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Latin America and the Caribbean
Since its inception, MIGA has issued $7 billion in guarantees for more than 160 projects in Latin America and the Caribbean, covering all sectors and spanning 20 countries.
In fiscal year 2009, MIGA provided $34 million in guarantees, with the bulk going to an infrastructure project in Brazil that will support the construction, operation, and maintenance of new power lines along the north-south axis of the country. This project is expected to help alleviate the imbalance of electricity supply and demand caused by the geographic distance and climate difference across regions. At the same time, a more consistent energy source will help ensure that Brazil continues on a path of economic growth.
Another project supported under MIGA’s Small Investment Program consists of the establishment and operation of Microfin, a microlending organization in Uruguay. One of Microfin’s objectives is to close the existing gap between the demand and supply of financial services to low-income sectors in Uruguay. By supporting small businesses, it should help generate employment and improve living standards and may encourage new entrants to Uruguay’s microfinance market.
At year-end, MIGA’s gross guarantee exposure in the region stood at $1.3 billion, or 17 percent of the agency’s outstanding portfolio.
Updated September 2009
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