Edith Quintrell, the Director of operations of the multilateral investment guarantee agency (MIGA) was expected in Cameroon yesterday. She will stay until February 20, noted a communiqué issued February 17, 2015 by MIGA, structure of the Group of the World Bank specializing in insurance against political risk and improvement of the credit note from the States.
According to the official release, "the purpose of this mission is to identify areas where the MIGA can help Cameroon to raise capital for large projects, particularly in infrastructure, energy and other job-creation sectors.
During her visit, Ms. Quintrell will meet with several departmental officials, as well as representatives from banks and other private sector entities".
The Director of operations is the 2nd MIGA personality to visit Cameroon within a year. Indeed, in January 2014, the Cameroonian authorities had meetings with Michel Wormser, the vice-president of this institution, who was said to have come to present the products of the MIGA.
Six months later, after its Board of Directors on 30th June of the same year, MIGA provided a guarantee of a $ 180 million $ (about 82 billion Cfa francs) to Energy of Cameroon (Eneo), the concessionaire of the public service of electricity in Cameroon, which was bought by the British fund Actis.
Insurance for a period of 8 years, we learned, covered the risks of restriction of transfer currency, war, civil disturbance, and breach of contract.
At the same time, MIGA gave to Globeleq Africa, which controls on behalf of the fund Actis Kribi (216 MW) gas and oil from Dibamba (88 MW) power plants, insurance against the risk of breach of contract over a maximum period of 20 years, for a total of 145.7 million $ (about 66 billion Cfa francs).
MIGA, which celebrated its 25th anniversary in 2013, has issued since its creation nearly $ 30 billion (CFAF 15 000 billion) of guarantees (insurance against political risks) to the support of more than 700 investment projects in 100 developing countries.
Its current portfolio exceeds 10 billion dollars (5,000 billion CFA francs).
Among its major interventions in Africa in 2013, returns to the example of Côte d'Ivoire, which after 10 years of socio-political crisis, was able to mobilise enough funds to revive its reconstruction.
