MIGA explores potential in Uzbekistan, Georgia

Microfinance Focus, Aug. 20, 2009: The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, is sending its executive vice president Izumi Kobayashi to Uzbekistan, Kazakhstan and Georgia at the end of August on a fact-finding mission.
During her 12-day visit from Aug. 25, Ms. Kobayashi will meet with government officials and private industry leaders to consider investment potential and ways that MIGA can encourage and support foreign direct investment (FDI) for projects in these three countries.
During her visit to Tbilisi, Ms. Kobayashi is expected to sign a Memorandum of Understanding with the Investment Risk Management Agency (IRMA) establishing a joint outreach program to encourage and promote FDI into Georgia.
The World Bank estimates that FDI flows to developing countries will decline by 30 percent in 2009 to approximately $385 billion – down from an estimated $583 billion in 2008 and $520 billion in 2007.
“MIGA can act as a stabilizing influence in the market. It can help investors mitigate risks in these uncertain times and play an important role in helping countries attract FDI,” says Kobayashi.
MIGA is currently supporting the financial sector in Kazakhstan, recently providing guarantees to ATF Bank and Raiffeisen Leasing Kazakhstan LLP. MIGA’s gross exposure in Kazakhstan totals $225 million. MIGA currently does not have any active projects in Uzbekistan or Georgia.

Related Posts:

• MIGA of World Bank group provides $950,000 guarantee to Mibanco for investment in Uruguay Microfinance
• EBRD extends $5M loan to Uzbekistan’s micro enterprises
• Microinsurance potential market between 1.5 and 3 billion policies: Lloyd’s report
• ADB annual aid to Bangladesh to touch $800m in next 3 years
• EBRD urges Kazakhstan to improve climate for SMEs
• EBRD provides loan worth $1M to Georgia’s Crystal Microfinance
• IFC, S&P to launch first global Carbon Index on Dec. 10
• IFC $60 million loan to ATFBank to help access financing for SMEs in Kazakhstan

© 2009, Microfinance News. All rights reserved. 2008-09