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MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

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Explore global projects that support economic growth, reduce poverty and improves people’s lives.

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Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

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World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Our Impact Dropdown Description

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

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Explore different types of political risk insurance guarantees provided to investors and lenders.

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Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Togo

Societe Cotonniere des Savanes S.A. (SOCOSA)

$7.4 million
Agribusiness
Project Brief
Not Active

In its first project in Togo, MIGA is providing Banque Belgolaise and Joseph Fermon, chairman of the Continental Eagle Corporation, the world's largest cotton equipment manufacturer, guarantees totaling $7.4 million. The guarantees are against the risks of expropriation, and war and civil disturbance. They cover an equity investment and loan to a cotton concession, Sociiti Cotonniére des Savanes S.A. (SOCOSA).

The project, which is a new cotton ginning facility, seeks to promote exports from Togo under the Free Trade Zone Act, and supports the government's strategy of increasing economic growth in the north of the country. It will constitute the country's sixth cotton ginning factory and the largest agribusiness in the north. It will export all of the cotton produced and is expected to generate more than $60 million in foreign exchange earnings over the next five years. With approximately 195 employees, SOCOSA will be one of the main employers in the Dapaong area, and its operations will positively affect the livelihood of the local population. A comprehensive onsite and offsite technical training program will be implemented. The project is also expected to stimulate numerous downstream local businesses, including a cotton oil refinery.