MIGA Holds Risk Mitigation Briefing for Florida Investors

World Bank Agency Holds Risk Mitigation Briefing for Florida Investors
MIAMI, FL, December 4, 2003—The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, held a luncheon briefing today for more than 85 area investors, insurance brokers, lawyers, and bankers. Talks focused on the value of political risk insurance as a financial tool and confidence-enhancer for those interested in investing in emerging markets, particularly in Latin America and the Caribbean.
The event was held in partnership with the US Export Assistance Center of the Department of Commerce, Florida District Export Council, CAMACOL (US Latin Chamber of Commerce), and the Florida Foreign Trade Association.

"MIGA can play an incredibly important role in reducing a project's risk profile," said Ileana Boza, a regional manager for MIGA. "Our political risk guarantees allow investors and lenders to venture into new markets with confidence, protecting them from those risks they cannot control. Financial institutions also benefit by being able to leverage their country limits and thus reduce country risk provisioning and transaction costs."

Latin America and the Caribbean currently account for 43 percent of MIGA's gross outstanding portfolio. Projects cover a broad range of sectors, including financial services, infrastructure, telecommunications, tourism, manufacturing, oil and gas, and mining. Countries eligible for guarantee support include: Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, Panama, Peru, St. Kitts & Nevis, St. Lucia, St. Vincent, Suriname, Trinidad & Tobago, Uruguay, and Venezuela.

Boza was joined by fellow presenters, Robert Wight, Assistant Vice President, Zurich Emerging Markets Solutions, and Keith Dunford, Vice President, Chubb Commercial Insurance.

MIGA representatives also met with local investors and lawyers at a breakfast event held on December 3 at the law offices of Holland & Knight LLP.

"We as a community feel honored to have MIGA host this series of presentations on mitigating risks," said Jorge Ramirez, communications director of the Florida Foreign Trade Association. "This broadens the spectrum of opportunities for our local businesses planning investments in emerging markets."

For information 
Washington, DC:
Angela Gentile,
agentile@worldbank.org, t. 202-473-3509