Executive Vice President of MIGA to Visit Uzbekistan, Kazakhstan and Georgia

The Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, will travel to Uzbekistan, Kazakhstan and Georgia at the end of August. Izumi Kobayashi’s fact-finding mission begins August 25th and wraps up on September 1st.   In all three countries Ms. Kobayashi will meet with government officials and private industry leaders to consider investment potential and ways that MIGA can encourage and support foreign direct investment (FDI) for projects in these countries. During her visit to Tbilisi, Ms. Kobayashi is expected to sign a Memorandum of Understanding with the Investment Risk Management Agency (IRMA) establishing a joint outreach program to encourage and promote FDI into Georgia.

The World Bank estimates that FDI flows to developing countries will decline by 30 percent in 2009 to approximately $385 billion – down from an estimated $583 billion in 2008 and $520 billion in 2007.  “MIGA can act as a stabilizing influence in the market.  It can help investors mitigate risks in these uncertain times and play an important role in helping countries attract FDI,” says Kobayashi.

MIGA is currently supporting the financial sector in Kazakhstan, recently providing guarantees to ATF Bank and Raiffeisen Leasing Kazakhstan LLP.  MIGA’s gross exposure in Kazakhstan totals $225 million. MIGA currently does not have any active projects in Uzbekistan or Georgia.