Africa-Press – Ethiopia. Finance State Minister Semereta Sewasew met with the Vice President, Operations, Multilateral Investment Guarantee Agency (MIGA), Junaid Kamal Ahmad to discuss ongoing support and explore potential areas for further collaboration.
On the occasion, the state minister thanked the support Ethiopia is getting from MIGA and briefed the visiting Vice President on the ongoing economic reforms the Government of Ethiopia is undertaking to address the macroeconomic challenges.
The government is working to transform the structure and the source of growth from the public sector led to a private sector-driven economy whereby coordinated development partners support is needed to accelerate the reforms, she said.
Attributing to the ongoing support, the Vice President explained MIGA’s support in backstopping Foreign Direct Investment (FDI) in areas of energy, water and sanitation, and telecom.
By acknowledging the ongoing reforms by the government of Ethiopia, he also mentioned the importance of leveraging resources as blended finance with different financiers.
The state minister also assured the commitment of the Government of Ethiopia to work with MIGA in the areas of noncommercial risk insurance, credit enhancement, liquidity facility, and trade facility and to address financial constraints and enhance the attractiveness of the investment.
Since its establishment in 1988, MIGA has supported 1.2 billion USD worth of investments in Ethiopia across different projects of which a telecommunication service license to Safaricom and the development of a 150 MW Tulu Moye geothermal power plant are a few to mention.
The Multilateral Investment Guarantee Agency (MIGA) is a member of the World Bank Group mandated to promote cross-border investments in developing countries by providing guarantees (political risk insurance and credit enhancement) for investors and lenders, according to Ministry of Finance.
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