main navigation menu
World Bank building

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

Young woman bending down to tending to her outside chores

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

Hyundai building

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

Subscribe to Our Monthly Newsletter
Côte d'Ivoire

Block CI 27 Expansion Program

$95 million
Oil and Gas
Project Brief

Project Description

On June 30, 2014, MIGA issued guarantees of $95 million covering an equity investment by SCDM Energie SAS of France and a non-shareholder loan from HSBC of the United Kingdom for the CI 27 gas field in Côte d’Ivoire. The coverage is against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.

This coverage is in addition to the coverage MIGA issued in December 2012 and June 2013 for the Block CI 27 Expansion Program. The new coverage brings MIGA’s gross exposure under the project to $515 million. The tenor of the guarantees remains seven years from 2012.

The project consists of the construction and operation of Block CI-27 on/offshore oil and gas facilities including an existing production platform (Foxtrot), gas transportation and onshore facilities, and a greenfield platform (Marlin).

The Block CI 27 expansion project aims to meet the country’s growing energy demand. Côte d’Ivoire’s energy sector has suffered from a lack of investment while the country struggled with civil conflict. Now that the country’s situation has improved, a significant increase in energy investment is necessary to meet the population’s needs and support further development. Tapping Côte d’Ivoire’s gas resources will reduce the country’s energy costs and limit the use of foreign reserves for energy imports.

The project is aligned with the World Bank Group’s Country Assistance Strategy for Côte d’Ivoire, which stresses the critical importance of building energy capacity to sustain economic progress.

MIGA’s support for this investment is also aligned with the agency’s strategy of supporting investments in countries eligible for concessional financing by the International Development Association, countries affected by conflict, and complex infrastructure projects.