World Bank’s MIGA insures 3 major companies in Afghanistan
The World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) has so far insured three major companies in Afghanistan in an bid to promote foreign direct investment in the country.
Collectively worth USD 154mn, these companies are insured against losses incurred in a change in political systems and trade problems.
“World Bank has insured 3 companies through MIGA, but there is little awareness about this service. More awareness needs to be made in order to provide better investment climate in Afghanistan,” said Abdul Qadir Bahman, Afghanistan Chamber of Commerce of Industries (ACCI) CEO.
Meanwhile, Afghan business owners urged the World Bank to speed up efforts in this regard as businesses in Afghanistan are facing major threats.
MIGA was established in 1988 as a member of the World Bank Group. The agency, which today boasts 164 member countries, aims to encourage foreign investment in developing countries by providing:
- Long-term political risk insurance to eligible investors for foreign direct investments. Beyond insurance protection, MIGA’s involvement enhances confidence that the investor’s rights will be respected, an advantage inherent in the agency’s organization as a voluntary association of developing and developed countries, and as a member of the World Bank Group.
- Technical assistance to help governments of its developing member countries enhance their ability to attract foreign direct investment.
- Dispute mediation services to help governments and investors resolve investment disputes without the need for formal arbitration, and to ultimately improve the country’s investment climate.
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