World Bank’s MIGA now insuring Afghan companies

Wednesday, 19 April 2017 03:29 Written by  Heart of Asia Published in Economy Read 95 times

Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, has started providing insurance services to big companies in Afghanistan.

According to a World Bank report, MIGA has so far insured three big companies in the country – collectively worth about $154 million USD.

 

MIGA’s mission is to promote foreign direct investment into developing countries to help support economic growth, reduce poverty, and improve people's lives.

“World Bank has insured a number of companies through MIGA in Afghanistan, but there is little awareness about the services at the moment and there is a need to promote awareness in order to provide better opportunities of investors in Afghanistan,” said Abdul Qadir Bahman, Afghanistan Chamber of Commerce and Industries (ACCI) CEO.

However, business owners have said that the World Bank needs to help speed up efforts regarding this service.  

Officials from Industry Owners Association said that at the moment there is no guarantee of investment protection in the country and investors are exposed to huge threats.  

“Taking in to account that besides existing problems, necessary requirements must be provided in this sector so companies have a source of guarantee for investments otherwise there will be no more investments in the country,” said Sakhi Dad Paiman, head of the Industry Owners Association.

According to the ACCI, MIGA in Afghanistan has insured three big companies against losses incurred in a change in political system and trade problems.