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17. April 2002 |
Yugoslavia becomes member of MIGA
Belgrade, April 16, 2002 - Yugoslavia has become a member of the Multilateral Investment Guarantee Agency, an international financial organization that issues guarantees for foreign investment and for Yugoslav investments in MIGA member countries, which is very important for attracting direct foreign investment in Yugoslavia and reducing foreign investment risk.
"Admission to the Agency is very significant because apart from improving the legislation and measures of economic policy, it enhances investor confidence," it is said in a statement issued by the Yugoslav Information Secretariat and reported by the Beta news agency.
MIGA issues guarantees against non-commercial risks, such as currency transfer, expropriation, breach of contract, war and civil disturbance. MIGA does not cover losses resulting from any host government action or omission to which the holder of the guarantee has agreed or for which he has been responsible. It also does not cover losses resulting from government activities which are in line with host government's development policy or any other event occurring before the conclusion of the contract of guarantee.
Yugoslavia has become the 155th member of MIGA.
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