Syria Joins World Bank Group's MIGA

Syria Joins World Bank Group's MIGA

WASHINGTON, DC, June 19, 2002 — The Syrian Arab Republic recently completed the requirements needed to join the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, making it the agency's 156th member.

As a member of MIGA, foreign investors wishing to do business in Syria are now eligible to receive MIGA's guarantee coverage, which protect investments against the risks of transfer restriction, expropriation, breach of contract, and war and civil disturbance. Syrian investors going into other developing countries may also receive coverage. Membership also entitles Syria to receive MIGA's technical assistance services to help it attract more foreign direct investment.

"I am very pleased to welcome Syria into MIGA," says Motomichi Ikawa, the agency's executive vice president. "Syria's membership will enable us to expand the scope of our work, encouraging increased foreign direct investment into the Middle East, while providing comfort to Syrian investors as well."

MIGA has already received guarantee applications from foreign investors looking to invest in the country's telecom, manufacturing, services, and oil and gas sectors.
 

For information
On MIGA, contact:
Angela Gentile, agentile@worldbank.org, t. 202.473.3509