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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
Citibank, N.A. Argentina Branch
Project ID
653
Fiscal year
2000
Status
Not Active
Guarantee holder
Citibank Trust Fund
Investor country
United States
Host country
Argentina
Sector
Leasing
Gross exposure
 $90.0 million
Project type
Non-SIP

MIGA issued a guarantee for $90 million to Citibank Trust Fund for its shareholder loan investment in its subsidiary branch in Argentina. The investment will expand the banking capacity of the project enterprise. MIGA used its CUP to syndicate $45 million of the exposure in the private market with ACE Global Markets. The MIGA guarantee will cover the investment against the risks of transfer restriction and expropriation.

The investment will contribute to the development of Citibank Argentina's asset-based financing capabilities. MIGA's involvement will enable the Citibank Trust Fund to raise funds in the international capital markets. A large share of the funds will finance agricultural machinery, transportation, and construction equipment and provide working capital for farmers and their suppliers. With more equipment-targeted financing, Citibank Argentina will help enhance the productivity of the agriculture and construction sectors

 
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