MIGA's Vice President Outlines Support to Attract FDI into Mozambique

MIGA’s Vice President Outlines Support to Attract FDI into Mozambique
View the press release in Portuguese 

Maputo, February 15th, 2012 – Michel Wormser, Vice President of the Multilateral Investment Guarantee Agency (MIGA)—the political risk insurance arm of the World Bank Group—visited Mozambique February 13th to 15th, 2012. 

Wormser met with private sector investors as well as government and state representatives at the highest level, including  Ernesto Gove, Governor of the Bank  of Mozambique, in order to deepen relations between MIGA and the country. This visit, Wormser’s first in his capacity as Vice President of the agency, aimed to further boost MIGA’s support to Mozambique’s efforts to attract foreign direct investment (FDI).

"Mozambique has benefited from the support of MIGA since the late 1990s, soon after the war, for a time becoming the fourth country (in terms of guarantees issued) in the world supported by MIGA and the first one in Africa," said Michel Wormser, Vice President of MIGA, before concluding his visit. "MIGA is committed to supporting the country in developing its vast resources sustainably and bringing real benefits to the population. MIGA’s focus will be to underpin the private sector as it helps to improve infrastructure, expand access to services, and generate employment."

Mozambique joined MIGA in 1994 and is still the largest beneficiary of MIGA’s support in Africa. Several investments have benefited from MIGA guarantees, including Sasol, Mozal, Maputo Port, the Marromeu sugar plantation, Motraco, and Kenmare in Moma, among others. Recently,  MIGA has extended its coverage to include small and medium companies through its Small Investment Program that aims to support investments below 10 million dollars.

MIGA is one of the five institutions comprising the World Bank Group. It was founded in 1988 with the mission to promote FDI into developing member countries, protecting investors against political risks such as expropriation, war and civil disturbance, currency inconvertibility and transfer restriction, and breach of contract, among others.

To find out more about MIGA, visit:
https://www.miga.org/investment-guarantees

To find out more about The World Bank in Africa: http://worldbank.org/afr
World Bank in Mozambique: http://worldbank.org/mozambique

Contact:
Rafael Saúte:
Tel. 823201640 /21482944
Email: rsaute@worldbank.org