WASHINGTON: The World Bank's political risk guarantee agency said Monday it would mobilize about $1 billion for insurance coverage for countries in the Middle East and North Africa to encourage foreign direct investment. The Multilateral Investment Guarantee Agency, or MIGA, said its underwriters were in Egypt, Jordan, Morocco and Tunisia for discussions with the private sector, regional agencies and state-owned enterprises. "Restoring investors' confidence is critical to the medium- to long-term economic and social development of the Middle East and North Africa," said Izumi Kobayashi, MIGA's executive vice president. Countries across the region are trying to attract more foreign investments.
