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Panama

Lloyds TSB Bank plc Panama Branch

$3.3 million
Banking
Project Brief
Not Active

MIGA broke new ground with its $3.3 million guarantee to cover a loan by Lloyds TSB Bank plc to expand its Panama branch. The coverage, MIGA's first for a project in the country, will help the branch extend the repayment terms of the shareholder loan, which will then form part of a syndicated loan to a power generation company in Panama. The guarantee offers protection against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project's goal is to refinance a short-term facility, provide additional working capital, and finance some capital expenditures related to the upgrading of existing production facilities. The financing is expected to help the power company strengthen its balance sheet and make it less dependent on rolling over short-term debt, while helping to develop the country's overall financial sector.