ABN AMRO Bank N.V. Manila Branch
MIGA issued $45 million in guarantees to ABN AMRO Holding N.V. of the Netherlands for shareholder loans to its branch in Manila. The guarantee covers the loan against the risks of transfer restriction and expropriation.
The shareholder loan will allow ABN AMRO to expand its local operations to keep pace with the growing demand for banking services in the country. The project will contribute to developing the country's foreign trade by increasing lending to industrial corporate clients that manufacture a wide range of goods for exports. In particular, it will help to develop small- and medium-size companies that manufacture primary raw agricultural commodities, canned food, fabrics, footwear, household utensils, and industrial tools for exports.
Local staff will receive training in areas of financial control, credit analysis, and general banking operations both on site and abroad.