The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, gave investment guarantees for US$120 million to BNP Paribas, which provided loan to Lukoil Oversea to construction of Kandym project and increasing gas production at Khauzak-Shady area, LUKOIL Uzbekistan Operating Company Ltd said.

The project should adhere to MIGA standards on social and economic sustainability. In particular, Lukoil prepared plan to preserve bio diversity at Dengizkul lake, which is close to Khauzak-Shady area.

Lukoil Overseas signed agreements with international consortium of banks on attraction of loan for US$500 million in Tashkent in March 2012.

The MIGA guarantees protect investors from several risks. The guarantees are issued from 3 to 20 years and there is no need for guarantees of the government. (Source: UzDaily.com)