By Julius N. Uma
May 1, 2014 (JUBA) – South Sudan and the World Bank’s Multilateral Investment Guarantee Agency (MIGA) have signed important legal agreements that will facilitate the agency’s ability to insure foreign direct investment in the country.
- The World Bank’s country director for Somalia, Sudan and South Sudan, Bella Bird (Ashorooq TV)
MIGA is the political risk insurance and credit enhancement arm of the World Bank Group and South Sudan became its member in 2012.
Finance minister, Aggrey Tisa Sabuni expressed his appreciation for MIGA’s commitment to supporting investment into the world’s youngest nation.
“Signing this agreement during these challenging times is tremendously significant and important for our country. Our actions today signal that we are reentering a conversation that we began at the South Sudan Investment Conference in early December 2013,” the minister said in a statement.
Michel Wormser, MIGA’s vice president and chief operating officer equally welcomed the news that South Sudan is open for business.
“MIGA has a long history of fosteringprivate sector development in countries that have experienced conflict, and we are pleased to be in a position to help South Sudan attract investors to achieve its development priorities,” said Wormser.
Bella Bird, the World Bank country director for South Sudan, Sudan and Somalia said the new nation has vast investment needs thus required lots of support.
“We are committed to bringing the entire array of World Bank Group instruments to support the country’s development,” said Bella.
“Private sector investment will be essential to generate jobs and opportunities in a fragile country such as South Sudan,” she added.
Officials from both entities also discussed several areas where MIGA could potentially support foreign investments, including agribusiness, power, and transportation.