|Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature.|
This summary covers a proposed investment by Standard Chartered Bank of the UK and DP World of the United Arab Emirates for the Phase 1 upgrade of the Port of Dakar facility in Senegal. The investors have applied for a MIGA guarantee of up to Euro 116.0 million ($150 million) for a period of up to five years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. The total value of the Phase 1 investment is estimated at Euro 150 million ($193.6 million).
The Port of Dakar lies in Senegal on the west coast of Africa. DP World FZE has been awarded a 25 year (renewable) concession to operate container terminals (“TAC”) 1, 2, and 3 at the existing port and to develop a new container terminal (“Port of the Future”) at an adjoining site. Phase 1 of the project consists of modernizing the above terminal facilities.
The project is a Category B under MIGA’s environmental review procedures. Click here to view the Environmental and Social Review Summary.
This proposed project addresses three of MIGA’s priority areas: an investment in an IDA-eligible country, which is among the world’s poorest; an investment in an African country; and a South-South investment.