Guinea Bissau to be part of Multilateral Investment Guarantee Agency

22 February 2006

Bissau, Guinea Bissau, 22 Feb – Portugal is set to finance Guinea Bissau’s entry into the Multilateral Investment Guarantee Agency (MIGA), this year, offering the West African nation one of the main instruments for attracting foreign investment, Guinea’s Economy Minister said in Bissau Tuesday.

According to Issufo Sanhá, the agreement made between the Bissau and Lisbon authorities for Portugal to pay the amounts demanded by the World Bank’s insurance company had already been established, and some “small details” had yet to be settled.

Sanhá declined to disclose the amounts involved, but said that Guinea Bissau would make a “qualitative jump,” in terms of its business environment and investments with its entry into MIGA, which operates in 26 countries in sub-Saharan Africa.

MIGA, which is one of the world’s largest capital and goods insurance agencies, and will provide guarantees against the risks of doing business and investing in Guinea Bissau, a country known for political instability over the last few years, which has made investors hesitant, Sanhá said. (macauhub)