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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
Sirkate Guni Bafi va Beste Bendiye Cesur
Project ID
Fiscal year
Not Active
Guarantee holder
Cesur Packaging Corporation
Investor country
Host country
Iran, Islamic Republic of
Environmental category
Gross exposure
 $5.0 million
Project type
MIGA has issued a $5 million guarantee to Cesur Packaging Corporation of Turkey for its $5.23 million equity investment in, future retained earnings in, and shareholder loan to Shirkete Goni Bafi ve Beste Bendiye Cesur. Cesur Packaging of Turkey owns 48 percent of the company, while investors of dual Turkish and Iranian nationality own the remaining shares. The guarantee protects against the risk of war and civil disturbance, for a period up to 10 years. It represents one of the first guarantees issued under MIGA’s new Small Investment Program, which streamlines and expedites the underwriting process for eligible small and medium-sized investors.

The investment involves the establishment of a fully integrated manufacturing facility for the production and export of large polypropylene containers. The bags, known as flexible intermediate bulk containers (FIBC), or big and jumbo bags, are used primarily for packaging food and chemical products. The new, vertically integrated and highly automated plant will produce up to 2 million bags per year, 80 percent of which will go to European markets. The facility will be constructed on a five-hectare site, strategically located in the Sofian Industrial Investment Area in Tabriz, East Azerbaijan, within easy access to major highways and rail transport.

The project is expected to help diversify Iran’s economy, which is over-reliant on oil, while introducing state-of-the-art, lean manufacturing techniques that can be replicated for use in other industrial facilities.

MIGA’s participation in the project supports several agency priorities, including support for south-south investments and smaller investors.

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