Malagasy Community Network Services S.A. – GasyNet
On April 26, 2013, MIGA issued a guarantee of $2.9 million to SGS S.A. of Switzerland covering its loan guarantee to BNI-Madagascar for its loan to Malagasy Community Network Services S.A. – Gasynet in Madagascar. The coverage is for a period of up to 12 months against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.
The project involves the provision of import and export good verification and the deployment of TradeNet software application to the government of Madagascar. The MIGA coverage is for an existing project approved by MIGA’s Board of Directors in October 2007.
MIGA’s continued support for the project will help to improve port governance and transparency of the country’s trade transactions. The project is also consistent with MIGA’s strategic priority of supporting investments into countries eligible for concessional financing from the International Development Association.