WASHINGTON, DC, December 27, 2012—The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, announced today that São Tomé and Principe has become MIGA’s 178th member country.
São Tomé and Principe’s membership in MIGA means that direct foreign investment into the country is eligible for the agency’s political risk insurance. This insurance protects investments against the risks of transfer restriction, expropriation, breach of contract, non-honoring of sovereign financial obligations, and war and civil disturbance. Investors from the São Tomé and Principe going into other developing countries may also receive coverage for their investments from MIGA.
"We extend a warm welcome to São Tomé and Principe," said Izumi Kobayashi, MIGA’s Executive Vice President.
"Our focus is on markets where we can make the greatest difference, including countries eligible for concessionary lending from the International Development Association." She continued, "We hope that MIGA’s support will promote productive and sustainable foreign direct investment into the country to benefit the people of São Tomé and Principe."