WB agency offers assistance to Vietnam

The Multilateral Investment Guarantee Agency, a member of the World Bank Group, wants to cooperate with and assist Vietnam to develop infrastructure.

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, wants to cooperate with and assist Vietnam to develop infrastructure.

MIGA Vice President Michel Wormser made the offer at a reception hosted by Deputy Prime Minister Hoang Trung Hai in Hanoi on February 20.

The visiting executive told Hai that his organisation wants to explore opportunities for cooperation with Vietnam, especially in development projects.

He proposed MIGA guarantee the Hanoi-Haiphong expressway project and the National Highway 20 upgrade project linking Dong Nai and Lam Dong provinces.

Through guaranteeing, MIGA wants to reduce non-commercial losses in investment, helping increase investor trust in these projects, said Wormser.  

For his part, Deputy PM Hai thanked MIGA for lobbying foreign investors to pour investment into Vietnam. He said the organisation’s interest in infrastructure projects in Vietnam will help attract more renowned financial organisations and banks to the country.

He told his guest that the Vietnamese government pays special attention to transport infrastructure development and hoped MIGA will provide necessary assistance to these infrastructure projects in the country.

MIGA is one of the five organisations of the World Bank. It aims to promote foreign direct investment (FDI) in developing countries to help support economic growth, reduce poverty, and improve people's lives. Vietnam joined MIGA in 1994.