Marina de Herradura S.A.

MIGA issued guarantees totaling $21.6 million to Marriott International, Inc. of the United States and Scotia Mercantile Bank of the Cayman Islands for their respective investments in the construction and operation of a 200-room hotel and golf club in Costa Rica. Scotia Bank received debt coverage of $18 million against the risks of transfer restriction, expropriation, and war and civil disturbance. Marriott received guarantees totaling $3.6 million to cover its equity and management fees against the risk of transfer restriction.

The project will be located in Bahia Herradura,65 miles west of San José, and will complement the government's efforts to promote tourism. The local economy will benefit from purchases of building materials during construction and agricultural and marine products once the hotel is in operation. More than 200 permanent jobs will be created. Employees will be trained at other Marriott hotels. The project will generate $1 million in annual tax revenues.