World Bank Member Backs Ivory Coast Gas Field Expansion

Law360, New York (January 11, 2013, 1:23 PM EST) -- The political risk insurance arm of the World Bank Group said Friday that it had provided guarantees of up to $437 million for new offshore oil and gas fields in the Ivory Coast, backing an equity investment by France's SCDM Energie and debt from HSBC Holdings PLC.

The guarantee by the Multilateral Investment Guarantee Agency will cover construction — the riskiest part of new energy projects — and operation of a new production platform in a shallow-water oil and gas field about 11 miles off the...
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