Title: World Bank wing may insure investments against political risk in South Sudan
Author: SudaneseOnline Press Release
Date: 04-17-2014, 03:44 PM
FOR IMMEDIATE RELEASE
MIGA and South Sudan Commit to Further Collaboration
Agreements will Facilitate Critical Investment into the Country
Washington, April 15, 2014 – The Government of South Sudan and the Multilateral Investment Guarantee Agency (MIGA)—the political risk insurance and credit enhancement arm of the World Bank Group—signed important legal agreements during the spring meetings of the World Bank Group that will facilitate MIGA’s ability to insure foreign direct investment into the country. South Sudan became a member of MIGA in 2012.
At a signing ceremony held on Saturday, Aggrey Tisa Sabuni, Minister of Finance, expressed his appreciation for MIGA’s commitment to supporting investment into the country. “Signing this agreement during these challenging times is tremendously significant and important for our country. Our actions today signal that we are reentering a conversation that we began at the South Sudan Investment Conference in early December 2013.”
Michel Wormser, MIGA Vice President and Chief Operating Officer welcomed the news that South Sudan is open for business. “MIGA has a long history of fostering private sector development in countries that have experienced conflict, and we are pleased to be in a position to help South Sudan attract investors to achieve its development priorities.”
“South Sudan has vast investment needs,” said Bella Bird, World Bank Country Director for South Sudan, Sudan and Somalia who attended the signing ceremony. “We are committed to bringing the entire array of World Bank Group instruments to support the country’s development. Private sector investment will be essential to generate jobs and opportunities in a fragile country such as South Sudan.”
The parties discussed a number of areas where MIGA could potentially support foreign investments, including agribusiness, power, and transportation.