The Syrian Arab Republic has 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.
MIGA was formed in 1988 to encourage foreign direct investment (FDI) into developing countries by providing noncommercial risk insurance against such risks as transfer restriction, expropriation, breach of contract, and war and civil disturbance. MIGA also offers investment-marketing services to help developing member countries promote their own private investment opportunities more effectively. Since its inception, MIGA has issued more than 571 guarantees for projects in 81 developing countries. Total coverage issued exceeds $9.6 billion, bringing the estimated amount of FDI facilitated to more than $42 billion. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
