Thalasso Therapy Center

In MIGA's first coverage for a project in Senegal, the agency has provided Mr. Alain Tagini, a Swiss businessman, guarantees totaling $3.13 million for his $0.5 million equity investment in, and $2.3 million loan to, the Thalassotherapy Center in Dakar. The coverage period is for up to 15 years, and provides coverage against the risks of expropriation and war and civil disturbance.

In Senegal, an IDA-eligible country, the travel and tourism sector is experiencing growth, and investments to introduce new products to the tourism industry are expected to contribute to building this sector, and to create new jobs. The therapeutic center, which is based on the beneficial aspects of the sea environment, will be located on the grounds of the Meridien President Hotel Dakar. The project is expected to create approximately 30 local jobs and generate about $1 million in local tax revenues. This project is a pilot for the entrepreneur, who plans to expand by building similar centers in other west African nations.