Compania de Inversiones en Telecomunicaciones S.A.
MIGA issued coverage for $15 million to Generale Bank of Belgium against the risk of currency transfer and expropriation for its investment in Argentina. Generale Bank insured its equity participation in the newly privatized telecommunications industry in Argentina. The government of Argentina privatized Empresa Nacional de Telecomunicaciones (ENTEL) in November 1990 and split it into two operating companies. The project enterprise, Compania de Inversiones en Telecomunicaciones S.A. (Cointel), has a 60 percent interest in Telefonica de Argentina S.A. (TASA), which owns and operates the new southern system. Generale Bank provided $48.2 million toward the funding by Cointel.