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Press Release

MIGA FY1995 Third-Quarter Guarantee Results: Surpassing FY1994 Levels

MIGA FY1995 Third-Quarter Guarantee Results: Surpassing FY1994 Levels

Washington, D.C., April 13, 1995 — In the third quarter of its current fiscal year, the Multilateral Investment Guarantee Agency (MIGA) issued 12 political risk investment insurance contracts to investors for projects in seven developing countries, totaling US$92.9 million in new coverage issued. This brings the totals for three quarters to 40 contracts for US$405 million of net new coverage issued. These figures surpass the totals for all of FY1994 (38 contracts for US$372 million of coverage). In addition, MIGA has seven commitment letters outstanding, totaling US$220 million in potential coverage.

The amount of foreign direct investment facilitated in the first three quarters was over US$650 million, in 16 developing member countries. MIGA guarantees were issued for the first time for an investment in South Africa, totaling US$8.5 million, for a Dutch company's steel slag processing plant. Coverage was also issued for the first time for investments in Costa Rica, Honduras, Morocco, and the Philippines.

Mr. Akira Iida, MIGA's Executive Vice President, expressed satisfaction with the guarantee results and the diversity of projects insured thus far in FY1995. "Country and sectoral distribution of MIGA-insured projects continues to improve and prospects for future business are excellent," he said. Projects covered range from the establishment of a state-of-the-art paperboard printing facility for the production of consumer and industrial packaging in the Czech Republic to the expansion of a denim textiles operation in Argentina; and from the establishment of a coffee bean processing and export facility in Uganda to gold mining facilities in Peru and Uzbekistan. An indicator of the future demand for MIGA's guarantee services is that MIGA now receives about 50 preliminary applications per month.

MIGA country membership also rose during the current fiscal year. With seven additional countries (Benin, Equatorial Guinea, Mozambique, The Bahamas, Lebanon, Ukraine, and Viet Nam), membership has now increased to 128 (19 industrialized and 109 developing countries). An additional 22 countries are in the process of fulfilling membership requirements.

In March, MIGA's Investment Marketing Services department co-organized a major regional investment promotion conference in Damascus, Syria, focusing on the hotel and tourism industry in the Arab world. More than 400 private investors and project sponsors, as well as several international financial institutions and hotel management companies, attended the conference.