The Multilateral Investment Guarantee Agency (MIGA), a private sector arm of the World Bank Group announced that it is collaborating with the European Union to provide a $23.3 million guarantee for an investment by Coca-Cola Beverages. It forms part of a European Union-MIGA partnership established in 1997 to promote foreign investment into Bosnia and Herzegovina. The five-year guarantee insures the investor against the risks of currency transfer restriction, expropriation, and war and civil disturbance. The project is supposed to rehabilitate and modernize industry and give a positive signal to other multinational companies.
World Bank & IMF in the news
Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects.