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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 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.

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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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.

Our Products Dropdown Description

Young woman bending down to tending to her outside chores

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

Projects Dropdown Descriptions

Hyundai building

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

Hungary

UBP Csepol Iron Foundry Kft

$3.24 million
Manufacturing
Project Brief
Not Active
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In two guarantee contracts MIGA insured UBP, a wholly owned subsidiary of Universal Automotive Industries, Inc., of the United States for its equity and shareholder loan investments in UBP Csepal Iron Foundry Kft. MIGA coverage of $3.2 million was issued against the risks of currency transfer, expropriation, and war and civil disturbance.

UBP acquired the financially distressed Csepal iron foundry, a major steel manufacturing and fabrication plant for more than a century. UBP will modernize and expand the plant, which will produce gray iron and ductile castings for automobile spare parts and machine tools. Automated molding machinery will be introduced for the manufacture of brake rotors, mostly for export to Canada, the United States, and Western Europe, generating export earnings of about $10 million annually.

In addition to improving the plant's production and operations, major rehabilitation of the foundry also will mitigate some environmental impacts. The existing emissions control system will be refurbished, filters and wet scrubbers will be installed to control dust, and the resulting sludge will be neutralized and then disposed of at government-operated landfill. The project will preserve current jobs and create new jobs for an additional 100 nationals. Local managers and other staff will be trained in the United States.

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