Africa continues to be one of MIGA’s strategic priorities, especially in the wake of the financial crisis, which threatened to undo so many of the continent’s recent gains. Since its inception, MIGA has issued nearly $2.9 billion in guarantees for investments in Africa, supporting more than 130 projects in 30 countries. MIGA’s support for projects in the region also underscores our commitment to the poorest countries as well as agency’s capacity to assist countries emerging from conflict and fragile states.
In 2010, MIGA supported three projects underwritten through the agency’s Small Investment Program, two of which were for investments into Sierra Leone. For the first time, this fiscal year we issued a contract of guarantee for a project in Ethiopia. Also notable is MIGA’s support to the modernization and expansion of the Port of Dakar in Senegal in 2010.
This year, MIGA signed several master contracts of guarantee with private equity funds. The funds, Sierra Leone Investment Fund LLC, ManoCap Soros Fund LLC of Mauritius, and Chayton Capital LLP are raising money to invest in companies focused primarily in agribusiness and related services for local and regional markets in sub-Saharan Africa.
During the fiscal year, MIGA provided guarantees for five projects in the region, representing 26 percent of all projects supported by the agency during the year. At year-end, MIGA’s gross guarantee exposure stood at $1.1 billion million, equivalent to 14 percent of the agency’s outstanding portfolio.
Updated October 2010