Praxair Peru S.A.

MIGA issued coverage of $2.7 million for a loan guaranty to S.A. White Martins of Brazil for its guaranty of a loan by Banco Santander S.A. for expansion of an industrial gas company in Pisco. MIGA covers the investment against the risks of transfer restriction and expropriation.

The project involves the expansion and modernization of Praxair Peru S.A. through construction and operation of a new facility in Pisco. In 1998 MIGA provided $10.7 million of coverage to investments in this facility.

Praxair produces and markets chemicals, such as argon, used in laboratory equipment and for welding. In addition, it produces carbonic gases and nitrogen used in mining and metals, and in the food and beverage sectors. The project is expected to triple Praxair's production capacity in Peru.