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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
Cotecna Inspection Congo S.A.R.L.
Project ID
7667
Fiscal year
2011
Status
Not Active
Guarantee holder
Cotecna Inspection S.A.
Investor country
Switzerland
Host country
Congo, Republic of
Environmental category
B
Sector
Services
Date SPG disclosed
May 11, 2011
Project Board date
June 22, 2011
Gross exposure
 $5.6 million
Project type
Non-SIP
Strategic priority area
Conflict Affected
IDA
ESRS
Proposed Guarantee for Cotecna Inspection Congo S.A.R.L.

View Summary of Proposed Guarantee


On June 30, 2011, MIGA issued a guarantee of $5.6 million covering an investment by Cotecna Inspection S.A. of Switzerland, as sole shareholder, in Cotecna Inspection Congo S.A.R.L located in the Republic of Congo. The coverage is for a period of three years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.

The project involves the provision of import verification services to importers on behalf of the government of Congo under a build, operate, and transfer concession between Cotecna Inspection S.A. and the government. The service contract involves the supply, installation, and operation of an X-ray scanner and Cotecna’s Computerized Risk Management System, as well as the overall management of the import verification system for goods entering Congo through the port of Pointe Noire.

The project will contribute to trade facilitation, as well as the development of the private sector, by speeding up the customs clearance of goods needed by the industrial and service sectors in Congo. In addition, it will help the government secure revenues through the elimination of opportunities for fraud and fiscal evasion due to the transparent audit trail provided by scanning data. Security at the port will also be strengthened by ensuring that containerized goods are not illegal.

This project is aligned with MIGA’s strategic priorities of supporting investments into countries eligible for assistance from the International Development Association as well as countries affected by conflict. It is also the first MIGA-supported project in Republic of Congo.

 
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