Vidriera Centroamenicana, S.A.

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In its first project with a Panamaian investor, MIGA covered a loan guaranty by Empresas Comegua, S.A., and a loan by Scotia Mercantile Bank of the Cayman Islands to expand and modernize a glass-melting furnace in San Nicolás de Cartago. The loan guaranty by Comegua guarantees a loan made by Scotia Mercantile Bank to the project enterprise, Vidriera Centroamerico, S.A.. MIGA coverage totaling $16.2 million was issued to cover the investment against the risk of transfer restriction. The manufacturing plant, Vidriera, is part of a consolidated group of companies held by Comegua, which is a joint venture between Mexican, Costa Rican, and Guatemalan glass manufacturers. The Vidriera project will manufacture, process, and sell several types of glass containers for the beverage and fruit juice processing industries in Costa Rica. The expansion of the project involves the construction and installation of a 200 metric ton glass-melting furnace to help meet the projected demand for glass containers in Central America and the Caribbean. Vidriera is the only glass melting furnace in Costa Rica and will complement the facilities in Guatemala, which currently serve the region's demand for the containers. The furnace will use state-of-the-art technology and will have direct support from its European equipment suppliers.

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