MIGA Finalizes Support for Raisin Production in Afghanistan
WASHINGTON DC, July 17, 2018 — MIGA, a member of the World Bank Group, issued a guarantee of $5.2 million covering war and civil disturbance risks for equity investments by Messrs Mase and Sulayman Rikweda, respectively CEO and a shareholder of the Rikweda Fruit Process Company, into the construction and operations of a new raisin processing plant in Afghanistan. MIGA's exposure for the project will be covered in part by the International Development Association (IDA) 18 Private Sector Window (PSW) MIGA guarantee facility's first loss of $2.1 million.
The plant has an expected production capacity of 15,000 tons per year, and working with some 3,000 smallholder farmers in remote parts of the country, will contribute to the development of a robust raisin export market.
This is the first joint MIGA-IFC Afghanistan agricultural project utilizing the IDA PSW and the Global Agriculture and Food Security Program (GAFSP), and has the added eco-friendly benefit of helping avoid 3,000 tons of annual carbon dioxide emissions.
This release is an update to a joint IFC-MIGA press release dated June 4, 2018 that provides additional information on the project. The earlier press release is available here: IFC, MIGA Support Raisin Production in Afghanistan
MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war & civil disturbance; and offering credit enhancement to private investors and lenders.
This year marks MIGA's 30th Anniversary. Over the last three decades, MIGA has directly supported almost $47 billion in investments for over 830 projects in 111 developing countries.
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