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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
Ice Ice Baby Limited
Project ID
Fiscal year
Not Active
Guarantee holder
Sierra Investment Fund LLC
Investor country
Host country
Sierra Leone
Environmental category
Date SPG disclosed
November 26, 2008
Project Board date
December 12, 2008
Gross exposure
 $1.2 million
Project type

View Summary of Proposed Guarantee

MIGA has issued a guarantee of $ 1.2 million to the Sierra Investment Fund (SIF) of Mauritius covering its investment in Ice Ice Baby Ltd (IIB) of Sierra Leone.  The SIF is managed by MANOCAP LLC, also of Mauritius.  The MIGA coverage is for a period of up to 10 years against the risks of transfer restriction, expropriation, and war and civil disturbance.

SIF’s investment will be to acquire IIB equity and to finance modernization and expansion of the firm’s operations.  IIB is a Sierra Leone limited liability company engaged in the manufacture of crushed and cubed ice for the fishing (artisanal and commercial) and consumer (beverage) segments of the Sierra Leonean market.  

This project involves the acquisition and modernization of an existing ice manufacturing operation, and is expected to yield positive developmental impacts with respect to introduction of managerial best practices, operational efficiencies, and quality control processes to the target company, resulting in significant growth in its operations and market reach.

This investment fits well with the World Bank Group’s country partnership strategy for Sierra Leone, particularly with regard to supporting the development of a competitive private sector.

MIGA’s participation in the project is aligned with key agency priorities, which include encouraging investment in post-conflict and IDA-eligible countries. This project was underwritten through MIGA’s Small Investment Program. 

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