Djibouti Joins MIGA

Djibouti Joins MIGA

WASHINGTON, DC, January 17, 2006—The Multilateral Investment Guarantee Agency (MIGA)—a member of the World Bank Group—said today that the east African country of Djibouti has become its newest shareholder, bringing MIGA's total membership to 169.

The membership enables eligible foreign companies seeking to invest in Djibouti 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 Djibouti 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 Djibouti 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 Djibouti, MIGA can complement the World Bank Group's activities for the country and region, promoting foreign investment that will create jobs and fuel economic growth."

For information:
Angie Gentile, agentile@worldbank.org, 202.473.3509
Farah Hussain, fhussain@worldbank.org, 202.473.2540