Marunouchi Motors Ltd.

MIGA issued $2.4 million in guarantees for Mitsubishi Corp.'s investments in Marunouchi Motors Ltd. in Zambia. The guarantees cover the investment against the risks of war and civil disturbance, transfer restriction, and expropriation of funds. The project plans to expand a car dealership in Zambia, an IDA-eligible country.

The facility expansion and modernization is expected to help improve the country's limited transportation resources, allowing the company to provide vehicles to local residents and enterprises, as well as governmental institutions in Zambia. The investment will help the project enterprise broaden its customer base, as well as improve its after-sales services, and thereby ultimately benefit consumers. The expansion is expected to result in the hiring of 125 local workers during the construction phase and 10 additional permanent staff thereafter. Special courses will train technicians on how to service new vehicle models.