East Timor Joins World Bank's MIGA

East Timor Joins World Bank's MIGA

SHINGTON, DC, July 24, 2002 — The Democratic Republic of East Timor became the newest member of MIGA with the July 23, 2002, signing of the agency's Convention, bringing MIGA's membership rolls to 158. Signing on behalf of his country was East Timorese Prime Minister Mari Alkatiri, accompanied by the Minister of Planning and Finance, Maria Madalena Boavida, and Ismaila Ceesay, a UN official working with the finance ministry.

While East Timor has taken great strides in its reconstruction and political transition since 1999, with more than two in five residents living below the national poverty line, the challenges ahead are immense.

"We're happy to have this opportunity to develop a relationship with MIGA," Prime Minister Alkatiri said, to not only guarantee investments going into East Timor, but also to help encourage investors to take their business to his country. He noted that tourism and the environment are two specific areas in which they'll be seeking the agency's help.

"We at MIGA are delighted to see East Timor's membership materialize so fast," said MIGA's Executive Vice President, Motomichi Ikawa. "Post-conflict countries are a priority for MIGA. We are eager to facilitate investment in many areas, including tourism and telecommunications, and stand at the ready to provide technical assistance in the area of institution building to help the country attract foreign investment."

In addition to becoming a member of MIGA, East Timor joined the IBRD, IDA, and the International Centre for the Settlement of Investment Disputes (ICSID). East Timor is expected to soon become a member of IFC. The new country also became a member of the International Monetary Fund.

The World Bank has been active in East Timor since 1999, working closely with the East Timorese leadership to plan reconstruction activities and to mobilize grant funds to help the country recover from the devastating violence that followed the 1999 ballot.

For information

On MIGA, contact:
Angela Gentile, agentile@worldbank.org,
t. 202.473.3509