The use of Swiss public guarantees to support Mitrelli projects in Africa is drawing criticism from civil society organizations and governance experts, who question the allocation of state-backed resources to ventures operating in countries characterized by political risks, institutional weaknesses, and transparency challenges. At the center of the debate are projects in Angola and Senegal that have benefited from sovereign-backed guarantees worth approximately USD 212 million.
According to an investigation by Expansão newspaper published on Friday, the controversy emerged following a report by the Swiss weekly WOZ Die Wochenzeitung, based on research conducted by the independent journalism collective WAV. The investigation revealed that two Mitrelli projects, in Angola and Senegal, are covered by guarantees issued by SERV, Switzerland’s export credit insurance agency, amounting to CHF 168 million, or roughly USD 212 million.
SERV’s mandate is to support companies based in Switzerland by covering risks that private financial institutions are often unwilling to assume, particularly political risks in countries with low credit ratings, unstable governance, or weak accountability mechanisms. Although the agency is funded through fees and premiums paid by beneficiary companies, any losses are ultimately backed by the Swiss government.
The investigation highlights that Mitrelli, the group founded by Israeli businessman Haim Taib and headquartered in Frauenfeld, has benefited not only from access to these financial instruments but also from the reputation associated with Switzerland’s financial sector. The company claims to have invested nearly USD 9 billion in infrastructure and development projects across Africa, spanning sectors such as water supply, education, healthcare, agriculture, and road construction.
In Senegal, one of the projects supported is Agropole Ouest, an agricultural development initiative that Mitrelli describes as transformative for the Thiès region. However, farmers’ organizations and civil society groups have criticized the model, arguing that it promotes the industrialization of family farming and increases smallholders’ dependence on value chains controlled by large corporations.
Concerns extend beyond Senegal. In Côte d’Ivoire, a Mitrelli subsidiary is facing legal proceedings related to allegations of public fund misappropriation and money laundering in connection with a USD 177 million water supply contract. Local companies involved in the project have reported payment delays and operational difficulties.
In Angola, the group’s influence has expanded significantly in recent years. The investigation notes that Luminar Finance, the financial arm associated with Haim Taib’s business network, holds approximately USD 2.3 billion of Angola’s external debt, representing close to 5% of the country’s total external liabilities. According to WOZ, Mitrelli’s business model in Angola often involves providing financing to the government in exchange for the award of public contracts to the company.
The Swiss report also cites experts who call for stricter assessments of human rights and social impacts in projects supported by SERV. Peter Bosshard, a board member of Amnesty Switzerland, argues that consulting firms tasked with conducting such assessments face inherent conflicts of interest, as they depend on contracts awarded to perform the evaluations.
The controversy comes amid growing international scrutiny of development finance mechanisms and the role played by private companies in African countries that remain heavily dependent on external financing and commodity exports.
19/06/2026
