MIGA to Meet with Mozambican Ministry and Business Reps

WASHINGTON, DC, February 22, 2005—Yukiko Omura, executive vice president of the Multilateral Investment Guarantee Agency (MIGA), a branch of the World Bank Group, is expected to highlight in an upcoming visit Mozambique's growing attractiveness as an investment destination and the considerable progress made fighting poverty in recent years.
"We at MIGA look forward to enhancing the role we play on this front, by helping the country attract additional foreign direct investment, a key driver of economic growth," says Omura. MIGA provides noncommercial risk insurance to foreign investments in its developing member countries, as well as advisory services to help governments attract and retain investment.

During her February 23-27 visit, Omura is set to meet with the Prime Minister, a host of ministry officials, and local business representatives. She will also visit a number of projects — including the Mozal aluminum project, Sasol gas project, Maputo Port, and Marromeu sugar project — in which MIGA played an important role in getting the investments off the ground. The visit will be capped off by a trip to the Cabo-Delgado province where Omura will meet with local business representatives from the tourism and shrimp farming industries.

Mozambique became a member of MIGA in 1994. MIGA has facilitated roughly $2.8 billion in foreign direct investment in the country to date. The country is the sixth largest host country for MIGA-guaranteed investments, totaling $313 million in gross exposure. MIGA's outstanding portfolio in Mozambique consists of nine projects in the agribusiness, infrastructure, manufacturing, oil and gas, services, and tourism sectors. The agency also provides assistance to the Investment Promotion Center (CPI).

For information

Angela Gentile, agentile@worldbank.org,
t. 202.473.3509

In Maputo:
Rafael Saute, rsaute@worldbank.org,
t. +258.1. 482324