On July 11, 2017, MIGA signed a contract issuing guarantees of up to $24.3 million to Horafia S.A., a company incorporated in Switzerland, for its investments to Djibouti, Mezz Afrique S.A.S. and Djibouti International Business Centre S.A.S, which will respectively hold the project’s assets and provide management services. The guarantees will have a term of up to 15 years, providing coverage against the risks of Transfer Restriction and Inconvertibility, Expropriation, and War and Civil Disturbance.
The project entails designing, building and managing a business and finance center in Djibouti City. The center will include a 17-storey tower hosting high-standing offices destined for corporations of different sizes. Ancillary services, such as maintenance, security and access control, reception, ICT services, cleaning, waste removal, logistics support, parking lot management, and utilities will also be provided.
This proposed project aims to fill the gap in the local offering for office facilities and services of international standard. In doing so, the project will facilitate the establishment of new businesses in Djibouti and increase its attractiveness for foreign investors. If successful, the project will help consolidate Djibouti’s role as a regional hub not only for port logistics, but also for attracting and hosting new services companies. The project is expected to have additional positive impacts on the Djibouti’s economy by creating direct and indirect jobs during construction and operation, and by supporting new businesses for the benefit of the local community.
The proposed project is aligned with MIGA’s priorities of facilitating investments into conflict-affected countries.