According to the Bank’s website, this summary covers EUR 308.7 million equity investments from Sonatel SA of Senegal to Orange Guinea and Orange Guinea-Bissau (the "Project Companies"), including EUR 75 million future investments in Guinea. Sonatel SA has applied for MIGA guarantees to cover its equity investments for a guarantee period of up to six years in Guinea against the risks of Expropriation, War and Civil Disturbance and Transfer Restrictions & Currency Inconvertibility ("Sub-Project Guinea Conakry"); and against the risks of Expropriation and War and Civil Disturbance in Guinea-Bissau for a period of up to four years ("Sub-Project Guinea-Bissau"), together "The Projects".
The Projects will support the Sonatel Group in Guinea and Guinea-Bissau in the expansion of its network, equipment upgrade and renovation, introduction of new services, such as 4G/5G, and support for the expansion of mobile money and other digital financial products. As in most countries in the region, Guinea and Guinea-Bissau aim at increasing broadband internet access and availability of digital services, affordability and availability, as well as adoption of voice and messaging services. While Guinea and Guinea-Bissau's telecom markets have made progress in these areas, much remains to be done to increase access to broadband and digital services.
MIGA's proposed Gross Amounts of Guarantees will be up to EUR 254 million in Guinea and up to EUR 23.8 million in Guinea-Bissau. The revenues for these investments and future retained earnings will come from the Project Companies' cash flows generated from their telecom operations in these countries. Given that both Guinea and Guinea-Bissau are IDA-eligible countries, the Projects are expected to use IDA IFC-MIGA Private Sector Window/MIGA Guarantee Facility ("MGF") to mitigate project risks.
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No contact information provided at the time of disclosure.
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