Portugal finances Guinea Bissau’s entry into the Investment Guarantee Agency

12 June 2006

Bissau, Guinea Bissau, 12 June – Portugal paid the entry rights for Guinea Bissau into the Multilateral Investment Guarantee Agency (MIGA), which makes it possible to support the country in attracting foreign investment, the Guinea Bissau Economy Ministry said Friday.

Speaking to Portuguese news agency, Lusa, the head of the office of the Economy Ministry, Lourenço Silva said that the rights requested by MIGA, totalling US$108,200, were paid on May 31 through the Portuguese development institute, IPAD.

The request was made to IPAD in October 2005 by Issufo Sanhá, who also headed the Economy Ministry under the government of Carlos Gomes Júnior, who was exonerated from his position in the same month by Guinea Bissau’s president, João Bernardo “Nino” Vieira.

Thus, Silva said, Guinea Bissau had become a full member of MIGA since the day membership was paid and local economic agents could benefit from MIGA’s interventions, according to the standards of this World Bank institution.

MIGA was created by the World Bank with the aim of encouraging production investments in 26 members states form Sub-Saharan Africa.

Since March 7 Guinea Bissau has also been a member of Fagace, an insurer that acts in 12 African countries and provides similar guarantee condition to MIGA in terms of attracting investment. (macauhub)