According to the bank website, "The investors have applied for a MIGA guarantee of up to $225,000 (90 percent of additional equity of $250,000) for a period of up to ten years against the risks of transfer restriction, expropriation, and war and civil disturbance. ShoreCap invested $1 million into BAB in 2006 which was also covered by aMIGA guaranteeagainst the same risks.
SCI along with three foreign sponsors, including theInternational Finance Corporation (IFC), a World Bank Group member, will invest additional capital into BRAC Afghanistan Bank. The additional funds are required to meet the Afghanistan Bank's $5 million minimum bank capital requirement; to fund infrastructure investments in additional branches, automated teller machines and point of sale devices; and toleverage a small business loan portfolio which is expected to grow to almost $50 million by the end of 2008."
No contact information provided at the time of disclosure.
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/