Ice Ice Baby Limited

MIGA has issued a guarantee of $ 1.2 million to the Sierra Investment Fund (SIF) of Mauritius covering its investment in Ice Ice Baby Ltd (IIB) of Sierra Leone.  The SIF is managed by MANOCAP LLC, also of Mauritius.  The MIGA coverage is for a period of up to 10 years against the risks of transfer restriction, expropriation, and war and civil disturbance.

SIF’s investment will be to acquire IIB equity and to finance modernization and expansion of the firm’s operations.  IIB is a Sierra Leone limited liability company engaged in the manufacture of crushed and cubed ice for the fishing (artisanal and commercial) and consumer (beverage) segments of the Sierra Leonean market.  

This project involves the acquisition and modernization of an existing ice manufacturing operation, and is expected to yield positive developmental impacts with respect to introduction of managerial best practices, operational efficiencies, and quality control processes to the target company, resulting in significant growth in its operations and market reach.

This investment fits well with the World Bank Group’s country partnership strategy for Sierra Leone, particularly with regard to supporting the development of a competitive private sector.

MIGA’s participation in the project is aligned with key agency priorities, which include encouraging investment in post-conflict and IDA-eligible countries. This project was underwritten through MIGA’s Small Investment Program.