By J. T. Winpenny
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Additional info for Guaranteeing Development?: The Impact of Financial Guarantees (Development Centre Studies)
The socalled monoline insurance companies offer integrated risk management products, with credit risk included. However, monoline companies require an investment-grade rating before the guarantee, whereas multiline companies can accept lower rated transactions, and prefer high non-investment grade transactions before the guarantee (Kotecha, 2004). 3. a. a. 10 yr Argentina: maturity 3 yr 5 yr Sources: © OECD 2005 World Bank presentations and internal data. a. = implies loan not available without guarantee.
MIGA provided an $18 million policy for political risk insurance covering expropriation, war and civil disturbance. It explicitly included the wrongful call of the performance bond, which the company was obliged to deposit to guarantee its implementation of the concession contract. This contract links tariff increases to improvements in the quality of water and service delivery, and specified increases in the number of water and sewerage connections. Non-compliance with these performance conditions could trigger the call of the performance bond at any time.
It will have a particular focus on sub-Saharan Africa, and will operate in poorer countries, as defined by the DAC. GuarantCo was established as a limited liability company in 2003, with the PIDG Trust as sole shareholder. Its purpose is to provide credit enhancement of bonds and other commercial paper issued by PSP infrastructure projects and certain municipal bonds. It will counter-guarantee the partial guarantees of local banks made to bonds of infrastructure projects. Investors will be left with some residual risk, and the counter-guarantees offered to local banks will not cover their full exposure.
Guaranteeing Development?: The Impact of Financial Guarantees (Development Centre Studies) by J. T. Winpenny