Contacts: Angie Gentile, agentile@worldbank.org, 202.473.3509 Farah Hussain fhussain@worldbank.org, 202.473.2540 WASHINGTON, DC, April 29, 2008—The Multilateral Investment Guaran-tee Agency (MIGA)—a member of the World Bank Group—said today that New Zealand has become its newest shareholder, bringing MIGA’s total member countries to 172. New Zealand signed MIGA’s Convention, completed the ratification process and made its initial capital contribution to the agency in order to become a full member of MIGA. The resulting membership enables eligible companies in New Zealand seeking to invest in developing economies to receive MIGA’s guarantee coverage, which protects investments against the risks of transfer restriction, expropriation, breach of contract, and war and civil dis-turbance (including terrorism). “We are delighted that New Zealand is now a member of MIGA and is eligi-ble for support from our agency,” says MIGA’s Executive Vice President, Yukiko Omura. “With MIGA’s guarantee coverage, entrepreneurs in New Zealand can minimize risk while investing in developing countries.” Managing noncommercial risk is fundamental for cross-border business to-day. MIGA can help good investments go ahead in difficult environments through effective management of risks related to political uncertainties. The World Bank Group agency’s mandate is to promote foreign direct invest-ment into developing countries to support economic growth, reduce poverty and improve people’s lives. __________________________ MIGA was created in 1988 as a member of the World Bank Group to promote for-eign direct investment into emerging economies to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders, covering risks including expro-priation, breach of contract, currency transfer restriction, and war and civil distur-bance. MIGA works actively with investors and host countries, helping to resolve disputes before they reach a claims situation. The agency also offers technical assis-tance to its member countries and provides free online investor information services. Since its inception, MIGA has supported nearly 600 projects in 96 developing coun-tries, totaling $18.5 billion in coverage. MIGA’s gross exposure stands at $6.4 bil-lion. |
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