MIGA’s Vice President to Visit Angola
View the press release in Portuguese
Washington, November 19, 2013 – Michel Wormser, Vice President and Chief Operating Officer of the Multilateral Investment Guarantee Agency (MIGA)—the political risk insurance and credit enhancement arm of the World Bank Group—will visit Angola from November 20-22, 2013. The overall aim of the visit is to identify areas where MIGA can assist in supporting the country’s growth and development.
This visit follows MIGA’s support for the expansion of the Cambambe Hydroelectric Power Plant in June 2013. The Agency is providing non-honoring of sovereign financial obligations cover of $512 million to Camambe’s commercial bank lenders for a period of 13 years. The expansion is expected to boost the output of the Cambambe facility by 700 megawatts.
During his visit, Wormser will meet with government ministries, investors, and banks to discuss how MIGA can play a greater role in faciliting additional investment into Angola through its guarantee instruments. “As Angola seeks to consolidate its economic gains and transitions to middle-income status, there will be opportunities for new investors,” says Wormser. “We want to raise awareness of MIGA’s products, which can help leverage investment for critical infrastructure, such as power and water.”
“The World Bank Group recently approved a new strategy for its engagement in Angola,” explains Wormser. “The strategy lays the foundation for Angola to make full use of a range of the financial and advisory products available from the World Bank Group – including MIGA’s risk-mitigation instruments. We believe we can play a strong role in catalyzing the investments that build infrastructure, generate jobs, and improve the quality of life for people in Angola.”
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