Republic of the Maldives Joins MIGA

Republic of the Maldives Joins MIGA

WASHINGTON, DC, May 20, 2005—The Multilateral Investment Guarantee Agency (MIGA)—a member of the World Bank Group—said today that the Republic of the Maldives has become its newest shareholder, bringing MIGA’s total membership to 165.

The membership enables eligible foreign companies seeking to invest in the Maldives to receive MIGA’s guarantee coverage, which protects investments against the risks of transfer restriction, expropriation, breach of contract, and war and civil disturbance (including terrorism). Investments from the Maldives going into other developing countries may also receive coverage. Membership also makes the country eligible for MIGA’s technical assistance services to help it attract more foreign direct investment.

“We are delighted that the Maldives has now finalized its membership and is eligible for support from our agency,” says MIGA’s Executive Vice President, Yukiko Omura. “By guaranteeing projects going into and out of the Maldives, MIGA can support the country’s private sector development. Our technical assistance can initially serve as a springboard for attracting foreign direct investment into the country.”

MIGA has already begun talks with country representatives on how the agency’s technical assistance can further the country’s efforts to attract foreign direct investment by supporting some of its key development challenges, such as post-tsunami reconstruction and infrastructure development.

For information

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