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Press Release

MIGA FY1995 Mid-Year Guarantee Results: Continued Expansion

MIGA FY1995 Mid-Year Guarantee Results: Continued Expansion

Washington, D.C., December 31, 1994 — The Multilateral Investment Guarantee Agency (MIGA) today announced mid-year results for Fiscal Year 1995. In the six-month period from July 1 to December 31, 1994, MIGA issued 28 investment insurance contracts with a combined maximum coverage of US$312.1 million. In addition, three commitment letters totaling US$123 million of potential coverage were issued. (This compares with 18 insurance contracts signed in the first half of FY1994 for a combined maximum coverage of US$239.9 million.)

Coverage was issued for the first time for investments in Costa Rica, Honduras, the Philippines, and Morocco. The projects range from the establishment of a research facility and aerial tram system in a Costa Rican rain forest to setting-up branch bank facilities in the Philippines and Morocco. In Honduras, MIGA helped a developer assemble financing for a 60-MW electric power plant by covering three equity and two debt investors. In addition, MIGA provided coverage for a pension management fund and copper and gold mining ventures in Peru; copper products and machine tools manufacturing facilities in China; and a power plant in Jamaica.

The developmental impact of the projects insured during the period is significant; total direct investment facilitated was over US$500 million. It is estimated that more than 900 local jobs will be created by these projects. Both the Honduran and Jamaican power generating facilities will significantly relieve chronic power shortage problems in each country by upgrading the local power network and providing an urgently-needed increase in capacity.

In the period, membership increased to 128 countries (19 industrialized and 109 developing), as seven countries (Benin, Equatorial Guinea, Mozambique, The Bahamas, Lebanon, Ukraine, and Viet Nam) completed their membership requirements; hence, MIGA is now open for business in these countries. An additional 20 countries that have already signed the MIGA Convention are in the process of joining.