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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
Ma San Group Consumer Products Expansion Project
Project ID
Fiscal year
Guarantee holder
JPMorgan Chase Bank N.A. (Hong Kong branch)
Investor country
United States
Host country
Environmental category
Date SPG disclosed
May 13, 2013
Project Board date
June 18, 2013
Gross exposure
 $167.7 million
Project type
Strategic priority area

View Summary of Proposed Guarantee

Project description

On June 28, 2013, MIGA issued a guarantee of $167.7 million covering a non-shareholder loan by the Hong Kong branch of JPMorgan Chase Bank N.A. (JPM) of the United States and other financial institutions yet to be identified. JPM will act as the political risk insurance facility agent for a loan to support the expansion and improvement of Ma San Group’s consumer products business in Vietnam. The coverage is for three years,  against the risks of transfer restriction, expropriation, and war and civil disturbance. The guarantee covers a $150 million loan to refinance existing debt and general corporate purposes (including investments in fixed assets) in addition to an estimated $26.5 million for associated interest.

The project will help Ma San Group Corporation underpin its current consumer products operations in Vietnam, diversify its products portfolio, and increase its production capacity in the food and beverage retail sectors.

The International Finance Corporation (IFC) is also considering an investment of up to $150 million for the Ma San expansion program.

The project’s expected development impacts include increased food security and safety, job creation, significant tax revenues, and improved environmental and social standards.

The project will also benefit small and medium enterprises (SMEs), as the company currently purchases raw fish sauce from 40 traders who in turn source from over 100 producers. Its products are sold by 130,000 SME retailers through 100 independent SME distributors operating in all 64 cities and provinces of Vietnam. 

The project is in line with the World Bank Group’s strategy to support private sector growth through IFC lending and MIGA guarantees.

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