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Project Information

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.
 
Project Name Dragon Transport Ltd.
Guarantee Holder Sierra Investment Fund LLC,ManoCap Soros Fund
Investor Country Mauritius
Host Country Sierra Leone
Sector Services
Gross Exposure ($million) 3.6
Fiscal Year 2010
Status Proposed
Project Number 8057
Environmental Category B
Date SPG Disclosed March 9, 2010
Project Board Date March 24, 2010
 

Project Description
This summary covers an investment by the Sierra Investment Fund LLC and the ManoCap Soros Fund LLC in Dragon Transport Ltd., a transport and logistics company in Sierra Leone. The investors have applied for MIGA guarantee of up to $3.6 million for a period of up to 10 years against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project consists of the design and development of a national distribution, warehousing, and trading transport company in Freetown, Sierra Leone. The company will provide transport services to the Sierra Leonian market with a focus on the distribution of fish, ice, and other perishables. The company expects to have seven trucks, eighteen generators, and nine cold storage units in the initial development phase. Expansion from the capital is planned in Bo, Kenema, Kono and Kambia.

Environmental Categorization
This is a Category B under MIGA’s environmental and social review procedures, as it has potentially limited adverse social or environmental impacts. Social risks are related to labor and working conditions of truck drivers and warehouse staff as well as community health, safety, and security as the trucks drive throughout Sierra Leone. Environmental risks are related to pollution prevention and abatement as trucks are used to transport the produce from one location to the other. Waste management at the warehouses could also be an issue unless it is carefully managed. A Social and Environmental Management System is being developed and implemented.

Development Impact
MIGA’s proposed support for this investment is aligned with the World Bank Group’s Country Partnership Strategy for Sierra Leone, particularly with regard to supporting the development of a competitive private sector. The project is also aligned with key agency priorities, which include encouraging investment in post-conflict and IDA-eligible countries. The proposed project would be underwritten through MIGA’s Small Investment Program.

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