Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Guinea
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Multilateral Investment Guarantee Agency (MIGA)
Status: Proposed
Bank Risk Rating: A
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.
Board Decision Date: 2017-12-14
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 or Client: ING Bank, N.V.
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Mining
Investment Type(s): Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 267.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

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Primary Source

Original disclosure @ MIGA website
Updated in EWS: 2017-10-21
Disclosure Date: 2017-10-16
Guinea Alumina Corporation (GAC)
MIGA-3606

Project Description
This summary covers an application made by ING Bank (Germany) acting as PRI Agent for a group of commercial lenders to cover the commercial debt provided to Guinea Alumina Corporation (GAC or the Project) in the Republic of Guinea. MIGA coverage has been sought for up to US$267 million (including principal and interest) against the risks of Transfer Restriction, Expropriation, War and Civil Disturbance, and Breach of Contract for a tenor of up to 15 years. The project entails the development of a 12 million tonnes per annum (Mtpa) greenfield bauxite mine with an expected life of mine of 20 years, and associated rail, port and marine infrastructure. The mine site is located in the Boké Prefecture of north western Guinea. approximately 300 km by road north of the national capital of Conakry and approximately 100 km northeast of the port city of Kamsar.
Investment Description
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/
Bank Documents