MIGA Recognized as Highly Rated Multilateral under Basel II Framework

At its spring meetings, the Basel Banking Supervision Committee agreed to classify MIGA as a highly-rated multilateral under the Basel II Framework, a treatment that recognizes the special value of the political risk insurance MIGA provides. This determination means that a private bank that uses MIGA insurance to protect against the risk of currency convertibility and transfer restrictions being imposed would be able with such insurance to use the borrower’s local currency rating for risk weighting purposes.
>> more

  

Harnessing Kenya’s Renewable Energy Resources 

Kenya has the potential to generate an estimated 2000 megawatts of power from the geothermal energy resources that lie beneath its soil. MIGA is providing political risk insurance to Ormat Technologies, the first independent power producer to enter this market. Ormat’s OrPower 4 facility is now operating successfully and has the capacity to provide up to 55 clean, fuel-free megawatts to the grid. Euromoney’s Project Finance magazine named the project “African Renewables Deal of the Year 2009.”
>> more

  

MIGA and Korea Eximbank Join Forces 

In March, MIGA and Korea Eximbank signed a Memorandum of Understanding (MoU) to strengthen cooperation and promote increased outbound investment from Korea into the developing world. The MoU is part of a broader effort being undertaken by MIGA to increase cooperation with other international financial institutions in the wake of the financial crisis.
>> more

 

Mitigating Risks in Telecommunication and ICT Projects

In a new video, Olivier Lambert, MIGA’s team leader for the telecommunications sector, discusses MIGA’s vision for promoting investment in ICT. He explains that MIGA’s cover can help address concerns related to license non-renewal or cancellation by governments.
>> more

 

NEW CONTRACTS

Agribusiness
Africa Juice Tibila Share Company, Ethiopia, 10M

Financial Sector
Sierra de Luna S.A. (Microfin), Uruguay, 0.95M

PROPOSED GUARANTEES
In accordance with the agency's disclosure policy, MIGA discloses summaries of all proposed guarantees.

Agribusiness, Manufacturing and Services
Kanu Vineyards (Pty) Ltd., South Africa, 7.9M

Secil – Companhia de Cimentos do Lobito SA, Angola, 168M
Dragon Transport Ltd, Sierra Leone, 3.6M

Financial Sector
Financiera Universal, S.A., Peru, 18.0M
Splash Mobile Payments Ltd., Sierra Leone, 1.4M

Infrastructure
Caofeidian Seawater Desalination Project, China, 15.3M
KivuWatt Ltd., Rwanda, 81M
Bandirma Port, Turkey, 55.6M

Oil, Gas and Mining
FPSO Kwame Nkrumah MV 21, Ghana, 260M
PT Weda Bay Nickel, Indonesia, 207M


EVENTS

Afghan-Iraq Investment Summit, June 2, 2010
Global Microfinance Investment Congress, May 24, 2010
MIGA Overview – Turin Chamber of Commerce, May 19, 2010
MIGA Overview – Milan Chamber of Commerce, May 18, 2010


RELATED LINKS

About MIGA
Project briefs
Sector briefs
Investment Guarantee Guide
Guarantee application
Press Releases

FDI Trends
>>Economic recovery provides investment impetus
>>Q1 FDI surge in Thailand Despite Political Turmoil
>>Africa’s Private Capital Inflows Resilient in Crisis

>>Dubai Outsource Zone Announces Strategic Partnership with Arab Outsourcing Forum 2010
>>Emerging Markets as Emerging International Investors
>>China: FDI Barriers Likely to be Eased Further
>>More FDI news 

FDI Resources
>>FDInet
>>Berne Union
>>Doing Business 2010
>>FDI Promotion Center

PRI Resources
>>Political Risk Insurance Center (PRI-Center)

FOR PREVIOUS ISSUES OF MIGANEWS, VISIT THE MIGA News Archive
SEND FEEDBACK TO miganews@worldbank.org
FOR GENERAL INQUIRES AND APPLICATIONS, CONTACT Michael Durr at migainquiry@worldbank.org 
TO SUBSCRIBE, CLICK HERE. TO UNSUBSCRIBE, CLICK HERE
.