MIGA Appoints Layali Abdeen as Local Representative in West Bank and Gaza
WASHINGTON, DC, July 27, 2010—The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, announced the appointment of Layali Abdeen as the local representative for the agency in the West Bank and Gaza.
Abdeen will be the point of contact for MIGA’s West Bank Gaza Guarantee Trust Fund. She will also focus on business development and work with local and foreign investors to assist them in managing the political risks associated with their projects in the West Bank and Gaza.
Abdeen is a graduate in economics from BirZeit University in the West Bank. She came to MIGA after working at the Palestinian Development and Investment Company (PADICO Holding).
“I’m excited to be working with MIGA on this important endeavor,” said Abdeen. “While the West Bank and Gaza are in desperate need of sound development, we recognize the region is not attractive to many investors. Our hope is that MIGA’s political risk insurance and its track record in difficult environments can help investors overcome the hurdles associated with entering this market.”
The West Bank and Gaza Investment Guarantee Trust Fund aims to increase investment in the West Bank and Gaza by offering MIGA’s political risk insurance to eligible projects. Increased investment in productive areas is expected to contribute to the economic development of the region.
Eligible investors include companies or nationals of MIGA member countries; companies or nationals of members of multilateral organizations that are sponsors; or Palestinians resident or incorporated in West Bank and Gaza. The fund is designed to facilitate small and medium size investments, with a special emphasis on projects with high employment-generating capacity.
MIGA administers the fund on behalf of its sponsors—the Palestinian Authority, European Investment Bank, and the Government of Japan.
MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment into emerging economies to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders, covering risks including expropriation, breach of contract, currency transfer restriction, war and civil disturbance, and non-honoring of sovereign financial obligations. MIGA works actively with investors and host countries, helping to resolve disputes before they reach a claims situation. The agency also offers technical assistance to its member countries and provides free online investment information and knowledge services. Since its inception, MIGA has supported more than 600 projects in 100 developing countries, totaling more than $22 billion in coverage. MIGA’s gross exposure stands at $7.7 billion.
MULTILATERAL INVESTMENT GUARANTEE AGENCY
A Member of the World Bank Group
1818 H Street, NW, Washington, DC 20433
Mallory Saleson, MIGA
Tel: +1 202 473-0844
Rebecca Post, MIGA
Tel: +1 202-473-1964
Cara Santos Pianesi