MIGA issued four guarantee contracts totaling $2.4 million in coverage on behalf of Secil-Companhia Geral de Cal e Cimento, S.A. and Sociedade de Empreitadas Adriano, S.A. of Portugal for their investments in the development of a basalt quarry and installation of a crushing plant to produce sand and gravel aggregates. The guarantees cover the investments against the risk of transfer restriction.
The project will be located near the capital city of Praia, on the island of Santiago, the largest Cape Verdean island. The project will have a positive effect on the local availability, quality, and price of aggregates. It will provide access to industrial grade products and alleviate the scarcity of construction materials in Santiago.
The project also has the significant environmental benefit of reducing the collection of sand from the island's fragile beaches in order to meet the demand for aggregates.
