On September 24, 2014, MIGA issued a guarantee of $10.2 million covering a loan guarantee from Elȉf Plastik Ambalaj Sanayȉ ve Tȉcaret A.Ș., (Elif Plastic) to Landesbank Baden Württemberg on behalf of Elif Global Packaging S.A.E. in Egypt. The coverage is for a period of up to nine years against the risks of transfer restriction, expropriation, and war and civil disturbance, including temporary business interruption.
The project involves the construction of a new packaging plant near Cairo. Elif Plastik, the main operating company of the Elif Group, is a global supplier in the flexible thin films packaging industry, mainly supplying consumer products companies, including Procter and Gamble. MIGA initially supported this project in fiscal year 2014.