Chad Becomes Member of MIGA

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Last updated at: (Beijing Time) Tuesday, June 18, 2002

Chad Becomes Member of MIGA

Chad has become the newest member of the Multilateral Investment Guarantee Agency (MIGA), a World Bank Group agency, said a press release issued by the MIGA Tuesday.

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Chad has become the newest member of the Multilateral Investment Guarantee Agency (MIGA), a World Bank Group agency, said a press release issued by the MIGA Tuesday.

"We are delighted Chad has completed its membership requirements," said Motomichi Ikawa, executive vice-president of MIGA.

"Promoting investment in Africa is one of the agency's priorities, and this will enable us to further broaden our scope on the continent," Ikawa said.

Chad, a landlocked country in Central Africa with a population of 7.6 million, is one of the world's poorest countries. She joined 156 other nations on June 11 to become a member of MIGA.

As a member of MIGA, investors going into Chad are now eligiblefor guarantee coverage by the agency. Chadian investors interestedin taking their business into other developing countries can now receive coverage as well. The country is also eligible to receive MIGA's technical assistance services.

MIGA was founded in 1988 to encourage foreign direct investment(FDI) into developing countries by providing non-commercial risk insurance against such risks as transfer restriction, expropriation, breach of contract, war and civil disturbance.

MIGA also offers investment marketing services to help developing member countries promote their own private investment opportunities more effectively.

Since its inception, MIGA has issued 563 guarantees for projects in 81 developing countries. Total coverage issued exceeds9.6 billion U.S. dollars, bringing the estimated amount of FDI facilitated to more than 42 billion dollars.

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