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Summary of proposed guarantee

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
Elif Global Packaging S.A.E
Project ID
Fiscal year
Guarantee holder
Elif Global Ambalaj San. ve Tic. A.S.
Investor country
Host country
Egypt, Arab Republic of
Environmental category
Date SPG disclosed
November 04, 2013
Project Board date
December 12, 2013
Gross exposure
 $40.6 million
Project type
Strategic priority area

Project description

This summary covers an equity investment by Elif Global Ambalaj San. ve Tic. A.S. (Elif Global) in Elif Global Packaging S.A.E. in Egypt (Elif) and loan guarantees from Elif Global to the project lenders. The investor has applied for MIGA guarantees of $40.6 million for a period of up to 15 years against the risks of transfer restriction, expropriation, and war and civil disturbance, including temporary business interruption.

The project involves the construction of a new packaging plant near Cairo. Elif Plastik, the main operating company of the Elif Group, is a global supplier in the flexible thin films packaging industry, mainly supplying consumer products companies, including Procter and Gamble. The company’s main products are used for packaging cleaning, personal hygiene, and food products. Elif Plastik’s proposed plant in Egypt will initially have a production capacity of 15,000 tons per year. 

Environmental Categorization

The project is a category B under MIGA’s Policy on Social and Environmental Sustainability. Click here to view the Environmental and Social Review Summary prepared by the International Finance Corporation for their investment in the project.

Development Impact

As a greenfield investment in the manufacturing sector, the proposed project will contribute significantly to Egypt’s economy. The project will create approximately 290 local direct jobs and support another 200-300 indirect jobs. An additional estimated 375 jobs will be created during the project design and construction phase. Salaries paid by the company are expected to be above the average level in this sector. The company will also provide job-related benefits, training, and technical know-how to its employees. The project is expected to contribute to Egypt’s foreign exchange position through import substitution even after dividends are paid out. Importantly, the project will send a positive signal to other private investors considering investments in Egypt during these challenging times.

The project is consistent with MIGA’s objective to promote South-South investments, as well as its efforts to use $1 billion in insurance capacity that the Agency has mobilized to support foreign direct investment into the Middle East and North Africa.

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