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
- Sky Handling Partner Sierra Leone Limited
- Project ID
- Fiscal year
- Guarantee holder
Groupe Europe Handling S.A.S.
- Investor country
- Host country
- Environmental category
- Date SPG disclosed
- August 29, 2012
- Project Board date
- December 03, 2012
- Gross exposure
- $1.9 million
- Project type
- Strategic priority area
- Environmental Impact Assessment
On December 6, 2012, MIGA issued a guarantee of €1.43 million ($1.9 million) covering a shareholder loan from Groupe Europe Handling S.A.S. of France to Sky Handling Partner Sierra Leone Limited. The coverage is for a period of up to 10 years against the risks of transfer restriction, expropriation, and war and civil disturbance.
The project involves modernization and expansion of the current cargo-handling services in the Freetown-Lungi International Airport (FNA) by Sky Handling Partner Sierra Leone Limited. The new cargo terminal is being built to international standards and will accommodate a maximum capacity of 7,000 tons of cargo per year. The terminal will have a separate import and export area, where cold temperature rooms, dangerous goods storage, and security rooms will be installed.
The project is expected to have a positive catalytic effect on local businesses by providing the country’s first airport cargo handling and storage facilities and services meeting international standards.
MIGA’s 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.
MIGA’s participation in the project is also aligned with key agency priorities, which include encouraging investment in post-conflict countries and countries eligible for concessional lending from the International Development Association. The project was underwritten through MIGA’s Small Investment Program.