Bank seeks business in Middle East unrest

7 April 2011

Staff at the World Bank’s political insurance arm, MIGA, greeted unrest in the Middle East and North Africa as a business opportunity, amid criticisms that IFI policies had fuelled the crises (see Update 74). In a March blog Hoda Atia Moustafa of MIGA said the events represented a “unique opportunity for MIGA” to promote its products in a region where it has no clients. Amy Ekdawi of US NGO the Bank Information Center said, “insurance for investors in the region is much needed. But the fact that the Bank looks at this crisis – that it might have helped create according to some analysts – as yet another opportunity to exploit, highlights its reneging culture and incentive structures.”