MIGA and Turkish National Insurer to Cooperate: Increasing Insurance Coverage for Turkish Investments in Developing Countries

MIGA and Turkish National Insurer to Cooperate: Increasing Insurance Coverage for Turkish Investments in Developing Countries

Istanbul, Turkey, October 12, 1999 — The Multilateral Investment Guarantee Agency (MIGA) signed a Memorandum of Understanding (MOU) on Cooperation with Turkey's national insurer, the TURK EXIMBANK, MIGA announced today. The initiative will increase available political risk insurance to cover Turkish investments in developing countries and transition economies. Mr. Motomichi Ikawa, MIGA's Executive Vice President, met with Turkish investors, lenders, and other companies interested in investing in developing countries.

The MOU will expand MIGA's relationship with TURK EXIMBANK through coinsurance and reinsurance arrangements, to increase available investment insurance in the marketplace, and effectively utilize these risk-mitigating mechanisms to manage the insurance portfolios of both insurers.

Mr. Motomichi Ikawa commented that he expected the MOU to foster new synergies between the two insurers: "MIGA continues its efforts to complement and supplement the role of national investment insurance agencies. I am particularly eager to extend the possibilities of a close alliance with the TURK EXIMBANK to better serve the needs of the Turkish client community."

Mr. Ahmet Kilicoglu, General Manager and Ms. Alev Arkan, Deputy General Manager of TURK EXIMBANK, welcomed the signing of the MOU with MIGA. "We look forward to working with MIGA. Extending our relationship with MIGA will be mutually beneficial to our respective agencies and will greatly benefit Turkish investors," they concluded.

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