Citibank, N.A. - Sucursal Caracas
MIGA issued $40 million in guarantees to Citibank, N.A. of the United States for a shareholder loan to its branch bank in Caracas. The guarantee covers the loan against the risks of transfer restriction and expropriation.
The loan will allow Citibank, N.A. (Venezuela) to expand its services to local and multinational companies in the areas of oil and petrochemicals, metal and mining, and telecommunications. The branch provides trade financing, short and medium-term U.S. dollar financing, foreign exchange services transactions, and development of capital market products.