Georgia has signed a Memorandum of Understanding with the Multilateral Investment Guarantee Agency (MIGA) to provide risk-mitigation investment opportunities for foreigners, local media reported Wednesday.
The memorandum with MIGA, a member of the World Bank Group which provides insurance for foreign investment, was signed on Monday after a fact-finding tour in the country by MIGA' s Executive Vice President Izumi Kobayashi.
A war with Russia over the breakaway regions of South Ossetia and Abkhazia last August has caused about a billion U.S. dollars in damages for Georgia.
Its foreign direct investments have fallen to 125 million dollars in the first quarter this year from 538 million dollars a year earlier, according to Bloomberg.
"MIGA can act as a stabilizing influence in the market. It can help investors mitigate risks in uncertain times and play an important role in helping countries attract foreign direct investment," said Kobayashi.
MIGA also offers political risk insurance for eligible investors and projects. Meanwhile, MIGA will provide training to Georgia's Investment Risk Management Agency and help it develop risk-mitigation products.