MSF Trustee LTDA

MIGA insured a groundbreaking initiative to assist the health care delivery system in Brazil, by covering investments in a special purpose company that manages medical equipment loans and leases. The guarantee holder, MSF Cayman Islands Ltd., provides non-shareholder financing to health care enterprises in Brazil to facilitate access to the latest medical diagnostic and treatment technology, currently in short supply. MIGA's $75.45 million insurance also covers the equity investor in the project, MSF Trustee Ltda., against the risks of transfer restriction and expropriation. ACE Global Markets provided reinsurance in support of the guarantee.

MSF Cayman is a wholly owned subsidiary of MSF Holding Ltd., a joint venture company majority-owned by DVI, Inc. of the United States. The International Finance Corporation (IFC) is a shareholder in MSF Holding Ltd., and the project complements the IFC's support for this sector by mobilizing the resources of major equipment manufacturers and funding from international capital markets.

MSF Cayman provides cross-border loans and lease financing to private hospitals, clinics and physician groups throughout Latin America, for the purchase of state-of-the-art diagnostic imaging and radiation therapy equipment. The equipment includes magnetic resonance imaging (MRI), CAT scanners and other medical devices that are essential to the improvement of health care delivery worldwide.

The developmental impacts of this project are significant, particularly for cancer patients. It offers a high-quality, cost-effective and more efficient alternative to invasive surgery or travelling abroad for diagnosis and treatment. Further, highly-skilled doctors from overseas will provide training in Brazil for local medical staff in the use of the modern equipment. International manufacturers will provide the installation and inspection of the equipment. Local health suppliers will also benefit from the project.