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Press Release

Thailand Signs MIGA Convention

Thailand Signs MIGA Convention

Washington, D.C., October 3, 1996 — In conjunction with the World Bank Group's Annual Meetings in Washington D.C., Thailand signed the Convention of the Multilateral Investment Guarantee Agency (MIGA) and joined the Agency's 156 other signatory countries.

MIGA is the World Bank affiliate that issues guarantees to foreign private investors against political risks in developing countries and provides services to assist these countries in the promotion of investment opportunities.

Mr. Akira Iida, Executive Vice President of MIGA, at the signing ceremony with the Permanent Secretary of Finance, M.R. Chatu Mongol Sonakul, noted:

"I am very pleased to welcome Thailand as a signatory to MIGA's Convention. I expect this to inaugurate a long and successful relationship to promote foreign investment to Thailand as well as encourage prospective Thai investors seeking to expand their business in other developing countries."

Mr. Iida also expressed the hope that Thailand would soon complete other membership requirements — ratification of the Convention and payment of capital subscription — so that Thailand would be eligible for MIGA's guarantee services. MIGA membership now includes 137 industrial and developing countries; an additional 20 countries, including Thailand, are in the process of fulfilling their membership requirements.