Multilateral Investment Guarantee Agency Enhancing Investments in Africa WBG Japan Business Meeting on Investments in Africa Tokyo, March 2014
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1 Multilateral Investment Guarantee Agency Enhancing Investments in Africa WBG Japan Business Meeting on Investments in Africa Tokyo, March 2014 MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 1
2 1. Typical Risks Faced by Investors in Developing Countries 2. Why Africa? 3. Overview of MIGA and its services 4. Sample Guaranteed Investments in Africa 5. MIGA Asia Contacts MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 2
3 Perceived Risks in Emerging Market Investment by Investors Percent of respondents Source: MIGA-EIU Political Risk Survey MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 3
4 Typical Risks Faced by Investors and PRI Solutions Inability to convert or transfer dividends or loan payments due to FX restrictions Transfer and Convertibility Cover Failure of government to honor obligations under key project documents (e.g. concessions, off take agreements) Breach of Contract Cover Government nationalizes or otherwise makes it impossible to operate the project through discriminatory measures Expropriation Cover Destruction or interruption of business due to political violence War and Civil Disturbance Cover MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 4
5 1. Typical Risks Faced by Investors in Developing Countries 2. Why Africa? 3. Overview of MIGA and its services 4. Sample Guaranteed Investments in Africa 5. MIGA Asia Contacts MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 5
6 Africa: Higher Growth and Returns Robust GDP growth rates FDI returns (2010) 12% 10% 25% 20% 20% 8% 6% 15% 15% 14% 4% 10% 2% 5% 0% 0% Africa Asia Latin America Developing countries excl. China Sub-Saharan Africa Sub-Saharan Africa excl. ZAR Growth driven by investments backed up by improved governance and economic policymaking Source: World Bank Africa provides higher returns on FDI compared to Latin America and Asia Source: Development Prospects Group MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 6
7 1. Typical Risks Faced by Investors in Developing Countries 2. Why Africa? 3. Overview of MIGA and its services 4. Sample Guaranteed Investments in Africa 5. MIGA Asia Contacts MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 7
8 World Bank Group IBRD International Bank for Reconstruction and Development IDA International Development Association Est Est IFC International Finance Corporation Est Est MIGA Multilateral Investment Guarantee Agency Role: To promote institutional, legal and regulatory reform To promote institutional, legal and regulatory reform To promote private sector development To promote cross-border investments Clients: Products: Governments of member countries with per capita income between $1,025 and $6, Technical Assistance - Loans - Policy Advice Governments of poorest countries with per capita income of less than $1,025 - Technical Assistance - Interest Free Loans - Policy Advice Private companies in member countries - Equity/Quasi-Equity - Long-term Loans - Advisory Services Foreign investors in member countries Credit Enhancement and Political Risk Insurance for Financial Institutions (loans) and Investors (equity & shareholders loans) Shared Mission: End extreme poverty and build shared prosperity MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 8
9 What We Do Noncommercial risk insurance (guarantees) for investors and lenders Proven success in supporting resolution of investment disputes Technical assistance to help countries attract and retain FDI through FIAS (Foreign Investment Advisory Services) MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 9
10 Our Development Priorities Focusing on sustainable development Opening up difficult or frontier markets, especially in conflictaffected countries Supporting investments in Africa and the world s poorest countries Supporting infrastructure projects, at both the sovereign and subsovereign levels Promoting cross-border investments between developing countries MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 10
11 Our Risk Coverages Currency Transfer Restriction and Inconvertibility Expropriation War and Civil Disturbance Breach of Contract (including against SOEs) Non-honoring of Sovereign Financial Obligations (including against SOEs) MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 11
12 Our Performance: Gross Exposure (US$ billion) Supported more than 750 projects Issued record $2.8 billion of guarantees in FY13 ended June 30 Note: CAGR (05-13): 9.8% MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 12
13 Our Performance: Issuances Gross Exposure By Region FY13 Sector Breakdown FY13 MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 13
14 1. Typical Risks Faced by Investors in Developing Countries 2. Why Africa? 3. Overview of MIGA and its services 4. Sample Guaranteed Investments in Africa 5. MIGA Asia Contacts MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 14
15 Shareholder Loan $3.4mn Political Insurance Standard Risks Protection, Hitachi Construction Machinery investment in Zambia, Southern Africa South Africa Zambia 100% HCSA (South Africa) MIGA Guarantee 10% HCM (Japan) 100% HCAF (South Africa) 90% HCMZ (Zambia) 100% Reman Plant (Project Enterprise) MIGA Guarantee Project: Construction and operation of a remanufacturing plant in Lusaka, Zambia. Cover for standard political risks of Expropriation, War & Civil Disturbance, and Currency Inconvertibility / Transfer Restriction Risks Tenor: 20 years Amount: US$13.5m MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 15
16 Political Insurance Standard Risks Protection, Sojitz Corporation investment in Mozambique, Southern Africa Project: Development of a greenfield wood-chipping operation in Maputo, Mozambique Cover for standard political risks of Expropriation, War & Civil Disturbance, and Currency Inconvertibility / Transfer Restriction Risks Tenor: 10 years Amount: US$13.9m MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 16
17 Political Insurance Standard Risks Protection + Breach of Contract, Daye Water Investment BV (Sojitz Corporation) investment in Ghana, Western Africa Project: Construction and operation of a seawater desalination plant in Accra, Ghana Cover for standard political risks of Expropriation, War & Civil Disturbance, Currency Inconvertibility / Transfer Restriction Risks, plus Breach of Contract Tenor: 20/14/12 years (equity/shareholder loan / commercial debt) Amount: US$179.2m MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 17
18 Political Insurance Breach of Contract, Energy Sector Azito Energie S.A., Côte d Ivoire Hyundai Engineering & Construction Co. (EPC Contractor) Azito O&M-affiliated to Globeleq (Operator) Alstom Power Systems SA (Major Maintenance) Obligor Guarantee holder Shareholder Loan Globeleq, IPS (Sponsors) Azito Energie S.A. Concession Agreement Proparco, BIO, DEG, FMO, EAIF, BOAD, BICICI (Lenders) Loan Irrevocable Instruction to Offtake and pay Gas Sales Agreement Compagnie Ivoirienne de l Electricité - CIE (Electricity Off-taker) Government of Côte d Ivoire Direct Agreement Project: Conversion of the existing Azito Thermal Power Plant from simple-cycle to combined-cycle 20-year power purchase agreement with CIE MIGA s BoC cover on a shareholder loan from Globeleq Tenor: 20 years Amount: US$116.1m MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 18
19 Political Insurance Breach of Contract, Transportation sector Doraleh Container Terminal Project, Djibouti Direct Agreement DP World Djibouti FZCO Shareholder Musharaka (Financing) Guarantee Dubai Islamic Bank PJSC Project: Development, design, construction, management, operation, and maintenance of a new container port terminal in Doraleh, Djibouti Port Autonome International de Djibouti State Owned Enterprise Government of Djibouti Obligor Guarantee holder Project Company Doraleh Container Terminal S.A. Concession Contributes X% DCT Musharaka JV Financiers Investment Agent Shareholder Project Enterprise Doraleh Container Terminal Project Contributes X% Standard Chartered Bank WestLB AG 30-year concession from Govt. of Djibouti to DP World, UAE; and Port Autonome International of Djibouti MIGA s BoC, EXPRO, WCD & TR covers. MIGA s first guarantee for an Islamic financing structure Tenor: 10 years Amount: $427m ($5m DP World equity and $422m Islamic project financing ) MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 19
20 Political Insurance Breach of Contract Cover, Energy sector Thika Power Ltd., Kenya Melec Power Gen (BVI) Minority Investor AfDB ABSA Capital Loan under Common Terms Agreement MAN Diesel + Melec Power Gen EPC Equity Thika Power Ltd. Letter of Support Power Purchase Agreement L/C Govt. of Kenya Indemnity Guarantee L/C Bank KPLC (SOE) Reimbursement agreements Project: Construction of a heavy fuel oil plant near Nairobi (87 MW) 20-year power purchase agreement with Kenya Power and Lightning Co. MIGA cover Breach of Contract of a loan from ABSA Tenor: 15 years Amount: US$62m MAN Diesel + Turbo France SAS O&M Obligor Guarantee holder MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 20
21 Political Insurance Coverage for Private Equity, Agribusiness sector Chayton Africa, Zambia Norfund (Norway) Zeder/PSG (South Africa) Chayton Africa Chayton Management 21.8% 73.4% 4.8% Equity Project: Master contract for Chayton Africa for investments in farming 3-year master contract leading to 3 specific investments projects (wheat and barley) Commercial Lenders Equity (100%) Chobe Agrivision Company Ltd. IPPA Government of Zambia and Zambia Development Agency MIGA cover: BoC, TR, EXPRO and WCD Tenor: 15 years for specific projects Amount: US$50m Project #1 Project #2 Project #3 Obligor Guarantee holder MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 21
22 1. Typical Risks Faced by Investors in Developing Countries 2. Why Africa? 3. Overview of MIGA and its services 4. Sample Guaranteed Investments in Africa 5. MIGA Asia Contacts MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 22
23 Asia Hub Team Singapore Hub Office Muhamet Bamba Fall, Regional Head (Acting) Asia Pacific Tokyo Office Yasumitsu Himeno, Chief Representative, Japan yhimeno@worldbank.org Hong Kong Office Timothy Histed, Head of Origination, North Asia thisted@worldbank.org Seoul Office Junglim Hahm, Chief Representative, Korea jhahm@worldbank.org Beijing Office Gary Shen, Chief Representative, China gshen@worldbank.org MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 23
24 I N S U R I N G I N V E S T M E N T S E N S U R I N G O P P O R T U N I T I E S MULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP 24
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