World Bank Backs $157M Kenyan Oil Plant

Law360, New York (July 3, 2013, 4:54 PM EDT) -- The risk insurance arm of the World Bank Group has agreed to provide investment guarantees that will unlock a financial package for a $157 million heavy fuel oil plant in Kenya, according to a Tuesday statement.

Specifically, the Multilateral Investment Guarantee Agency is providing a $102.5 million breach of contract cover to a long-term financing package led by the Standard Bank of South Africa and Industrial and Commercial Bank of China, according to a statement. It is also offering $11.1 million in coverage to hedge the...
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