Guarantees opeRAtIonAl oveRvIeW technical Assistance ...

[Pages:36]Operational Overview

Guarantees

Technical Assistance

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18 | MIGA ANNUAL REPORT 08 OPERATIONAL OVERVIEW

Guarantees

Fiscal year 2008 was a very good year for MIGA, with new guarantee issuance reaching $2.1 billion. This is the largest amount of new gross exposure in MIGA's history. The increase in coverage represents the fourth consecutive year of growth in the amount of guarantees issued by the agency. The coverage reflects MIGA's focus on supporting projects in countries that carry a higher perception of risk-- including in Africa, IDA-eligible and conflict-affected countries-- facilitating complex infrastructure transactions, and working with investors and client countries to help them resolve disputes and keep guaranteed investments on track.

Risk Perception Increases with Uncertainty in Global Financial Markets

After four years of robust GDP and trade growth, supported by strong financial markets, fiscal year 2008 witnessed a growing liquidity crunch in credit markets triggered by subprime losses in the mortgage industry in the United States. Despite strong production growth at the aggregate level, higher food and energy prices caused real incomes to decline, significantly increasing the hardships faced by the very poor, particularly in urban centers. Although conditions in global financial markets turned from exceptionally favorable to less stable and less predictable, growth for developing countries as a group is expected to moderate from 7.8 percent in 2007 to a still strong 6.5 percent in 2008. Net foreign direct investment (FDI) flows to developing and high-income countries continued to surge in 2007, with global inflows reaching an estimated $1.7 trillion, just over a quarter of which went to developing countries. Net FDI inflows to developing countries as a whole increased to an estimated $471 billion. Despite the resilience demonstrated by some countries, increased volatility made many developing countries more vulnerable, resulting

in increased risk perception and underscoring the need for MIGA's support to attract profitable and developmentally beneficial foreign direct investment.

MIGA Keeps Pace with Changing Political Risk Insurance (PRI) Market

The PRI market in which MIGA operates has been changing rapidly over the last few years. Since 2002, there has been a marked increase in FDI into emerging markets, coupled with a decrease in perceptions of political risk. At the same time, the PRI market has witnessed the entry of new private sector players and the growth of operations of existing players. This has altered the competition dynamic by strengthening the bargaining power of customers. Together, these factors have resulted in significant downward pressure on premium rates in the PRI market. In this environment, MIGA has been able to maintain its relevance by providing coverage for "riskier" post-conflict countries and frontier markets, and for longer tenors; tailoring its instruments to meet the needs of diverse investor groups; and deepening collaboration with other public and private insurers.

Operational Activities Illustrate Agency's Added Value

MIGA's operational activities in fiscal year 2008 were mainly guided by the development needs of member countries, the demands of a changing FDI environment and PRI market, and the desire to complement other insurers and institutions that provide similar services. The agency remained focused on its mandate of promoting sustainable FDI into developing economies, particularly in the areas where it has a comparative advantage and offers maximum value: the world's poorest (IDA-eligible countries); conflict-affected countries; complex infrastructure projects; and South-South investment.

Given the agency's strong performance in achieving its priorities, MIGA's operational directions for the next three years--approved by the Board this fiscal year--will remain focused on the same priority areas. At the same time, the agency will continue to strengthen business development, streamline internal processes, and continue to develop market intelligence. These priority areas and operational guidelines will help the agency support underserved markets and clients, while remaining financially sustainable.

OPERATIONAL OVERVIEW MIGA ANNUAL REPORT 08 | 19

Guarantees Portfolio Reaches achieving its mandate of encouraging the Democratic Republic of Congo,

New Heights

foreign investors and lenders into

and one in Rwanda. Four are in

markets they perceive as risky and

conflict-affected countries.

Against a backdrop of turmoil in

supporting them until they feel com-

financial markets, MIGA scaled up its fortable enough to bear the risks on

This year, the SIP graduated from the

support for FDI flows into developing their own.

pilot phase and was integrated into

member countries. The agency issued

MIGA's standard operations with two

$2.1 billion in guarantees in fiscal

The fiscal year 2008 results bring

modifications--an increase in the

2008, representing a $730 million

total volume of guarantees issued

investment size threshold from $5

increase over 2007. Gross portfolio

since MIGA's inception to $19.5

million to $10 million, and a formal

exposure increased from $5.3 billion

billion, including amounts leveraged

restriction on eligible projects to the

to $6.5 billion (see Figure 2). MIGA

through the Cooperative Underwriting finance, agribusiness, manufacturing,

guarantees were spread across 24

Program.

and services sectors. (See Box 1 for

projects, with about 63 percent or 15

more.)

projects, repreFsiegnutrieng1:$E6a8r9n.e6dmPirlleiomni,um, Fees, and Investment Income* ($M)

Figure 5: Guarantees Issue

in IDA-eligible (the world's poorest)

MIGA's Support for Small

Percent of Gross Exposure

countries. Nine08projects, representing 38.9 4P5r.3ojects Continues

Dispute Resolution and Pre-

$218 million, were in sub-Saharan

Africa--anothe0r7area of special focus 36.3

42.7

The agency continued its support

Claims Assistance: Keeping Investments and Benefits on

for the agency.0I6n addition, $99.1 37.2 11fo.4r small projects under the Small

Track

million in cove0ra5ge was in support 39.6 I1n6v.8estment Program (SIP).PTrehmeiSuImP and fee income

of eight project0s4in conflict-affected 40.9 ha14s.2played an important roInleveinstment incomMe IGA adds value to the projects

countries. Sout0h3-South investments 39.5 f2a5c.3ilitating MIGA's engagement with

it supports by working with host

accounted for supported.

2092

percent

of

projects

40.4 s2m8.7all-scale projects and*SEMxcElus.deTshoether incomcoeu. ntries and investors to help streamlined underwriting and approval resolve disputes that may derail guar-

01

36.5 30p.4rocedures make the program more

anteed projects and lead to claims.

In fiscal year 200008, 50 contracts 29.5 23.5 cost-effective for both investors and

The agency initiates and assists in

were cancelled.98In addition, fou24r.1co1n3.-7

MIGA.

settlement discussions when disputes

tracts were rep9la6ced. The ma2jo1.r9ity9.4 of cancellations94took p9l.a9ce4.7when the ifninvaensctmialesnttawndasp92osiunct3c,.1easn5s.d4fuilnfrmomosta

During the fiscal year, MIGA issued seven contracts for six projects totaling $8.6 million under the SIP. Almost

arise in order to ensure that projects supported by MIGA continue to operate (preserving value for the investor) and avoid a claim (which

cases, the investor's perception of

all of the guarantees are supporting

would negatively affect the investment

political risk had improved. Such

projects in IDA-eligible countries,

reputation of the host country). MIGA

cancellations illustrate that MIGA is

including two in Afghanistan, one in

has historically been very successful in

settling disputes--resulting in a very

Guarantees Portfolio, Gross Outstanding Exposure, $ M FIGURE 2 Guarantees Portfolio, Gross Outstanding Exposure, $ M

low number of claims paymentOs umtsatdaending Portfolio Distr (three)--and the agency's efforPtesracreent of Gross Exposure

usually welcomed by investors and

host countries. The agency relies on

08 07

5,301

6,475

the cooperation and willingness of all parties involved to reach amicable set- Austria 19.31 tlements. When a claim becomes inev- France 14.30

06

5,362

itable, MIGA ensures that valid claims Belgium 10.12

05

5,094

are dealt with fairly and promptly.

Spain 7.06

04

5,186

03

5,083

02

5,257

01

5,179

00

4,365

United Arab Emirates 6.09

MIGA did fiscal year

2n0o0t 8p.aDy uanriyngclathime syedaur,ringSouth

Africa

4.70

however, MIGA monitored situations Finland 4.63

in nine countries, some of whichUmniateyd Kingdom 4.23

lead to claims. One of these relates toSwitzerland 2.92

98

2,862

96

2,276

94 1,048

92

421

a new claim application received undLeurxembourg 2.64

MIGA's war and civil disturbanceCayman Islands 2.50

coverage, and the agency is awaiting further information on the value and

Japan 2.42

timing of the loss. MIGA also suc- United States 2.27

cessfully resolved investment disputeNsetherlands 2.27

related to guaranteed projects in

Bermuda 1.77

Senegal 1.77

Mauritius 1.52

Germany 1.51

20 | MIGA ANNUAL REPORT 08 OPERATIONAL OVERVIEW

Canada 1.41 Singapore 1.32

Box 1

Promoting Growth of SMEs in Developing Countries

Small and medium-size enterprise (SMEs) are an important source of economic growth and job creation in most developing countries. According to the World Bank Institute, SMEs account for over 60 percent of GDP and 70 percent of total employment in countries with GNP per capita between $100 and $500. In middle-income countries, they produce close to 70 percent of GDP and 95 percent of total employment. Therefore, encouraging the growth of SMEs in the world's poorest countries is critical for poverty reduction and economic development.

SMEs face a number of market and institutional disadvantages due to their size, including limited access to finance. Given the contribution of this sector to the economic development of the least developed countries, MIGA had made it a priority to facilitate the growth and development of SMEs by encouraging foreign investors to invest in or lend to smaller ventures. The agency's SIP program was created with the specific purpose of providing political risk insurance to foreign businesses and financial institutions that invest in SMEs or lend to them through local affiliates.

The SIP has been an important program for the agency, allowing MIGA to be more accessible to smaller investors. Since it was launched in 2005,

MIGA has issued more than $36.5 million in guarantees for 17 projects under the SIP. This year, MIGA's support for SMEs came in the form of $8.6 million in investment guarantees through the program.

After a successful three-year pilot period, the SIP was integrated into MIGA's mainstream program this year. At the same time, the size of the eligible investment for SIP projects was increased to $10 million.

An effective way of helping the smallest businesses is to support commercially viable microfinance institutions that finance low-income entrepreneurs, who have little or no access to mainstream banks. In fiscal year 2008, MIGA supported the establishment of a for-profit, national, and fully regulated microfinance bank that will provide financing and savings instruments to micro-enterprises in Afghanistan. The MIGA-supported project--BRAC Afghanistan Bank--was underwritten under the SIP and is expected to lower the costs of loans for smaller businesses and help expand economic opportunity for low-income populations in the country. (See page 37 for project description.)

SIP Projects Supported in FY08

Host Country

Investor Country

Afghanistan

Afghanistan

Algeria Bosnia and Herzegovina Congo, Democratic Republic of Rwanda

Cayman Islands United States of America Switzerland Germany India Cayman Islands

Sector

Financial Services Services Manufacturing Manufacturing Financial

Guarantee Amount ($ M) 0.11 0.87 4.08 1.12 0.63 1.8

OPERATIONAL OVERVIEW MIGA ANNUAL REPORT 08 | 21

02

40.4 28.7

* Excludes other income.

01

36.5 30.4

00

29.5 23.5

98

24.1 13.7

96

21.9 9.4

94

9.9 4.7

three countries. No claim was filed.

th92e am3.1ou5.n4 t of guarantees issued. But

In fiscal year 2008, MIGA guaranteed

In another case, MIGA worked closely project size is not always an indicator three projects, totaling $36.6 million,

with the World Bank to help resolve

of development impact, particularly in in Asia. Two of the projects were in

an investor-related regulatory dispute

Africa, where small investments can

Afghanistan--a priority for MIGA as

in an African country, which was close provide far-reaching spin-off effects

a conflict-affected country--including

to resulting in a claim. In the end, the dispute was settled, and the infra-

Gthuaat rcarnetaeteesjoPbosrtafnodlios,pGurroescsoOnoumtsitcanding Eaxpmoiscurorefi,n$anMce project set to provide

growth. During the fiscal year, MIGA

credit and other financial services to

structure project continues to provide provided $218 million in guarantee

SMEs in the country.

essential services to the country.

support for nine projects in sub-

Since MIGA's inception, proactive facilitation efforts such as these

0S8aharan Africa. The region accounted for 38 percent of new projects 0s7upported by the agency in fiscal 5,301

Nine projects in Eastern Europe and C6,e4n75tral Asia made up the largest share in terms of volume of guarantees

have been pivotal in the resolution

0y6ear 2008.

5,362 issued in fiscal year 2008. Among

of more than 50 disputes related to

05

5,094 them was the agency's support for

MIGA-guaranteed projects, ultimately keeping the projects--and their devel-

0P4articularly notable among the 5,186 a financial institution that serves 0p3rojects supported is a telecommu-5,083 Turkey's local SME sector, which has

U

opment impacts--on track.

nications project in Guinea-Bissau,

not benefited much from the country's

0w2 hich became a member country in5,257 recent rapid credit growth. Given the

021007. The project, for which MIGA 5,179 importance of a thriving SME sector

Innovating to Remain Relevant 0i0ssued guarantees of $25.9 m4i,3ll6io5 n, is

for long-term employment generation

9a8n excellent examp2,l8e62of MIGA's addi-

and poverty reduction in emerging

MIGA continues to innovate to remain relevant in a dynamic business environment.

9t6ionality in pro2m,27o6ting investments from one developing country into 9a4noth1e,r0,4o8 therwise known as South9S2outh 4in21vestment (see Box 3 for

economies, this project is expected to have a strong development impact.

In Latin America and the Caribbean

In an effort to expand and diversify

more). MIGA also provided guarantee region, MIGA provided $158.5 million

its activities within the scope of its

coverage for a project in the Central

in guarantees for the landmark

operational strategy, MIGA continued African Republic for the first time. The Autopistas del Sol S.A. in Costa

to develop tailor-made solutions to

project--considered critical for the

Rica, which is the first Public Private

assuage investor concerns about per- poverty-stricken, landlocked country-- Partnership (PPP) toll road con-

ceived risks. For example, for the first involves the installation, operation and cession in the country. The project,

time, MIGA issued a Shariah-friendly

maintenance of a state-of-the-art tele- consisting of the design, construction

guarantee for a project in response

communications network operating on and/or rehabilitation, operation and

to the growing demand for products

100 percent digital GSM technology.

maintenance of portions of the toll

Eg

supporting transactions deemed

(See page 49 for project description.) road linking San Jos? to the port city

permissible by Islamic jurisprudence.

of Caldera, is expected to be the first

The size of the investment required

Ej

a significant amount of political risk

?ihW[

coverage and willingness to insure

FIGURFEig3urOe u4:tsOtauntdstianngdPinogrtfPoolirotfoDlisotrDibisuttriiobnutbioynHboysHt Roesgt iRoeng, iPoenr,cent of

FWdW

a project in a country--Djibouti--

Gross PEexrpcoesnutroef Gross Exposure [as of March 31, 2008]

considered by traditional insurers to

be high risk. MIGA adapted its tradi-

tional guarantee product to meet the

relatively unique and complex needs of

Islamic finance. (See Box 2)

MIGA Makes Progress on Portfolio Diversification

MIGA made good progress during the fiscal year in diversifying its new business, by region and sector.

Regional Diversification

A portfolio's regional distribution is often viewed from the perspective of

45% Europe and Central Asia 20% Latin America and the Caribbean 16% Sub-Saharan Africa 11% Asia and the Pacific 11% Middle East and North Africa

Note: Percentages add up to more than 100 percent due to multi-country agreements. Refer to Financial Statements for more information.

22 | MIGA ANNUAL REPORT 08 OPERATIONAL OVERVIEW

Box 2

A Shariah-friendly Guarantee

The Islamic finance industry has been growing at a rate of more than 15 percent a year for the past several years, with an annual turnover of about $70 billion, according to a World Bank Group publication, Risk Analysis for Islamic Banks. As a result, the financial world is witnessing a growing demand for products that can support transactions deemed permissible by Islamic jurisprudence or Shariah. In fiscal year 2008, a project in Djibouti gave MIGA the opportunity to adapt its traditional business tools to meet the unique and complex needs of Islamic finance.

The Project

With few natural resources and little industry, Djibouti's economy is fully dependent on portrelated services. A state-of-the-art container terminal in Doraleh was considered vital to the country's economic growth. The project--Doraleh Container Terminal (DCT)--proposed by DP World and its partners could help Djibouti become a major business hub in East Africa by increasing port traffic, improving facilities, and opening up new opportunities for investment and growth. But the investment required a significant amount of political risk coverage.

The Financing Structure

The DCT project was funded under an Islamic financing structure, meaning the project financing satisfied the commercial requirements of the project enterprise and the financiers, while ensuring compliance with Islamic jurisprudence. The following Shariah-compliant financial instruments were used:

rr Musharaka--an arrangement where two or more partners pool resources (capital and contract rights) to jointly own assets or undertake a commercial venture.

rr Istisna'a--a contractual agreement for constructing or developing assets, allowing cash payment in advance and future delivery of the assets.

rr Ijara--a mode of finance wherein the right to use an asset is leased by the owner (the lessor) to another party (the lessee) in exchange of rental payments.

The financing structure also involved a purchase undertaking and a sale undertaking.

The Guarantee Instruments

MIGA's non-shareholder loan contract normally covers scheduled payments of principal and interest under a single loan agreement. If the loan is accelerated by the lenders, MIGA still pays under the original schedule. To create a parallel obligation under Islamic financing, MIGA covered:

rr Advance rental and rental under the Forward Lease Agreement;

rr The termination payment under the Istisna'a Agreement (per the original lease schedule) if the construction is not completed;

rr DCT's payment obligation to purchase the assets from the project financiers (per the original lease schedule) if the Purchase Undertaking is exercised;

rr In the event of an unwinding of the partnership and where none of the above amounts are payable, the amount owed by DCT as partner to the financiers under the Musharaka Agreement (per the original lease schedule), which will only include the "profit" component to the extent determined by a judge according to the Musharaka Agreement.

References to "interest" in the contract were replaced with "late payments," which would be donated to charitable foundations.

MIGA's modified guarantee contract received a seal of approval from the Shariah Supervisory Board in Dubai Islamic Bank. And the agency subsequently issued $427 million in guarantees in December 2007, helping the project sponsors raise the financing needed to get the project going. (See page 47 for project description.)

OPERATIONAL OVERVIEW MIGA ANNUAL REPORT 08 | 23

TABLE 3 MIGA's Outstanding Guarantee Portfolio in IDA-Eligible Countries

IDA-eligible Countries

Djibouti Mozambique Bosnia and Herzegovina (blend) Uganda Ghana Nigeria Vietnam Kenya Nicaragua Lao PDR Pakistan (blend) Bangladesh Afghanistan Guinea Moldova Indonesia Madagascar Central African Republic Nepal Guinea-Bissau Congo, Democratic Republic Mali Angola Bolivia C?te d'Ivoire Kyrgyz Republic Mauritania Sierra Leone Burkina Faso Rwanda Albania

Benin Total

Gross Exposure ($ M) 407.4 237.3 189.1

157.6 132.4 108.6 106.4 101.6 95.0 88.8 87.8 78.3 78.2 71.8 68.6 50.0 38.9 37.7 30.0 29.5 29.1 16.2 14.7 14.3

11.2 8.1 5.4 5.0 3.5 1.8 1.6

1.0 2306.7

% of Gross

6.3 3.7 2.9

2.4 2.0 1.7 1.6 1.6 1.5 1.4 1.4 1.2 1.2 1.1 1.1 0.8 0.6 0.6 0.5 0.5 0.4 0.3 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.0 0.0 0.0 35.6

Net Exposure ($ M) 121.0 160.7 134.4

80.0 115.4 93.4 38.6 87.0 47.5 44.4 74.3 70.4 36.9 64.8 38.0 50.0 37.4 37.7 14.1 26.6 28.7 14.6 13.2 12.8 11.2

7.4 4.9 4.5 3.1 1.8 1.6

0.9 1477.2

% of Net

3.4 4.5 3.8

2.2 3.2 2.6 1.1 2.4 1.3 1.2 2.1 2.0 1.0 1.8 1.1 1.4 1.0 1.1 0.4 0.7 0.8 0.4 0.4 0.4 0.3 0.2 0.1 0.1 0.1 0.1 0.0 0.0 41.3

24 | MIGA ANNUAL REPORT 08 OPERATIONAL OVERVIEW

Investment Incomeh*ig(h$wMay) concession in Costa Rica to successfully reach financial closing and begin operations.

FFIGigUuRreE54: Guarantees Issued ibnyFSYe0c8to, rbyinSFeYct0o8r, Percent of Gross Exposure [as of March 31, 2008]

In the Middle East and North Africa region, MIGA guaranteed its first PSrehmariiuamh-caonmd pfelieanintcpormojeect financing, Inwvheiscthmeeanrtniendcopmlaeudits from industry stalwarts. With guarantees totaling * Ex$c4lu2d7esmoitlhlioerni,nMcoImGeA.'s gross exposure in the region rose significantly to 11 percent this year, in keeping with the World Bank Group's strategy for greater involvement in the region.

61% Financial 36% Infrastructure 3% Agribusiness,

Manufacturing, and Services

Sectoral Diversification

At 41 percent, the infrastructure

sector accounted for the largest gross

exposure in MIGA's portfolio, illus-

trating that investors clearly believe

that the agency has a comparative

ding Exposure, $ Madvantage in supporting complex

infrastructure investments. This is

especially true when it comes to cash-

intensive investments that involve

6,475

municipal governments, and when it

01

comes to securing financing at better

62

rates and for longer periods.

94

More than 37 percent of the agency's

86

gross exposure this year was in the

83

financial sector. The large exposure

57

in the financial sector in the Eastern

79

Europe and Central Asia region is

mainly the result of a large guarantee

to support loans to SMEs in Turkey

and the rapid expansion of Austrian

banks in Southeast Europe and the

Commonwealth of Independent States

over the past few years. Financial

sector development plays an integral

and pivotal role in the successful inte- Host and Investor Country

gration of transitional economies. With Diversification

MIGA's support, these economies are benOefuittisntganfrdoimngthPeorptrfeoslieonDceisotrfiebxupteio-n, by InTvheesRtoursCsioaunnFteryd,eration remained rienPceerdcefonrteoigfnGbraonsksinEgxpinosstuitrueti[oAnsso, finMarchth3e1,a2g0e0n7cy] '(sulpadrgaetestd)single country

terms of establishing best practices,

exposure with outstanding gross

introducing new technologies,

coverage representing 13.6 percent of

developing newAupsrtoridaucts1,9r.3e1aching ogeunt etoraul,nfodsetresreiFrnvrgaendccocemonpse1ut4imt.i3oe0nrs., and in

Belgium 10.12

the total portfolio. Turkey was second with more than 10 percent of coverage. Djibouti, a new MIGA member country, had the fourth largest exposure with

Oil, gas and minSipnaginaccou7n.0t6ed for over the agency's support for the Doraleh

9UnpietercdeAnrt,abanEdmtihraetaesgribus6i.n0e9ss, manu- Container Terminal project. Elsewhere,

facturing,SaonudthsAerfvriiccaes acc4o.7u0nted for nearly 13 perceFnint loanf dthe ag4e.6n3cy's gross edxisptorisUbuunrteiito.enSdeKoefinFggiugdauorrmaen4tefeosr4i.ts2hs3euesdecitnoral 2008. To sSeweithzoewrlatnhde fisc2a.l9y2ear's

MIGA continued to play a significant role in the development of Bosnia and Herzegovina. The post-conflict country retained its position in the top ten largest country exposures

activities Lbuyxseemcbtoorucrgompa2r.e6d4 with

in the agency's portfolio, along with

other Cyeaaymrs,anseIeslTaanbdlse 4. 2.50

Mozambique. And for the first time

Japan 2.42 United States 2.27 Netherlands 2.27

in the last four years, Costa Rica appeared in the top ten, due to MIGA's guarantees in support of the San

Bermuda 1.77

TABLE 4 Outstanding Portfolio Distribution by SectorS, ePneergcaelnt of1G.7r7oss Exposure Mauritius 1.52

GFeYr0m2any FY10.531 FY04 FY05 FY06 FY07 FY08

Infrastructure Financial Oil, gas, and mining

C3a6nada 411.41

38

39

41

41

41

Singapore 1.32

Egypt, Arab Repu3b5lic of 219.21

35

39

33

29

37

O1t2hers* 124.0

11

9

14

13

9

Agribusiness, manufacturing, and services

17

18

16

13

13

17

13

Ej^[hi09p[Y^H[fkXb_Y"FebWdZ"J^W_bWdZ"Jkha[o"DehmWo"F[hk"B[XWded"?jWbo"

Note: Figures may not add up to 100 due to roun?idhWi[nb"gH.ecWd_W"Jkd_i_W"CWb_"?dZ_W"7kijhWb_W"9eijWH_YW"Ij$A_jjiWdZD[l_i"

io Distribution by Host Region,

FWdWcW":[dcWha"?h[bWdZi"L_h]_d?ibWdZiKA"Fehjk]Wb"9ebecX_W

s of March 31, 2008]

45% Europe and Central Asia 20% Latin America and the Caribbean

OPERATIONAL OVERVIEW MIGA ANNUAL REPORT 08 | 25

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