New Zealand Joins MIGA
WASHINGTON, DC, April 29, 2008—The Multilateral Investment Guarantee Agency (MIGA)—a member of the World Bank Group—said today that New Zealand has become its newest shareholder, bringing MIGA’s total member countries to 172.
New Zealand signed MIGA’s Convention, completed the ratification process and made its initial capital contribution to the agency in order to become a full member of MIGA. The resulting membership enables eligible companies in New Zealand seeking to invest in developing economies to receive MIGA’s guarantee coverage, which protects investments against the risks of transfer restriction, expropriation, breach of contract, and war and civil disturbance (including terrorism).
“We are delighted that New Zealand is now a member of MIGA and is eligible for support from our agency,” says MIGA’s Executive Vice President, Yukiko Omura. “With MIGA’s guarantee coverage, entrepreneurs in New Zealand can minimize risk while investing in developing countries.”
Managing noncommercial risk is fundamental for cross-border business today. MIGA can help good investments go ahead in difficult environments through effective management of risks related to political uncertainties. The World Bank Group agency’s mandate is to promote foreign direct investment into developing countries to support economic growth, reduce poverty and improve people’s lives.
Release no. 2008/124