Washington; Hanoi, April 24, 2014 - Keiko Honda, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA) - the political risk insurance and credit enhancement arm of the World Bank Group - arrives in Vietnam on April 25th. During her visit, Honda will meet with government representatives and state-owned enterprises to identify areas where MIGA can help the country mobilize capital for important infrastructure projects and other job-creating enterprises to meet its development goals.
MIGA has supported many projects in Vietnam since the Agency’s inception, spanning several sectors that include power, infrastructure, manufacturing, telecommunications, and banking. Last month, MIGA announced its guarantees backing financing by a consortium of commercial banks for the rehabilitation and expansion of BT20 National Highway 20. MIGA’s current gross exposure in Vietnam is $679 million.
“MIGA’s products can help leverage investment that bolsters Vietnam’s continued economic dynamism,” said Honda. She continued, “MIGA has been active in the country for many years and I’m here to underline our continued support.”
MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment into emerging economies to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders, covering risks including expropriation, breach of contract, currency transfer restriction, war and civil disturbance, and non-honoring of financial obligations.
MULTILATERAL INVESTMENT GUARANTEE AGENCY
WORLD BANK GROUP
1818 H Street, NW, Washington, DC 20433
Mallory Saleson, firstname.lastname@example.org 1.202.473.0844
Rebecca Post, email@example.com 1.202.473.1964
Cara Santos Pianesi, firstname.lastname@example.org 1.202.458.2097