Anil Bhandari

Successful example of partial risk guarantee for toll road project
• Philippines, Manila North Tollways Corporation Project (2001)
• 30 year toll road BOT concession
• rehab & construction (90km section), estimated costs $ 377m ($117m equity, $
260m loans)
• partial risk guarantee for equity investment (for EGIS, shareholder of
concession company) and for debt-financing (WestLB(
WestLB, , one of
concessionaire’s s lenders)
• risk coverage: transfer restriction, expropriation, war & civil disturbance
and breach of contract (particularly, toll adjustment)
• guarantee amount $ 87m
• additionally provision of $ 45m A-loan A
from IFC