Autopistas del Sol
Impregilo, S.p.A., Italy's largest construction company, secured MIGA coverage for $5 million for part of its equity investment in Autopistas del Sol S.A. (ADS) of Argentina. This investment represents the first Italian investor to receive MIGA coverage, MIGA's first coinsurance arrangement with the Italian export credit and investment insurer, SACE, and the first MIGA coverage of a toll road investment. The guarantee contract covers the risks of currency transfer and expropriation.
The project enterprise is sponsored by Impregilo and five other partners, and is designed to expand and improve the operation and maintenance of three toll motorways about 120 kilometers in length, serving the northern metropolitan area of Buenos Aires. Impregilo will provide the engineering plans and technology for road and bridge construction. It will also provide expertise in traffic monitoring and toll collection. Construction of the new motorways is expected to have a positive environmental impact by increasing traffic flow and improving the drainage system.
Furthermore, ADS will have a positive developmental impact. The project enterprise is expected to employ more than 3,500 workers during construction and approximately 450 workers on a permanent basis. Most of the project's construction equipment will be sourced locally, directly benefiting Argentinean suppliers and their employees.