The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, plans to step up its support for Lebanese investors seeking to take their business into other developing countries.
"We've seen an increase in Lebanese investment going outside the country, particularly to other Middle Eastern countries and to Africa," said executive vice president of MIGA, Motomichi Ikawa during a three-day visit to Beirut. "Our aim is to reach out to the investment community to let them know how we can support their efforts, while at the same time encouraging the flow of foreign direct investment into Lebanon."
MIGA provides non-commercial risk insurance for foreign investments into developing countries, offering protection against risks such as transfer restriction, expropriation, breach of contract, and war and civil disturbance.
During the visit, Ikawa and other agency representatives met with Prime Minister Rafik Hariri, Minister of the Economy and Trade, Marwan Hamadé, Finance Minister Fouad Siniora, Central Bank Governor Riad Salamé, heads of the Higher Council for Privatization and the Council for Development and Reconstruction, as well as representatives of the Lebanese business community and foreign investors.
The meetings form part of an overall effort to intensify MIGA's presence not just in Lebanon, but within the region as well. In the past two years, MIGA has supported investors from Egypt, Lebanon, Saudi Arabia, and Tunisia for their investments in countries such as Benin, Mauritania, Pakistan, and Syria. MIGA is also providing assistance to regional investment promotion entities to increase the overall flow of foreign direct investment into the area.
MIGA currently has several projects in the pipeline for investments going into Lebanon, and a number involving Lebanese investors going into other countries. In fiscal year 2002, MIGA supported its first Lebanese investment, with the issuance of eight million dollars in guarantees for a project involving the installation of a new GSM mobile telephone network in Benin. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
