Student Accommodation Public Private Partnership (MIGA-15734)

Countries
  • Malawi
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 31, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Old Mutual Malawi Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 47.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Feb 21, 2022

Disclosed by Bank Nov 24, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, this summary covers a proposed investment to Old Mutual Malawi (OMM) Limited ("Guarantee Holder"). OMM seeks MIGA insurance coverage against the risks of Breach of Contract as well as Expropriation and War and Civil Disturbance on its equity investment of up to US$47 million for a period of 20 years. The Project entails the investment by OMM in OMIG Student Accommodation Limited to construct and operate student accommodation facilities at three (3) locations in the university system of Malawi, which includes (i) the Kamuzu University of Health Sciences Lilongwe Campus (KUHeS LL); (ii) Kamuzu University of Health Sciences Blantyre Campus (KUHeS Blantyre); and (iii) Lilongwe University of Agriculture and Natural Resources (LUANAR), Bunda Campus under a 35-year Public Private Partnership Agreement between OMM and the Government of Malawi (GoM) and the Universities Council. The PPP is structured on a Build Operate Transfer (BOT) basis.

The Project once constructed and completed will provide a total of 4,742 new beds in high-quality accommodations. All developments are located on University land within established campus boundaries. The Project includes the construction and operation of the student accommodation facilities that includes: i) KUHeS LL consisting of 154 beds (102 rooms) with a development footprint of 3,063 m2; ii) KUHeS Blantyre consisting of 560 beds (359 rooms) with a development footprint of 11,595 m2; and iii) LUANAR, Bunda Campus consisting of 4030 beds (2,318 rooms) with a development footprint 61,834 m2.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Old Mutual Malawi Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

*Contact information not provided at the time of disclosure*

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information 

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org 

ACCOUNTABILITY MECHANISM OF IFC/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 

How it works

How it works