MIGA to Partner with Pricewaterhouse Coopers Deutsche Revision: Agreement to encourage German investment into developing countries

MIGA to Partner with Pricewaterhouse Coopers Deutsche Revision: Agreement to encourage German investment into developing countries

Washington, DC, January 31, 2001 — The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, and Pricewaterhouse Coopers Deutsche Revision (PwC), Germany’s national investment insurer, announced an agreement today to work together to promote foreign direct investment into developing countries.

The groups signed a Memorandum of Understanding outlining plans to coinsure projects by German investors. The agreement, the first between the two organizations, formalizes collaboration begun in 1999 when the two coinsured a Russian banking project. It is the 16th such accord signed by MIGA.

"This is an important step in our efforts to reach out to public and private sector agencies to meet clients’ investment needs," said MIGA’s Executive Vice President, Motomichi Ikawa. "We expect this partnership to play a strong role in increasing investor awareness of the many opportunities that exist in developing countries."

"We believe this collaboration will go a long way in increasing the capacity of the political risk insurance market to provide coverage to the German investment community," said PwC Senior Manager, Rainer Wietstock. "We look forward to working with MIGA on identifying possible opportunities and projects for joint coverage."

For information

Peter Jones,
pjones1@worldbank.org, t. 202-458-0443
Silke Kuleschir,
silke.kuleschir@de.pwcglobal.com, t. 49.40.63781518
Angela Gentile,
agentile@worldbank.org, t. 202-473-3509