Gabon Joins MIGA's Membership Ranks

Gabon Joins MIGA’s Membership Ranks

WASHINGTON, DC, April 8, 2003—The west African country of Gabon became the 161st member of the Multilateral Investment Guarantee Agency (MIGA), a branch of the World Bank Group, with the completion of its membership requirements on March 29.

The membership allows MIGA to now provide guarantee coverage for foreign investments into Gabon, and for Gabonese investments into other developing member countries.
“We are very pleased to welcome Gabon to our membership ranks,” says the agency’s Executive Vice President, Motomichi Ikawa.

With an estimated per capita GNI of $3,160 in 2001, Gabon has far outpaced the income levels of its neighbors. But it tends to rely on commodities that are susceptible to price fluctuations and is facing a sharp decline in oil production, which will continue to constrain government revenues.

“In this environment, Gabon’s main economic challenges will be to not only weather the expected decline in oil production, but to diversify away from oil altogether,” says Ikawa. “We at MIGA are prepared to encourage investors who can help the country develop production in less volatile sectors—such as agriculture, which holds good potential for Gabon—through our investment guarantees and technical assistance services.”

For information

Moina Varkie, mvarkie@worldbank.org, t. 202.473.6170