CNG Glass (Nigeria) FZE (MIGA-3542)

Countries
  • Nigeria
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 17, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
CNG (Nigeria) Investment Limited, China Development Bank
The holder of the loan, grant, or other investment.
Investment Amount (USD)
$ 70.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ MIGA website

Updated in EWS Nov 28, 2017

Disclosed by Bank Mar 13, 2017


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Project Description
This summary covers an equity investment and non-shareholder loans by CNG (Nigeria) Investment Ltd. (CGIL) of Hong Kong and China Development Bank (CDB) of China into CNG Glass (Nigeria) FZE in Nigeria. The investors have applied for MIGA guarantees of up to $70 million, available for up to 10 years, against the risks of Expropriation, Transfer Restriction, and War and Civil Disturbance. The project involves the design, construction and operation of a float glass manufacturing plant with a capacity of 500 tons per day (tpd) in Nigeria's Ogun Guangdong Free Trade Zone, about 30-km from Lagos. This would be CGHL's first construction material project in Africa.
Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information
ACCOUNTABILITY MECHANISM OF MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/