MIGA and the State Bank of Vietnam Showcase Risk-Mitigation Tools to Mobilize International Long-term Financing
MIGA and the State Bank of Vietnam Showcase Risk-Mitigation Tools to Mobilize International Long-term Financing
View this press release in Vietnamese
Hanoi, Vietnam, April 26, 2016—The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group, and the State Bank of Vietnam held a workshop titled "MIGA Risk Mitigation Solutions for Investments in Vietnam". The workshop was attended by leaders from the State Bank of Vietnam, the World Bank and MIGA, and representatives from ministries—such as the Ministry of Transport, Ministry of Industry and Trade, Ministry of Finance, Ministry of Planning and Investment—in addition to state-owned enterprises and commercial banks.
At today's workshop in Hanoi, participants were presented with MIGA's full range of political risk insurance and credit enhancement products, as well as the benefits for member countries in mobilizing financial long-term financing.
Co-hosting the workshop, the State Bank of Vietnam's Deputy Governor Nguyen Thi Hong highly appreciated MIGA's guarantee to investment projects in Vietnam. MIGA's guarantee has helped mitigate non-commercial risks, boosting foreign investors' confidence in projects implemented in Vietnam and promoting long-term financing mobilization.
"MIGA stands ready to support the government's efforts in diversifying financing sources, especially from international commercial lenders, to implement much-needed infrastructure projects and support private sector development that improve the lives of people throughout the country," said Karin Finkelston, MIGA's Vice President and Chief Operating Officer. Finkelston is on a two-day visit to Hanoi to host the workshop and meet with top government officials to discuss opportunities for cooperation.
Vietnam became a MIGA member in 1994. To date, MIGA has provided guarantees for $1.1 billion in guarantees for nine projects in Vietnam. Most recently, in December 2015 MIGA issued a guarantee of $239.7 million to a consortium of lenders led by Goldman Sachs and Bank of Tokyo Mitsubishi to support the construction of the Hoi Xuan Hydropower Plant in Thanh Hoa province.
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