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World Bank Supports Chinese Enterprises to Invest Abroad
World Bank's Multilateral Investment Guarantee Agency (MIGA) and the People's Insurance Company of China (PICC) signed a memorandum of cooperation Friday to assist Chinese enterprises' investment in developing countries.
The two sides pledged to help Chinese companies realize transnational operation by providing them with an effective risk mitigation strategy. The memorandum also reflected their cooperation on technological backup and training to Chinese enterprises operating abroad.
Currently, more than one hundred Chinese enterprises have investment in other major developing countries in the fields of manufacturing, power generation, timber and mineral resource extraction.
China's total investment in MIGA has exceeded US$113 million, according to a spokesman with MIGA.
MIGA, which began to support China in 1991, is aimed at providing political risk insurance to developing countries and helping them enhance their capacity to attract foreign direct investment.
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