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Agency Records Strong Business Results and Development Impact

For the fiscal year ending June 30, 2012, MIGA issued $2.7 billion in investment guarantees supporting 52 projects. Highlights of the year include support for several investments in the Middle East and North Africa region, which has seen a significant decline in foreign direct investment, as well as support for several complex infrastructure projects. Executive Vice President Izumi Kobayashi discusses the year's results in this interview:
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Strong Business Results and Development Impact

MIGA Provides Non-Honoring Cover for Panama City Metro Lenders

Residents of Panama City will soon have an easier commute thanks to the construction of the Panama Metro, a top priority for the country�s government. MIGA is covering a $250 million loan arranged by Citi Transaction Services and Citigroup Global Markets, Inc. for the construction of Line 1 of the metro system. This project represents MIGA�s first coverage of non-honoring of sovereign financial obligations in Latin America and the Caribbean.
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Cover for Panama City Metro Lenders

Côte d’Ivoire’s Reconstruction Gets Boost from Public Private Partnership

The city of Abidjan, which stands on the Ebrié Lagoon, has long suffered from an insufficient number of bridges to connect its peninsulas and islands. A plan to build a toll bridge was shelved in 1996 when the country's civil conflict unfolded. The construction is now moving forward under a public-private partnership backed by MIGA guarantees of $145 million. The agency is covering the equity sponsor and all of the project's private sector lenders as well as FMO, the development finance institution of the Netherlands.
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Côte d’Ivoire’s Reconstruction

African Power and Transportation Projects Benefit from MIGA Guarantees

MIGA posted strong results in sub-Saharan Africa in fiscal year 2012 – doubling the guarantee volume over last year. The 17 projects supported by MIGA spanned 13 countries across a variety of sectors, including several groundbreaking infrastructure investments that the continent urgently needs to establish itself as a viable place to do business. Many of these investments used innovative financing mechanisms and involved public sector institutions to help mobilize resources in a time of diminished aid flows and constrained commercial lending.
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African Power and Transportation Projects

NEW CONTRACTS

Agribusiness
Chobe Agrivision Company Ltd., Zambia, 9.5M
Power
Thika Power Limited, Kenya, 61.5M

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

Agribusiness
Natures' Produce for Agricultural Investment and Marketing Company (Thimar), West Bank and Gaza, 2.5M
Manufacturing
Al Haram Modern Plastic Products Industry Company., West Bank and Gaza, 1.7M
Al Jebrini Cheese Industry, West Bank and Gaza, 1.7M

Mining
Oyu Tolgoi LLC, Mongolia, 1,000.0M
Oil and Gas
Block CI 27 Expansion Program, Côte d’Ivoire, 600.0M

Services
Sky Handling Partner Sierra Leone Limited, Sierra Leone, 1.7M
Water
Seawater Desalination Project, Ghana, 178.1M


EVENTS
Political and Country Risk Management: Unresolved Issues and New Questions, New York, September 12, 2012

Managing and Insuring Political Risk - MIGA Speaking, London, UK, November 7-8, 2012


RELATED LINKS

About MIGA
Project briefs
Sector briefs
Investment Guarantee Guide
Guarantee application
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