BNP-Dresdner Bank Z.A.O.

In its largest guarantee issued to date, MIGA covered a shareholder loan by Banque Nationale de Paris for $90 million against the risks of transfer restriction and expropriation. The loan will expand BNP's branch bank in St. Petersburg and will add to the pool of long-term capital available to companies in the country.

MIGA's guarantee is reinsured by the Compagnie Française d'Assurance pour le Commerce Extérieur (COFACE), an insurance company that provides export credit and long-term insurance on behalf of the government of France. This was MIGA's first reinsurance agreement with COFACE.