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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
Fauji Kabirwala Power Co. Ltd.
Project ID
1051
Fiscal year
1997
Status
Not Active
Guarantee holder
El Paso Energy International Company
Investor country
United States
Host country
Pakistan
Sector
Power
Gross exposure
 $16.1 million
Project type
Non-SIP
MIGA issued a guarantee of $16.1 million to El Paso Energy International Company (El Paso) of the United States for the construction and operation of a 151-megawatt gas-fired power plant in Pakistan. The project will receive debt financing from the Export Development Corporation of Canada and the Asian Development Bank. MIGA's guarantee covers the risks of transfer restriction, expropriation, and war and civil disturbance.

The project enterprise, Fauji Kabirwala Power Company, Ltd., will be located near in the Punjab Province and will be jointly managed by El Paso and the Fauji Foundation. The 400 local staff hired during construction and 110 permanent local staff hired for commercial operations will receive housing and extensive training. By the need for imported fuels, the project will save the country an estimated $21 million in annual foreign exchange. In addition, the project will generate approximately $1.2 million in annual tax revenues.

 
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