Clovergem Fish and Foods

MIGA issued a $5.4 million guarantee to Clovergem. AG, a Swiss company, for a joint venture in Uganda. Clovergem's partner in the project is Ticon Bygg A.S., a Norwegian building contractor specializing in refrigeration plants. The project enterprise will process fish from Lake Victoria and other lakes in Uganda for export to the United States, Europe, and the Middle East. MIGA has issued coverage against the risk of expropriation and war.

The project will have a significant developmental effect on the fishermen operating on Sese Island by providing them access to a rich fishing ground whose exploitation has been constrained by its remoteness, The project enterprise will provide fishing gear, ice, and storage boxes to the local fishermen and collect the fish directly from them. The creation of adequate processing, storage, and transportation facilities will enhance freshness, critical to ensuring the quality of the final product, and reduce waste. The enterprise will also directly create 101 local jobs. The government of Uganda will benefit from an estimated $9 million in annual export revenues and $720,000 in annual taxes.

Project financing was made possible through the cooperation of governmental and multilateral institutions. The $3,193,000 in loans provided to the project came from the Norwegian Agency for Development Cooperation ($1,615,000), the United States Export-Import Bank ($725,000), and the International Finance Corporation ($853,000).