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Press Release

First MIGA-Insured Investment Fund and First Project in Ukraine

First MIGA-Insured Investment Fund and First Project in Ukraine

Washington, D.C., May 22, 1998 — The Multilateral Investment Guarantee Agency issued, for the first time, a guarantee to cover an equity investment fund, the Agency announced today. Also for the first time, MIGA will cover local downstream investments made by the equity fund. It is also MIGA's first project in the country.

The facility, Ukraine Investments Limited (UIK/Fund), is incorporated in Ukraine. It is capitalized by a $30 million investment made by its owner, the Bahamas-based Ukrainian Investment Fund Limited (UIFL), which is listed on the Irish stock exchange. The fund will invest in projects that focus on the agribusiness, construction, and infrastructure sectors, and meet MIGA's criteria for developmental benefits and environmental soundness.

The fund is expected to set a precedent for the creation of other similar funds and encourage institutional investors and portfolio managers to utilize MIGA's service to support investments into emerging markets.