AGREEMENTS WILL BE ESTABLISHED TO SUPPORT FOREIGN INVESTMENTS

Ulaanbaatar /MONTSAME/ The cabinet meeting Friday backed draft agreements on using domestic currency and on legal protection for guaranteed foreign investments, and authorized the Minister of Economic Development to sign these documents. The agreements will be established between the government and the Multilateral Investment Guarantee Agency (MIGA). Founded in 1988, the MIGA is an international financial institution which offers political risk insurance guarantees. Such guarantees help investors protect foreign direct investments against political and non-commercial risks in developing countries. MIGA is a member of the World Bank Group and is headquartered in Washington DC, United States. MIGA is owned by its 179 member governments, consisting of 152 developing and 25 industrialized countries. The members are composed of 178 United Nations member states plus Kosovo. Membership in MIGA is available only to countries who are members of the World Bank, particularly the International Bank for Reconstruction and Development. Mongolia joined the MIGA in 1998.