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Projects

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
Sky Handling Partner Sierra Leone Limited
Project ID
10886
Fiscal year
2014
Status
Proposed
Guarantee holder
Groupe Europe Handling S.A.S.
Investor country
France
Host country
Sierra Leone
Environmental category
B
Sector
Services
Date SPG disclosed
April 30, 2014
Projected Board date
June 03, 2014
Gross exposure
 $5.5 million
Project type
SIP
Strategic priority area
IDA
Conflict Affected

Project Description

This summary covers an investment from Groupe Europe Handling S.A.S. of France to Sky Handling Partner Sierra Leone Limited. The investor has applied for an additional MIGA guarantee of €4.00 million (approximately $5.5 million) for a period of up to 10 years against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project involves the modernization and expansion of the current cargo and ground-handling equipment and service in the Freetown-Lungi International Airport (FNA) by Sky Handling Partner Sierra Leone Limited. The guarantee issued in 2012 supported the construction and modernization of a new cargo terminal, the first modern airport cargo handling and storage facilities and services in Sierra Leone. The additional guarantee will support modernization of equipment used in cargo and ground-handling and services in FNA.

Environmental Categorization

The project is a category B under MIGA’s Policy on Environmental and Social Sustainability as it has potentially limited adverse social or environmental impacts. Key potential impacts are generally site-specific and include worker’s health and safety, air, soil and water pollution, as well as liquid and solid waste management. The potential impacts are largely reversible and readily addressed through mitigation measures. The company has provided MIGA with a social and environmental impact assessment in line with MIGA’s Performance Standards. An environmental and social action plan has been agreed to with MIGA.

Development Impact

The project is expected to have a positive catalytic effect on local businesses by providing airport cargo and ground handling equipment, storage facilities and services that meet international standards.

MIGA’s proposed 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 would be underwritten through MIGA’s Small Investment Program.

 
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