Republic of Sierra Leone / NEXI Provides Overseas Investment Insurance to Support Investment Project in Pineapple Plantation and Agro-Processing Facility
-First Reinsurance for a Project in the African Regions Underwritten Under MoU with Multilateral Investment Guarantee Agency-

August 26, 2019

Nippon Export and Investment Insurance

Nippon Export and Investment Insurance (NEXI, Chairman and CEO: Atsuo Kuroda) has decided to provide insurance for an investment project of establishing pineapple plantation and Agro-processing facility in the Republic of Sierra Leone (hereinafter “Sierra Leone”), by Dole International Holdings, Inc. wholly owned by ITOCHU Corporation.

For the project, NEXI will offer an Overseas Investment Insurance covering war and civil disturbance risk and force major risk in Sierra Leone, and support Japanese firms’ participation in investment businesses in the regions of Africa, by providing reinsurance against portion of the risk for expropriation by the Sierra Leone government and for breach of the Memorandum of Agreement relating to the project, which the Multilateral Investment Guarantee Agency (“MIGA”, Headquarters: Washington D.C.) of the World Bank Group undertakes. This is the first project in the African regions applied to the Memorandum of Understanding on Reinsurance Cooperation concluded with MIGA in May 2018.

Dole International Holdings intends to establish pineapple plantation and an Agro-processing facility in Lugbu Chiefdom, located about southeast 200km of Freetown, the capital city of Sierra Leone. Africa is a priority country expected to achieve a high growth, and participating in the project will contribute to further development of overseas investment businesses by Japanese firms.

As a governmental financial institution of Japan, NEXI will actively provide support for Japanese companies expanding into the regions of Africa.

1. Overseas Investment Insurance
Insured Dole International Holdings, Inc.
Invested company Dole Asia Holdings Pte. Ltd. (Singapore)
Final investment destination Sierra Tropical Ltd. (Sierra Leone)
Tenor 15 years
Covered risk War and Civil Disturbance risk, Force Major risk 100%

2. Reinsurance from MIGA
Guarantee Dole Asia Holdings Pte. Ltd. (Singapore)
Invested company Sierra Tropical Ltd. (Sierra Leone)
Tenor 10 years
Covered risk Expropriation risk, Breach of Contract risk

Contract: Overseas Investment Insurance Underwriting Group, Underwriting Department
Tel: +81-(0)3-3512-7668