WASHINGTON, DC, July 31, 2006The Multilateral Investment Guarantee Agency (MIGA)a member of the World Bank Groupsaid today that Guinea-Bissau has become its newest shareholder, bringing MIGA’s total membership to 168.
The membership enables eligible foreign companies seeking to invest in Guinea-Bissau to receive MIGA’s guarantee coverage, which protects investments against the risks of transfer restriction, expropriation, breach of contract, and war and civil disturbance (including terrorism). Investments from the Guinea-Bissau going into other developing countries may also receive coverage. Membership also makes the country eligible for MIGA’s technical assistance services to help it attract more foreign direct investment.
We are delighted that Guinea-Bissau is now a member of MIGA and is eligible for support from our agency, says MIGA’s Executive Vice President, Yukiko Omura. By guaranteeing projects going into and out of Guinea-Bissau , MIGA can support the country’s private sector development. Our technical assistance can also help the government and intermediaries involved in promoting investment to improve their ability to respond effectively to investor needs.