logoBC
Yaoundé - 26 February 2024 -
Public management

World Bank's MIGA boasts $458mln investment portfolio in Cameroon

World Bank's MIGA boasts $458mln investment portfolio in Cameroon
  • Comments   -   Wednesday, 07 February 2024 16:37

(Business in Cameroon) - The Multilateral Investment Guarantee Agency (MIGA), a subsidiary of the World Bank that provides investors and cross-border creditors with guarantees against political risks, claims a robust portfolio of $458 million (nearly CFA280 billion) in Cameroon as of December 31, 2023.

This figure was revealed during the visit of Shuichi Hayashida, MIGA's Head of West and Central Africa, to the Investment Promotion Agency (API) in Cameroon on January 31, 2024. With officials from this Cameroonian public institution, the MIGA representative explored opportunities for collaboration aimed at attracting more investors to the country. And, according to the company, MIGA's missions and status are a major asset in this field.

Indeed, in its investment guarantee guide, the agency noted that “MIGA’s guarantees protect investments against noncommercial risks and can help investors obtain access to funding sources with improved financial terms and conditions. The agency derives its unique strength from being a member of the World Bank Group and a treaty-based international organization whose shareholders include most countries of the world. This enables MIGA to provide an umbrella of deterrence against government actions that could disrupt projects and to assist in resolving disputes between investors and governments.”

In this context, MIGA issued a €164.5 million guarantee (around CFA108 billion) to secure the investments made by EDF and Stoa Infra & Energy in the ongoing construction of the Nachtigal Dam (420 MW) in the Central Region of Cameroon. Essentially, the agency provides a contract breach guarantee for up to 15 years to these two shareholders of Nachtigal Hydro Power Company (NHPC), the entity overseeing the project's development and operation. This initiative aims to increase Cameroon's electricity generation capacity by 30% in a single move.

Simultaneously, MIGA has been guaranteeing the investments of the British fund Actis, present in Cameroon through Eneo, the power utility, since 2014. Since 2012, this World Bank subsidiary has also supported the investment made in Cameroon by HTT Telecom SA, the parent company of the 4G Africa group, with Yoomee being its most recognized brand.

cameroon-s-minister-of-energy-asks-for-patience-over-power-cuts-until-march-2024
For over two months, households and businesses across seven of Cameroon's ten regions connected to the Southern Interconnected Grid (RIS) have been...
cameroon-waives-import-duty-on-190-000-tons-of-rice-from-india-to-combat-rising-prices
To facilitate the import of 190,000 tons of rice from India in March and April 2024, the Cameroon Government has offered a special incentive to importers...
china-remained-cameroon-s-leading-supplier-in-2022-despite-minor-market-share-dip
The National Institute of Statistics recently issued a statement, providing data on Cameroon’s trade exchanges in 2022. According to the document,...
cameroon-s-lng-earnings-soar-by-148-8-in-2022-ins
Cameroon experienced a "spectacular" surge in revenues from liquefied natural gas (LNG) exports in 2022, data from the national stats agency INS showed....

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »