World Bank’s MIGA pledges support for Pakistan’s financial sector, capital markets

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, has reaffirmed its commitment to support Pakistan’s financial institutions and capital markets.

The development came during a meeting between Finance Minister Muhammad Aurangzeb with a delegation from the Multilateral Investment Guarantee Agency (MIGA) at the Finance Division on Friday.

According to a statement released by the Finance Division, the delegation was led by Dilawar Bajauri, Senior Investment Guarantee Officer – Financial Institutions and Capital Markets / Lead for FIG Products / Business in the Middle East, Turkey, and Pakistan, along with Jae Kwon, Senior Underwriter – Head of South Asia Business Development.

The MIGA delegation “underscored their organisation’s commitment to supporting financial institutions and capital markets in Pakistan and expressed confidence in the country’s economic potential - Pakistan being MIGA’s first destination in Asia”.

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“The delegation highlighted MIGA’s role in offering short-term credit guarantees, which complement the efforts of the International Finance Corporation (IFC) in promoting private sector development,” the Finance Division said.

Meanwhile, Senator Aurangzeb reiterated Pakistan’s commitment to fostering a conducive investment climate and expressed hope for continued collaboration with MIGA in advancing the country’s economic and financial sector development.

The meeting concluded with both sides agreeing to maintain close coordination, read the statement.

Established in 1988 to promote foreign direct investment (FDI) in developing countries, MIGA offers political risk insurance and credit enhancement guarantees.

These guarantees help investors protect foreign direct investments against political and non-commercial risks in developing countries.