Business

World Bank gives Zambia $200m insurance cover since inception

ESTHER MSETEKA , Lusaka
THE World Bank’s political risk insurance and credit enhancement arm, Multilateral Investment Guarantee Agency (MIGA), has since inception provided insurance cover worth about US$200 million to support private investment in Zambia.
MIGA executive vice president and chief executive officer Keiko Honda, who is in the country for a three-day visit with a mission to boost Zambia’s economic growth, said the projects under financing are in different sectors of the economy, and will run for about 10 to 20 years.
While in the country, Ms Honda is expected to hold talks with Government ministers, banks and private sector entities to strengthen cooperation and support foreign direct investment into the country.
During a media briefing yesterday, she said the agency will continue supporting Zambia as it seeks to attract private sector investment that will help boost economic growth.
“We witness significant opportunities for Zambia and MIGA can help by facilitating private investments in energy, agribusiness, manufacturing, fish farming, and other sectors. We also have several investors lining up to come and examine the investment opportunities in the country,” Ms Honda said.
She said MIGA will aim at bringing decent foreign private investment into Zambia to create value for the local people and also ensure investors generate fair returns.
MIGA is currently supporting a manufacturing project that reconditions used heavy duty earth moving machinery parts and components, primarily in the mining sector.

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