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Honduras Wind Energy Project Gets MIGA Backing Report 

MIGA is providing a guarantee to Globeleq Mesoamérica Energy in support of the 24-megawatt expansion of the Cerro de Hula wind project, located 20 kilometers south of Tegucigalpa. MIGA’s 20-year cover of $82.4 million offers protection against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. By providing additional clean energy, the project will reduce the country’s dependence on traditional fossil fuel generation and avoid the creation of 280,000 tons per year of carbon emissions.
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 Honduras Wind Energy Project Gets MIGA Backing

MIGA Covers Capital Markets Transaction, Boosts Bonds to Investment Grade

In September 2013, MIGA backed a €400-million bond issue by Hungary’s Export-Import Bank. MIGA’s support came in the form of non-honoring of sovereign financial obligations cover for 95 percent of the principal and interest on the notes issued by Exim. This was the first use of MIGA’s non-honoring cover for a capital markets transaction. The guarantee enhanced the credit quality of the issue, lowering the longer-dated borrowing costs of Exim, thereby enabling these savings to be passed on to the Hungarian export sector.
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MIGA Covers Capital Markets Transaction, Boosts Bonds to Investment Grade

Value of Political Risk Insurance for Capital Markets Recognized by Fitch 

A new special report issued by Fitch Ratings says political risk insurance for capital markets has reemerged with broader scopes of coverage to adapt to the changing needs of emerging markets finance. It notes that leading providers such as MIGA and the Overseas Private Investment Corporation have introduced insurance products for broader capital markets usage. The report references MIGA’s landmark capital markets transaction in Hungary mentioned above.
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Myanmar Becomes MIGA Member
 

MIGA Gets a Bigger Seat at the Table

The Development Newswire, published by Devex, one of the leading hubs of information for the development sector, interviewed MIGA’s Vice President and Chief Operating Officer Michel Wormser on MIGA’s recent growth. The article focuses on MIGA’s extensive support for infrastructure investments in Côte d’Ivoire as well as the enhanced collaboration between the agencies of the World Bank Group. 
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MIGA Gets a Bigger Seat at the Table 

NEW CONTRACTS 

Financial
RN Bank, Russian Federation, 390M
Société Générale Banka Srbija a.d. Beograd–Central Bank, Serbia, 206M

Power
Energía Eólica de Honduras S.A, Honduras, 82.4M

Telecommunications
DRC Infraco SPRL (HTD), Democratic Republic of Congo, 94.6M

Transportation
Panama Metro Line One, Panama, 320M

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

Financial
NBG Central Bank Mandatory Reserves Coverage in Macedonia, Macedonia, 232.3M
I.C.S. Raiffeisen Leasing S.R.L. (RLMD) in Moldova, Moldova, 32M
NBG Central Bank Mandatory Reserves Coverage in Serbia, Serbia, 232.3M

Power
AES Sonel, Cameroon, 300M
Dibamba Power Development Corporation, Cameroon, 36.4M
Kribi Power Development Corporation, Cameroon, 109.3M
Gulf Power Limited, Kenya 43.7M

Services
Nafith Logistics - Iraq Branch, Iraq, 7.6M

Transportation
São Paulo Sustainable Transport, Brazil, 450M
Izmir Tramway, Turkey, 81.3M


EVENTS
Insuring Export Credit and Political Risk Brighton, UK, May 15 to 16, 2014


RELATED LINKS 

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

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