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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
Asia Power (Private) Ltd.
Project ID
221
Fiscal year
1998
Status
Not Active
Guarantee holder
Nissho Iwai Corp.
Investor country
Japan
Host country
Sri Lanka
Sector
Power
Gross exposure
 $1.7 million
Project type
Non-SIP
MIGA issued a $1.7 million guarantee to Nissho Iwai Corporation of Japan for its $4.1 million investment in the building, ownership, and operation of a 51 megawatt diesel engine power plant in Sri Lanka. MIGA's guarantee covers the risk of war and civil disturbance.

The project is expected to help alleviate Sri Lanka's shortage of power, which has been widely recognized as a bottleneck to its economic growth. In addition to creating local employment, the project will utilize local suppliers and service companies. During the construction phase of the project, approximately $3 million will be expended in the local market. The improvements to the area's physical infrastructure, which will benefit the local community, include the construction of a new access road.

The project will create approximately 65 jobs once it is completed. The local staff will receive on-site training in contract administration, safety and environmental compliance, plant testing and commissioning, fuel supply coordination, and plant dispatch. The project will also enhance the country's skills in the design, construction, operation, and management of small electric power plants.

 
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