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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
Panama Metro Line One
Project ID
10020
Fiscal year
2014
Status
Active
Guarantee holder
Citibank, N.A.
HSBC
Investor country
United States
Host country
Panama
Environmental category
A
Sector
Transportation
Date SPG disclosed
July 11, 2011
Project Board date
May 03, 2012
Gross exposure
 $320.0 million
Project type
Non-SIP
Strategic priority area
Complex Project
ESRS
Orignial ESRS, July 19, 2011
Revised ESRS, May 11, 2012

View Summary of Proposed Guarantee


Project Description

On December 31, 2013, MIGA issued a guarantee of $320 million to Citibank, N.A. and HSBC Bank USA, N.A. of the United States. The guarantee covers a loan as well as interest and other financing costs associated with the construction of the Line One Metro project in Panama City. The coverage is for a period of up to 15 years against the risk of non-honoring of sovereign financial obligations. 

MIGA’s first guarantee to the project was issued on June 30, 2012. The primary purpose of this additional support is to permit the government of Panama to cover the residual funding gap for the project.

 

 
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