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Middle East and North Africa
Since its inception, MIGA has issued nearly $1 billion in guarantees for 20 projects in twelve countries in the Middle East and North Africa region, covering investments in general banking, manufacturing, sanitation services, sewerage systems, oil and gas, telecommunications, and tourism. Some $881 million in guarantees have also been issued to MENA-based companies and banks investing in developing countries outside the region.
In October 2008 MIGA welcomed Iraq as a new member. MIGA participated in a fact-finding trip to the country in April 2009 aimed at getting a better understanding of the development needs and investment opportunities and to underscore the World Bank Group commitment to assisting Iraq in its sustainable economic recovery.
Also last year, the World Bank Group officially re-launched a trust fund, administered by MIGA and co-sponsored by the EIB, the Government of Japan, and the Palestinian Authority. The fund is aimed at encouraging investment in the West Bank and Gaza and was expanded in fiscal year 2009 to offer coverage to local as well as foreign investors.
During the fiscal year 2009, MIGA did not issue any new guarantees in the region. At year-end, MIGA’s gross guarantee exposure in MENA stood at $677 million, or nine percent of the agency’s outstanding portfolio.
Updated September 2009
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