MIGA's Vice President to Visit Senegal and Mauritania
MIGA’s Vice President to Visit Senegal and Mauritania
Visit to underscore FDI as Critical for Growth and Jobs
View the press release in French
Washington, May 17, 2012—Michel Wormser, Vice President and Chief Operating Officer of the Multilateral Investment Guarantee Agency (MIGA)—the political risk insurance arm of the World Bank Group—will visit Senegal and Mauritania from May 22-24. During his visit he will meet with government officials and private companies to raise awareness about the importance of foreign direct investment as a vehicle for growth and jobs, while discussing the contribution MIGA’s risk-mitigation instruments can have toward that goal.
MIGA’s political risk insurance offers investors and lenders protection to overcome constraints that may hinder investment such as sub-investment grade sovereign ratings, perceptions of potential political instability and conflict, and concerns about legal enforceability of contracts. Supporting investments into sub-Saharan Africa is a priority for the agency, and MIGA has supported projects across the continent in all sectors, from large mining, infrastructure, and telecommunications projects to smaller manufacturing and agribusiness ventures.
In Senegal, MIGA’s guarantees are supporting the upgrade of the Port of Dakar. MIGA is also supporting an innovative US dollar cross-currency swap arrangement. Bond proceeds related to the swap are being used to finance new infrastructure, including an extension of the toll road to the new international airport and critical energy sector investments. The agency also supports smaller projects in the country’s services sector. In addition, MIGA is providing political risk insurance for Senegalese telecommunications investments into Guinea, Guinea Bissau, and Mali.
In Mauritania, MIGA has supported an investment in the telecommunications sector and is in discussions with potential clients in infrastructure and mining investments.
Wormser said, "We see foreign direct investment not as a goal in itself, but as an important way to create growth and jobs that benefit the people."
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MULTILATERAL INVESTMENT GUARANTEE AGENCY
A Member of the World Bank Group
1818 H Street, NW, Washington, DC 20433
MIGA Contact:
Mallory Saleson, MIGA
Tel: +1 202 473-0844
E-mail: msaleson@worldbank.org
Rebecca Post, MIGA
Tel: +1 202-473-1964
E-mail: rpost@worldbank.org
Cara Santos Pianesi
Tel: +1.202.458.2097
E-mail: csantospianesi@worldbank.org