The Multilateral Investment Guarantee Agency (Miga) has provided guarantees of up to US$437mn for the construction and operation of on/offshore oil and gas facilities in Côte d’Ivoire.

The guarantees back an equity investment by SCDM Energie SAS of France and a loan arranged by HSBC, protecting them against the risks of transfer restriction, war and civil disturbance, expropriation, and breach of contract for a period of eight years.

The expansion of Block CI-27 off the coast of Côte d’Ivoire includes an upgrade of the existing operational production platform and the construction and operation of a greenfield production platform to ensure reliable and continuous supply of natural dry gas for local consumption.

After suffering from a lack of investment for the past 10 years due to civil conflict, Côte d’Ivoire’s situation in improving, and its demand for power is forecast to grow at 7% a year.