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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
Sierra Fishing Company Limited
Project ID
7834
Fiscal year
2009
Status
Not Active
Guarantee holder
Sierra Investment Fund LLC
Investor country
Mauritius
Host country
Sierra Leone
Environmental category
B
Sector
Agribusiness
Date SPG disclosed
May 22, 2009
Project Board date
June 15, 2009
Gross exposure
 $4.5 million
Project type
SIP

View Summary of Proposed Guarantee


Project Description

MIGA has issued a guarantee of $4.5 million to the Sierra Investment Fund LLC (SIF) of Mauritius, via fund manager, Manocap LLC (Manocap). The coverage is for a period of up to ten years against the risks of transfer restriction, expropriation, and war and civil disturbance.

SIF’s investment will be to acquire Sierra Fishing Company Limited (SFC) equity, and to finance the modernization and expansion of the firm’s operations.

SFC is a Sierra Leone-based limited liability company engaged in commercial fishing and onshore fish processing activities for the domestic Sierra Leone and regional West African markets.

The project 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.

MIGA’s support for this investment is aligned with the World Bank Group’s Country Partnership Strategy for Sierra Leone, particularly with regard to supporting the development of a competitive private sector.  The project is also aligned with MIGA’s priorities to encourage investment in post-conflict and IDA-eligible countries. The project was underwritten through the agency’s Small Investment Program.

 
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