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MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

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Explore different types of political risk insurance guarantees provided to investors and lenders.

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Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

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World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Our Impact Dropdown Description

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

Our Products Dropdown Description

Young woman bending down to tending to her outside chores

Explore different types of political risk insurance guarantees provided to investors and lenders.

Projects Dropdown Descriptions

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Jamaica

The Bank of Nova Scotia Jamaica Limited

$37.4 million
Banking
Project Brief
Not Active
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On February 28, 2007 MIGA issued guarantees for $37.4 million to The Bank of Nova Scotia of Canada covering a $39.4 million on-lending loan to its subsidiary, The Bank of Nova Scotia Jamaica Limited. The coverage is for a period of up to 15 years against the risks of transfer restriction, expropriation of funds, and breach of contract.[1]

The project will support the Kingston Port Container Terminal in Jamaica. The loans to The Bank of Nova Scotia Jamaica Limited is earmarked to support the Port Authority of Jamaica in the fifth phase of its main container terminal expansion. MIGA issued a guarantee in fiscal year 2006 to support the fourth phase of the expansion. The fifth phase is designed to bring a capacity increase of 1.58 million additional 20-foot containers (equivalent units) per year. This expansion, expected to be completed in 2008-09, would more than double the capacity of the Kingston Container Terminal.

The project fits into the government’s overall strategy of fostering and maintaining economic growth, which has suffered from infrastructure constraints. The fifth phase of the expansion is anticipated to generate average incremental earnings of foreign exchange of $28 million per year for the next 15 years.

 

[1] The guarantee expired on February 15, 2022.

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