Australia Signs MIGA Convention

Australia Signs MIGA Convention

Washington, D.C., September 30, 1996 — In conjunction with the World Bank Group's Annual Meetings in Washington D.C., Australia signed the Convention of the Multilateral Investment Guarantee Agency (MIGA). MIGA is the World Bank affiliate that issues guarantees to foreign private investors against political risks in developing countries and provides services to assist these countries in the promotion of investment opportunities.

Mr. Akira Iida, Executive Vice President of MIGA, at the signing ceremony with the Honorable Peter Costello, Treasurer of Australia, noted:

"I am very pleased to welcome Australia as a signatory to MIGA's Convention. I expect this to inaugurate a long and successful relationship to promote foreign investment in developing countries. MIGA particularly looks forward to working closely with Australia's Export Finance Insurance Corporation (EFIC)."

Mr. James D. Wolfensohn, Australian-born President of MIGA, earlier said he hoped other membership requirements — ratification of the Convention and payment of capital subscription — would be completed later this year so that MIGA's guarantee services could be offered to Australian investors.