Ethiopia and MIGA Pledge to Strengthen Further Ties
By Tsehaye Debalkew
April. 25 2011
The government of the Federal Democratic Republic of Ethiopia and the Multilateral Investment Guarantee Agency (MIGA) have committed to working together to boost foreign direct investment into the country, at a Host Country Agreement signing ceremony held on Thursday April 21, 2011, here in Washington Dc.
The agreement which is believed to further facilitate and all the more bolster the agency’s support to future investments in Ethiopia was signed by Mr. Sufian Ahmed , Minister of Finance and Economic Development of Ethiopia and Mrs. Izumi Kobayashi, MIGA’s Executive Vice President.
“I am very much pleased to sign this agreement, which would facilitate increased involvement by MIGA in encouraging more foreign investment into Ethiopia”, Mr. Sufian Ahmed said at the signing ceremony. On her part Mrs. Kobayashi said that the investor community is growing more and more interested in Ethiopia as an investment destination. “We are very much pleased to reach this important milestone that will allow us to be more proactive in providing guarantees in support of sustainable foreign direct investment into Ethiopia,” she added.
In fiscal year 2010, MIGA supported its first investment into Ethiopia. Presently MIGA’s guarantee of $10 million is supporting the Africa JUICE Tibila Share Company, a fruit plantation and processing facility which employs 2,400 people from the local community.
The host country agreement is needed in response to increased interest by foreign investors in Ethiopia. Ethiopia has been a member of MIGA since 1991.