MIGA: Azerbaijan has strong needs for improved infrastructure

Baku. 18 December. REPORT.AZ/ Keiko Honda, Executive Vice President and CEO of the Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group has today arrived in Baku to meet government officials and potential cross-border private investors.

Report informs, the main purpose of the visit is to define the medium-term development strategy in Azerbaijan.

The official statement of the World Bank says that the government focused on accelerating reforms to improve the environment for private sector development.

“What’s missing around the world is not financing, but rather bankable projects. Azerbaijan has strong needs for improved infrastructure, and can leverage cross-border investors to help meet this need. I look forward to learning how MIGA can help draw private capital to meet the country’s development goals,” said Honda.

In fiscal year of 2017, MIGA supported $ 4.7 billion cross border private investment going to developing countries by providing non-commercial risk insurance and credit enhancement. Since 1988, MIGA has supported more than 800 projects in 110 member countries.