Solomon Islands Joins World Bank Group Agency

Solomon Islands Joins World Bank Group Agency

WASHINGTON, DC, October 31, 2005—The Solomon Islands became the newest member of the World Bank Group’s Multilateral Investment Guarantee Agency, MIGA, the agency said today. The addition of the Pacific island nation brings MIGA’s membership to 167 developing and developed countries.

"MIGA is pleased to be in a position to support the Solomon Islands through our political risk insurance and technical assistance programs, as the country continues on its path of economic stabilization and growth,” said Yukiko Omura, the agency’s Executive Vice President.

In addition to supporting investments in the traditional sectors of fishing, forestry, and agriculture, MIGA aims to encourage investment in potential growth sectors such as mining, palm oil production, and tourism.

“Our work will be done in tandem with that of the World Bank, which has committed to improving incentives for private sector growth and employment over the next few years, particularly through reforms in the energy sector, telecommunications, financial sector management, and foreign investment legislation,” Omura said.

For information
Angela Gentile, agentile@worldbank.org 
t. 202.473.3509