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A-G Signs Two Private Sector Deals

A-G Signs Two Private Sector Deals
Attorney-General Aiyaz Sayed-Khaiyum (third from right), meets with the Multilateral Investment Gurantee Agency of the World Bank in Washington D.C. Photo: Embassy of Fiji- Washington D.C/Facebook
April 19
11:31 2016

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

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.

“These two landmark deals will boost investor confidence in Fiji, bringing more money and opportunity into our growing economy. 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,” Mr Sayed-Khaiyum said.

The A-G said the 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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