According to the bank website, "This summary covers a proposed investment by The Hongkong and Shanghai Banking Corporation Limited of Hong Kong, SAR, China, and other international financial institutions to be determined (together, the Guarantee Holders). The Guarantee Holders intend to provide a non-shareholder loan to the Bangladeshi state-owned enterprise Bangladesh Chemical Industries Corporation (BCIC) guaranteed by the Government of Bangladesh to finance a new fertilizer plant, the Ghorasal Polash Urea Fertilizer Project (the Project). The Guarantee Holders have applied for a MIGA guarantee covering up to US$450 million of principal, future interest and premium for a term of up to 15 years against the risk of non-honoring of a sovereign financial obligation.
The Project will consist of the engineering, design, procurement, construction, completion, testing, start-up, commissioning, operation and maintenance of the Project which is located in the district of Narsingdi, Bangladesh, with a capacity to produce up to c. 0.9 million tons per annum of urea from natural gas. When operational, the Project will replace two obsolete fertilizer plants."
No contact information provided at the time of disclosure.
ACCOUNTABILITY MECHANISM OF MIGA
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