WASHINGTON, December 17, 2013—The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group, announced today that Myanmar has fulfilled all of its membership requirements to become MIGA’s 180th member.
Myanmar’s membership in MIGA means that direct foreign investment into the country is eligible for the agency’s investment guarantees. MIGA’s guarantees protect investments against the risks of transfer restriction, expropriation, breach of contract, non-honoring of financial obligations, and war and civil disturbance. Investors from Myanmar going into MIGA’s other developing member countries may also receive coverage for their investments.
“We’re very happy to welcome Myanmar as a MIGA member at a critical time in the country’s history,” said Keiko Honda, MIGA’s Executive Vice President. “We are eager to support investments in sectors such as energy, telecom, and agribusiness. Investments that create jobs and provide critical infrastructure will help Myanmar realize the benefits of its historic transition.”