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Projects

Project Brief

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. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.

 

Project name
HHW, S.A.
Project ID
10015
Fiscal year
2012
Status
Not Active
Guarantee holder
F.C.R. de Régimen Simplificado
Fons Mediterrània Capital
Investor country
Spain
Host country
Tunisia
Environmental category
B
Sector
Manufacturing
Date SPG disclosed
November 15, 2011
Project Board date
November 30, 2011
Gross exposure
 $4.1 million
Project type
SIP

View Summary of Proposed Guarantee


On December 7, 2011, MIGA issued a guarantee of €3.07 million ($4.1 million equivalent) to Fons Mediterrània Capital, F.C.R. de Régimen Simplificado of Spain (FMC) for its investment in HHW, S.A. (HHW) in Tunisia. The coverage is for a period of up to five years against the risks of transfer restriction, expropriation, and war and civil disturbance.

HHW is an existing portfolio company of FMC, a Spanish private equity fund. HHW specializes in the assembly and marketing of Haier brand household appliances in Tunisia. HHW’s main products are refrigerators, freezers, air conditioners, and washing machines. Its operations are based in an industrial zone in the town of Ben Arous seven kilometers from Tunis.

MIGA’s support to this project is consistent with the first pillar of the World Bank Group’s Country Partnership Strategy for Tunisia, which focuses on employment, growth, and competitiveness. In addition, the project is consistent with MIGA’s efforts to mobilize $1 billion in insurance capacity to support foreign direct investment into the Middle East and North Africa. This existing investment has also created 148 permanent employment positions and contributed to the economic growth of the community of Ben Arous. The project was underwritten through MIGA’s Small Investment Program.

 
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