HHW, S.A.

On December 7, 2011, MIGA issued a guarantee of €3.07 million ($4.1 million equivalent) to Fons Mediterrània Capital, F.C.R. de Régimen Simplificado of Spain (FMC) for its investment in HHW, S.A. (HHW) in Tunisia. The coverage is for a period of up to five years against the risks of transfer restriction, expropriation, and war and civil disturbance.

HHW is an existing portfolio company of FMC, a Spanish private equity fund. HHW specializes in the assembly and marketing of Haier brand household appliances in Tunisia. HHW’s main products are refrigerators, freezers, air conditioners, and washing machines. Its operations are based in an industrial zone in the town of Ben Arous seven kilometers from Tunis.

MIGA’s support to this project is consistent with the first pillar of the World Bank Group’s Country Partnership Strategy for Tunisia, which focuses on employment, growth, and competitiveness. In addition, the project is consistent with MIGA’s efforts to mobilize $1 billion in insurance capacity to support foreign direct investment into the Middle East and North Africa. This existing investment has also created 148 permanent employment positions and contributed to the economic growth of the community of Ben Arous. The project was underwritten through MIGA’s Small Investment Program.