Fiji Agreements With MIGA To Facilitate Foreign Investment

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Pacific Islands Development Program, East-West Center With Support From Center for Pacific Islands Studies, University of Hawai‘i

Large-scale projects to receive insurance, investment security

By Reginald Chandar

SUVA, Fiji (Fijilive, April 18, 2016) – The Fijian Government has signed two major financial agreements with the Multilateral Investment Guarantee Agency (MIGA) to encourage and facilitate foreign direct investment into the country.

The agreements, the Use of Local Currency Agreement and the Legal Protection for Guaranteed Foreign Investment Agreement, were endorsed by Cabinet before being signed by Attorney-General and Minister for Finance Aiyaz Sayed-Khaiyum at a meeting in Washington D.C. over the weekend.

The agreements will enable MIGA to provide insurance facilities and security solutions for investments in large-scale Fijian projects.

These new guarantees are designed to attract private sector investment by giving investors a range of options to protect their investments into the country.

Minister Sayed-Khaiyum said the two landmark deals will boost investor confidence in Fiji, bringing more money and opportunity into the growing economy.

He said a wide-range of sectors are going to benefit from these new investment protections, such as energy, housing, healthcare, agriculture, infrastructure development, and mineral extraction, to name a few.

The AG went on to say that these agreements were made possible because of increased international confidence in Fiji’s economic stability and are a credit to Fiji’s progress and sustainable development.

MIGA is an international financial institution and member of the World Bank Group that specialises in offering risk insurance and credit enhancements on foreign direct investments in developing countries.

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