Japanese Grant Enables MIGA to Help Investors Address Environmental and Social Challenges in Africa
WASHINGTON, DC, August 1, 2006—The Multilateral Investment Guarantee Agency (MIGA)—a member of the World Bank Group—said today that a $1 million grant from the Japanese government will permit MIGA to launch a pilot facility to help foreign investors address environmental and social challenges in Africa. The program will later be expanded if the model proves successful.
MIGA shares the World Bank Group’s strong commitment to tackle the challenges of achieving growth and reducing poverty in
MIGA’s priority in
All MIGA-supported projects have to comply with the agency’s strict environmental and social standards, reflecting international best practice. This may be difficult for some firms, especially the smaller and less experienced ones, who may lack the expertise and resources needed to ensure that their investments are consistent with MIGA’s strict standards. But with expert assistance on what needs to be done to address the environmental and social issues, these investments can proceed and contribute to the country’s development in an environmentally and socially sustainable manner.
MIGA will use the grant to provide advice to the firms on the development and implementation of plans and programs to address the possible environmental and social issues. The aim will be to arrive at practical solutions to enable the investments to proceed. And with MIGA’s strict environmental and social standards being met, MIGA will then also be able to provide its political risk insurance guarantees.
“The grant provided by the government of
This grant is in addition to previous support by the government of
Release no. 2007/99