Iraq gains Miga membership

Iraq has joined the Multilateral Investment Guarantee Agency (Miga) having completed all membership requirements, bringing the insurer’s membership to 173. Iraq has signed Miga’s convention, completed the ratification process and has made its initial capital contribution as required.

Having joined the group, the World Bank’s insurance arm can now consider applications for political risk insurance cover from eligible investors for investments into Iraq. Investors from Iraq looking at investments in other developing countries can also apply for coverage.

Miga, as dictated by its convention, carefully looks at the risks of any investment supported through its guarantee programme, and the problematic economic and political environment in Iraq may preclude cover being provided for some projects. In this event, Miga would look at other ways outside its guarantee scheme through which it can support investment in Iraq.