New Zealand joins Miga

New Zealand finance minister Michael Cullen has announced that the country has become a full member of the Multilateral Investment Guarantee Agency (Miga), investing NZ$9mn in the insurance agency as a shareholder.

"In the wake of New Zealand's decision to become a full member of Miga, New Zealand-based firms can now access the range of insurance products provided by Miga. Miga's products will be of interest to New Zealand businesses seeking to invest equity into ventures in some of the world's poorer regions. These products will complement the range of products currently provided by the New Zealand export credit office,” Cullen said in a statement to the media on May 20.

Miga provides insurance in frontier markets against political and sovereign risk and promotes direct foreign investment. The agency is also involved dispute mediation and technical assistance to countries looking to reform investment policies. It has written guarantees for 90 projects.