The private sector in Tanzania has a received a US$185m grant from the World Bank. The funds were released by the Multilateral Investment Guarantee Agency (MIGA).
The funds aim to support projects in the infrastructure, mining and energy sectors. MIGA Vice President and COO, Michael Wormser, said MIGA wishes to partner with government to ensure job creation and improve infrastructure. MIGA aims to promote Foreign Direct Investment (FDI) into developing countries to support economic growth, reduce poverty, and improve people’s lives.
MIGA is a member of the World Bank group mandated to offer political risk insurance and credit enhancement guarantees. Such guarantees help investors protect foreign direct investments against political and non-commercial risks in developing countries.
Since its inception in 1988, MIGA has issued over $28 billion in political risk insurance for a wide variety projects worldwide.
Read the full article here: http://constructionreviewonline.com/2014/09/09/tanzania-receives-us185m-miga-development-projects/