São Paulo – This month, Iraq, Jordan, the West Bank and Gaza Strip will receive a visit from Izumi Kobayashi, executive vice president of the Multilateral Investment Guarantee Agency (Miga), the World Bank’s political risk insurance arm. The visit was announced by the bank in a press release this Monday (5th).
She will discuss private sector investment opportunities and how the Miga’s investment guarantees can help reduce investors’ perceptions of political risk. According to the statement, Kobayashi will meet with government officials, national investment authorities, banking executives, and private sector representatives.
In her trip to the Palestinian territories, Kobayashi is expected to sign contracts for three projects backed by Miga-managed West Bank and Gaza Strip Investment Guarantee Fund. With funding from the Japanese government and the Palestinian Authority, the organization encourages investment in the occupied territories by offering political risk insurance to both local and foreign investors.
The West Bank and Gaza Strip Investment Guarantee Fund aims to facilitate small and medium investment, highlighting projects with strong job creation potential.
According to the press statement, Kobayashi’s visit underscores the Miga’s commitment to backing sustainable foreign direct investment to create jobs and opportunities in the Middle East and North Africa. In 2011, Miga mobilized US$ 1 billion in insurance capacity to retain and encourage foreign direct investment in the region. During fiscal year 2012, investment guarantees worth US$ 442 million have been provided to support projects in Arab countries.
“I am looking forward to seeing the results of the projects we have supported over the last year,” says Kobayashi in the press statement, “and I’m eager to explore how we can do more to support a diverse array of investments that will generate the jobs and opportunities that are so urgently needed in the region.”
*Translated by Gabriel Pomerancblum
