Manas Management Company (MMC)
MIGA has reissued its coverage to Italian Technology & Innovations S.r.l. (ITI) and MCC S.p.A. (MCC) (formerly Mediocredito Centrale S.p.A.), for their equity investment and loan, respectively, to the Manas Management Company (MMC) in the Kyrgyz Republic. The guarantee to ITI is for $885,000, to cover a $1,000,000 equity investment, and is for a period of 15 years. The guarantee to MCC is for $10,500,000 to cover their loan of $10,500,000, plus interest, to MMC, and extends for 15 years. Both the equity and the loan are protected against the risks of transfer restriction, expropriation, and war and civil disturbance.
The project is the construction and operation of an air cargo complex and an air catering center at the Manas International Airport in Bishkek, the capital of the Kyrgyz Republic. MIGA originally issued contracts to ITI and MCC in 1998 and 1999, respectively, for this project. MIGA has reissued the contracts in fiscal 2002 to accommodate changes in the commercial arrangements of the respective parties. Further details of the project appeared in MIGA's 1998 and 1999 Annual Reports.