Banco de Boston, Buenos Aires
MIGA issued a $50 million guarantee to cover Bank of Boston's loan to expand its branch banking operations in Argentina. The local enterprise, Banco de Boston, has successfully conducted business in Argentina since 1917. The expansion will enable Banco de Boston to add six new branches to the thirty-four offices it now operates throughout Argentina, increasing its range of wholesale and retail banking activities. The project will create forty new jobs and generate $1.9 million in annual tax revenues for the government of Argentina. MIGA's guarantee will insure Banco de Boston against the risks of currency transfer and expropriation.