MIGA Supports Wastewater Treatment Plants in China

MIGA Supports Wastewater Treatment Plants in China
Investment Will Increase Treatment Capacity
and Improve Environment, Sanitation, and Public Health

WASHINGTON, DC, April 3, 2012—The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, announced its support for  wastewater treatment plants in China aimed at improving the health and wellbeing of local residents. MIGA guarantees of $57 million are covering Standard Chartered Bank’s financing to Maxrise Envirogroup Ltd for the acquisition, upgrading, and expansion of three wastewater treatment plants located in Hebei province. The investment will help bolster the country’s wastewater sector as it deals with the triple challenges of population increases, rapid urbanization, and industrialization.

Wastewater treatment is a critical environmental issue in China, especially in the second and third level cities such as Tangshan and Bazhou where the plants are located. The cities currently have limited wastewater treatment capacity, with significant implications for public health and the environment. Standard Chartered Bank’s support for the investment is in line with the local government’s plan to address the issue by introducing international know-how and attracting foreign direct investment to help finance improvements.

Izumi Kobayashi, MIGA’s Executive Vice-President noted, "As a result of this project, the environment and quality of life will improve in Hebei Province. We also expect the quality of the water in the Mangniu River to improve." Kobayashi continued, "Standard Chartered Bank’s investment is timely and significant for China as it continues on its development path; we are happy to support it with our investment guarantees."

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MULTILATERAL INVESTMENT GUARANTEE AGENCY
A Member of the World Bank Group
1818 H Street, NW, Washington, DC 20433

MIGA Contact:
Mallory Saleson, MIGA
Tel: +1 202 473-0844
E-mail: msaleson@worldbank.org

Rebecca Post, MIGA
Tel: +1 202-473-1964
E-mail: rpost@worldbank.org

Cara Santos Pianesi
Tel: +1.202.458.2097
E-mail: csantospianesi@worldbank.org