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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
Hasy Malagasy S.A.
Project ID
Fiscal year
Not Active
Guarantee holder
Investor country
Host country
Environmental category
Gross exposure
 $2.9 million
Project type
MIGA has issued two guarantees totaling Euro 2.6 million to DAGRIS, S.A. to cover its equity investment in, and shareholder loan to, Hasy Malagasy S.A. (HASYMA), an enterprise engaged in cotton ginning and providing technical and financial assistance to Malagasy cotton growers. MIGA’s guarantee is for a period of up to eight years and covers against the risks of currency transfer restriction, expropriation, and war and civil disturbance.

In Madagascar, DAGRIS’s project involves the privatization of HASYMA, the majority state-owned cotton monopoly. Its ultimate aim is to create sustainable growth in the cotton sector. The project is expected to contribute towards the expansion of the cotton industry in Madagascar by modernizing and expanding the cotton ginning capacity of HASYMA; and by providing technical advice, assistance, and incentives to local cotton producers and selected domestic private investors.

HASYMA will promote the production of cotton seed; purchase and gin seed cotton; and market cotton fiber, seeds, and by-products on the local and international markets. The project is expected to create new permanent jobs, in addition to stimulating local businesses that supply goods to the cotton industry. The project is expected to provide livelihoods for around 35,000 farm families.

MIGA’s guarantees complement Madagascar’s Country Assistance Strategy, which focuses on promoting broad-based growth by encouraging private sector growth in the country. MIGA’s participation in the project is also aligned with the agency’s aim to improve access to financing options for local SMEs.

HASYMA was underwritten through MIGA's Small Investment Program (SIP), which makes it quicker and easier for small and medium-sized investors to apply for a standardized package of risk coverages.

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