Finns to Cooperate with MIGA: New agreement to increase foreign direct investment into developing countries

Finns to Cooperate with MIGA: New agreement to increase foreign direct investment into developing countries

Washington, DC, October 4, 2000 — The Multilateral Investment Guarantee Agency (MIGA), a private-sector arm of the World Bank Group, and Finnvera, Finland's Export Credit Agency, put the official seal on an agreement today to work together to promote foreign direct investment into developing countries.

The groups signed a Memorandum of Understanding at World Bank headquarters on Wednesday saying they will work together to coinsure and reinsure projects. The agreement, the first between the two organizations, also highlights a willingness to cooperate in areas such as technical assistance and training.

"This is our 12th such agreement, and shows how serious we are about partnering with national and private insurance companies that provide political risk insurance in developing countries," said MIGA's Executive Vice President, Motomichi Ikawa. "This will enhance our outreach to the Finnish investment community as well as increase investment opportunities for Finnish investors."

"We're delighted to have this official understanding with MIGA, and to do our part to stimulate Finnish investment into developing countries,"said Topi Vesteri, a director with Finnvera.

For information:
Moina Varkie,
mvarkie@worldbank.org,
t. 202-473-6170

For more on MIGA, visit www.miga.org.
To find out more about Finnvera, go to Finnvera