MIGA's first guarantee in Morocco, totaling $9.9 million, was issued to Banco Exterior de España, S.A. (BEX), a leading Spanish trade finance bank, for its $10 million loan to expand the wholesale and retail commercial activity of its majority-owned subsidiary in Morocco, Banco Exterior Maroc, S.A. (BEM). BEX owns 95 percent of BEM and a local Moroccan bank owns the remainder. BEM will provide employment and training to about 45 Moroccan nationals. The project enterprise will also facilitate foreign investment in Morocco by improving the quality and availability of financial services. It will encourage trade with Spain, the country's second-largest trading partner, and stimulate local industries. MIGA insurance covers the risk of currency transfer.