MIGA to set up Singapore office

MIGA to set up Singapore office

SINGAPORE: The World Bank's Multilateral Investment Guarantee Agency (MIGA) will open an office in Singapore later this year or early 2003, officials said Wednesday, amid a rising demand for political risk insurance following the Sept. 11 terror attacks.

Christopher Ang, a senior trade officer for infrastructure services at the Trade Development Board, said the board has been in discussions with World Bank officials to establish the office which is likely to cover Southeast Asia.

MIGA, a part of the World Bank group, offers political risk insurance to investors, and business executives feel that its presence in the region would help stimulate investments especially after the Sept. 11 strikes that killed some 3,000 people in New York and Washington. -- AFP