News Column

MIGA Vice President Visits Kenya

August 28, 2014

WASHINGTON, Aug. 28 -- The Multilateral Investment Guarantee Agency, a member of the World Bank Group, issued the following news release:

Michel Wormser, Vice President and Chief Operating Officer of the Multilateral Investment Guarantee Agency (MIGA)--the political risk insurance and credit enhancement arm of the World Bank Group--will visit Kenya on August 29th. Wormser's visit underscores MIGA's continued support to the country's development goals, especially as Kenya builds its power generation capacity through private sector investment.

In June, MIGA announced its latest support for Kenya's energy sector by insuring a non-shareholder loan to independent power producer (IPP) Gulf Power Limited-- one of a series of IPP plants being developed by the government of Kenya and supported by the World Bank Group. Wormser's visit is aimed at identifying additional areas where MIGA can help the country mobilize capital for important projects to help the country meet its development objectives. Wormser will meet with government ministries, banks, and other private sector entities.

"Our ongoing support to Kenya's energy sector is a strong demonstration of how the agencies of the World Bank Group can mobilize significant volumes of private sector investment to provide an essential service and be helpful in advancing the country's development agenda," said Wormser. He arrived in Nairobi after talks in Tanzania and Zambia.

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Source: Targeted News Service

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