. The ice facility is located on the beach road, providing easy access to fishing beaches in the Western Area and for reaching Freetown’s City Center. Crushed ice is currently produced by two industrial ice machines. Each machine has the capacity to produce roughly 6 tons of crushed ice a day.  Cubed ice is currently produced by four machines, each with the capacity to produce 0.6 tons of cubed ice a day. The facility has 15 employees and has been operating since 2006.  Management of worker safety and input water quality has apparently presented no problems.

Development Impact

MIGA’s support for this investment is aligned with the World Bank Group’s country partnership strategy for Sierra Leone, particularly with regard to supporting the development of a competitive private sector.

This project involves the acquisition and modernization of an existing ice manufacturing operation, and is expected to yield positive developmental impacts with respect to introduction of managerial best practices, operational efficiencies, and quality control processes to the target company, resulting in significant growth in its operations and market reach.

MIGA’s participation in the project is aligned with key agency priorities, which include encouraging investment in post-conflict and IDA-eligible countries. The project will be underwritten through MIGA’s Small Investment Program.

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