WB to support Azerbaijan in involvement of private investments

# 09:28
18 December 2017

Keiko Honda, Executive Vice President and CEO of the Multilateral Investment Guarantee Agency (MIGA) - the political risk insurance arm of the World Bank Group - will visit Baku, Azerbaijan on December 18 to meet with government officials and potential cross-border private investors.


According to the WB, Azerbaijan is in the process of redefining its medium-term development strategy, and the Government is focused on accelerating reforms to improve the environment for private sector development.


“What’s missing around the world is not financing, but rather bankable projects.  Azerbaijan has strong needs for improved infrastructure, and can leverage cross-border investors to help meet this need,” said Honda. "I look forward to learning how MIGA can help draw private capital to meet the country’s development goals."


In FY 2017, MIGA supported $4.7 billion cross border private investment going to developing countries by providing non-commercial risk insurance and credit enhancement. Since 1988, MIGA has supported more than 800 projects in 110 member countries.


MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war & civil disturbance; and offering credit enhancement to private investors and lenders.