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MIGA Gears Up to Support Investment into the Middle East and North Africa (MENA)

In June, MIGA announced that it is mobilizing up to $1.0 billion in political risk insurance capacity to support investment into the MENA region. Executive Vice President Izumi Kobayashi noted, "Restoring investors’ confidence is critical to the medium to long-term economic and social development of the region." MIGA is also stepping up its outreach in the region, engaging with the private sector, regional government agencies, and state-owned enterprises to understand their needs with respect to priority projects. 
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Expansion of Istanbul’s Metro Marks a Number of MIGA "Firsts" 

MIGA has backed the expansion of Istanbul’s metro system with a $409 million guarantee against the risk of non-honoring of sovereign financial obligations. MIGA’s guarantee covers a loan provided to the Metropolitan Municipality of Istanbul by WestLB and a consortium of major international banks. This project represents MIGA’s first coverage of sovereign financial obligations, stand-alone debt, and sub-sovereign credit risk.
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MIGA Backs Islamic Finance Facility for Telecoms Expansion in Indonesia 

MIGA’s guarantees are backing a $450 million Murabaha financing facility underwritten by Deutsche Bank and Saudi British Bank. The facility is part of a larger $1.2 billion financing package for the expansion of Indonesian telecom company PT Natrindo Telepon Seluler (NTS), known by the brand "Axis.".
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Renewable Energy Project in Rwanda Receives MIGA Cover 

A MIGA investment guarantee is supporting an integrated methane gas extraction and production facility and an associated 25 megawatt power plant located on Lake Kivu in Kibuye, Rwanda. The gas extraction will mitigate the environmental hazards associated with the naturally occurring lake gases and provide an environmentally friendly and sustainable source of power generation. 
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NEW CONTRACTS

Agribusiness
Chobe Agrivision Company Limited, Zambia 5.2M
Financial Services
Resolution Health East Africa Limited, Kenya 2.0M
Manufacturing
Sojitz Maputo Cellulose, Limitada (SOMACEL), Mozambique 9.1M
Power
KivuWatt Ltd., Rwanda 28.6M
Telecommunications
PT Natrindo Telepon Seluler, Indonesia 450.0M
Transportation
Kadikoy-Kartal-Kaynarca Metro Project, Turkey 409.2M

PROPOSED GUARANTEES

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

Agribusiness
Bakhresa Grain Milling (Rwanda) Limited, Rwanda 14.6M
Nakheel Palestine for Agricultural Investment, West Bank and Gaza 4.8M
Banking
Banco de Crédito de Bolivia, S.A., Bolivia 103.5M
Deutsche Bank AG, Bangkok Branch, Thailand 20.0M
Manufacturing
National Cement Share Company, Ethiopia 4.0M
Oil and Gas
LUKOIL Overseas Uzbekistan Ltd., Uzbekistan 150.0M
Services
Société d’Exploitation du Guichet Unique du Bénin, SA, Benin 8.9M
Mercator – BH Bosnia and Herzegovina, Bosnia and Herzegovina 67.7M
M – BL Bosnia and Herzegovina, Bosnia and Herzegovina 41.3M
Mercator – H Croatia, Croatia 59.4M
Mercator – S Serbia, Serbia 291.5M
Cotecna Inspection Congo S.A.R.L., Republic of Congo 8.7M
Cotecna Inspection S.A. Bureau de Liaison du Togo, Togo 10.7M
Telecommunications
MTN Afghanistan, Afghanistan 82.1M
Tourism
Apapa Hotels Limited, Nigeria 12.2M

Transportation
Passenger-Car Ferry TANIT, Tunisia 200.0M

Water
Befesa Seawater Desalination Project, Ghana 203.0M
  
 
   
  


RELATED LINKS

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Investment Guarantee Guide
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>>Political Risk Insurance Center (PRI-Center)
>>World Investment and Political Risk Report 2010
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