MIGA Supports Tropical Fruit Production in Sierra Leone

MIGA, a member of the World Bank Group, has issued $36 million in guarantees for the design, construction and operation of a facility in southern Sierra Leone that is cultivating and to process pineapples and other tropical fruit for export. The Agency is providing protection from Expropriation and Breach of Contract for up to 10 years to Dole Asia Holdings, a subsidiary of ITOCHU Corporation, for its investments into Sierra Tropical Limited. In addition to its own resources, MIGA is using the International Development Association’s MIGA Guarantee Facility (MGF) to provide a first-loss layer in support of the project. The MGF helps bridge gaps where market and MIGA-arranged capacity are insufficient or unavailable to crowd in private investment. Nippon Export and Investment Insurance (NEXI), the Japanese Export Credit Agency, is reinsuring a portion of MIGA’s exposure, in addition to providing its own insurance to Dole International Holdings, Inc. This is NEXI’s first reinsurance arrangement in Africa with MIGA, following an MOU signed between the two institutions in May 2018. The greenfield agro-industrial facility will process tropical fruit – primarily pineapple, for export throughout the world. The facility is planting, growing and will harvest crops, and house a packing plant and associated facilities. “With over 60 percent of Sierra Leone’s work force in agriculture – and 60 percent of that work force consisting of women – increasing investment in food production and processing is essential for the country,” MIGA EVP & CEO Keiko Honda said. “Furthermore, this project will help bring in foreign exchange, while helping diversify the economy away from mining.”

Should government go ahead and repeal the criminal libel laws?"

View Results

Loading ... Loading ...

Login or Subscribe to read the entire article