MIGA and the Palestinian Investment Promotion Agency Collaborate to Support
Investment in West Bank and Gaza
View the press release in Arabic
West Bank- Ramallah, September 15, 2011—The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, and the Palestinian Investment Promotion Agency (PIPA), announced today that they will cooperate to promote cross-border investments in the West Bank and Gaza. The two agencies signed a memorandum of understanding (MOU) that commits the parties to increasing collaboration as well as raising general awareness about risk mitigation instruments, such as political risk insurance, through events including joint conferences and seminars, and training.
"We are committed to helping companies in all regions of the world to expand their capacity to contribute to the economic growth of the West Bank and Gaza," said MIGA Executive Vice President Izumi Kobayashi. "While the West Bank and Gaza are in critical need of sound development, we recognize the region is not attractive to many investors. Our hope is that MIGA’s cooperation with PIPA and its track record in difficult environments can help investors overcome the hurdles associated with entering this market."
Last year, MIGA appointed a local representative in the region to 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. The agency currently is looking at supporting a number of projects in sectors ranging from power to agribusiness.
PIPA Chief Executive Officer Jafar Hdaib welcomed the collaboration and noted the continuous efforts of the Palestinian Authority towards improving the investment climate in Palestine through all available mechanisms and tools. "I want to extend my gratitude to the international community and organizations for supporting the Palestinian people and especially to the World Bank Group for their continuous support. I am confident the PIPA- MIGA collaboration will enhance the promotion techniques used to promote Pa-lestine as a land of opportunities."
MIGA provides insurance against political risks for eligible investments made by investors from a MIGA member country into a developing member country. The types of investments the agency can cover include equity, shareholder loans, non-shareholder loans, certain shareholder loan guarantees, management contracts, asset securitizations, capital market bond issues, and leasing, services, franchising and licensing agreements.
Small and medium investors can benefit from MIGA’s Small Investment Program, which offers these investors a streamlined approval process and reduced premiums.
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