Banco Europeu para a America Latina (BEAL) S.A.

MIGA issued a US$33 million guarantee to BEAL for its shareholder loan to its Brazilian branch. MIGA reinsured itself with five Lloyd's of London syndicates. The guarantee covers the investment against the risks of transfer restriction and expropriation.

The project will help expand the size of the medium-term financial markets, which is fundamental to providing a stable and transparent enabling environment conducive to efficient resource mobilization for private investment, promoting international confidence in the Brazilian economy. This investment will also assist in reducing price distortions as it will be charging competitive interest rates. BEAL Brazil will be lending to a variety of economic sectors in Brazil, especially telecommunications, oil and gas, electricity, pulp and paper, and metals and mining. Consequently, a broad spectrum of businesses will benefit from the availability of additional medium-term capital.