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Summary of proposed guarantee

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
Project ID
Fiscal year
Not Active
Guarantee holder
F.C.R. de Régimen Simplificado
Fons Mediterrània Capital
Investor country
Host country
Environmental category
Date SPG disclosed
November 15, 2011
Project Board date
November 30, 2011
Gross exposure
 $4.2 million
Project type

This summary covers an investment by Fons Mediterrània Capital, F.C.R. de Régimen Simplificado of Spain (FMC) in HHW, S.A. (HHW) in Tunisia. The investor has applied for a MIGA guarantee of €3.07 million ($4.16 million equivalent) for a period of up to three years against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project involves coverage of HHW, an existing portfolio company of FMC, a Spanish private equity fund. HHW specializes in the assembly and marketing of Haier brand household appliances in Tunisia. HHW’s main products are refrigerators, freezers, air conditioners, and washing machines. Its operations are based in an industrial zone in the town of Ben Arous seven kilometers from Tunis.

Environmental Categorization

The project is located in a designated factory, within an industrial estate close to Tunis. The project sponsor will assemble and market household appliances including refrigerators, freezers, air conditioners, and washing machines. These activities present limited adverse social and environmental impacts which are few in number, generally site specific, largely reversible, and readily addressed through mitigation measures. Potential impacts are related to worker health and safety as well as liquid and solid waste management. The company has provided MIGA with a social and environmental impact assessment in line with MIGA’s Performance Standards. This investment is therefore a category B under MIGA’s Policy on Social and Environmental Sustainability.

Development Impact

MIGA’s proposed support to this project is consistent with the first pillar of the World Bank Group’s Country Partnership Strategy for Tunisia, which focuses on employment, growth, and competitiveness. In addition, the proposed project is consistent with MIGA’s efforts to mobilize $1 billion in insurance capacity to support foreign direct investment into the Middle East and North Africa. This existing investment has also created 148 permanent employment positions and contributed to the economic growth of the community of Ben Arous.

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