Feb 02 2012 |
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MIGA Insures National Beverage Company's Expansion in the Gaza Strip
World Bank agency continues targeted support to territories through West Bank and Gaza Investment Guarantee FundWASHINGTON, DC, February 2, 2012 -- The Multilateral Investment Guarantee Agency (MIGA) announced today it is supporting much-needed private sector investment in the Gaza Strip by providing investment guarantees to the National Beverage Company ( NBC ) for the expansion of its operations in the territory. MIGA's guarantees to the project are made available through the MIGA-administered West Bank and Gaza Investment Guarantee Trust Fund.
NBC produces and distributes carbonated soft drinks, juice, and water in the West Bank and Gaza. MIGA's coverage of $2.3 million will insure NBC 's expansion of its Gaza Branch against the risks of expropriation and war and civil disturbance for a period of up to 10 years.
"Our commitment to our Gaza Branch is strong," says Imad Hindi, General Manager of NBC . "We have remained open for business even during the most challenging times. Now, with MIGA's support, will be able to reinforce this commitment and continue to expand our operations."
"We're very pleased to support an investment that will help create employment and contribute to private sector led growth in the Gaza Strip," says MIGA Executive Vice President Izumi Kobayashi. "We hope that MIGA's involvement will encourage other domestic and international investors to follow.
According to the Palestinian Central Bureau of Statistics, the food and beverage sector is one of the most rapidly growing sectors in the Palestinian economy, representing 25 to 30 percent of Palestinian industrial production. The increasing domestic and international demand for food and beverages presents opportunities for investors willing to enter the market. The West Bank and Gaza Investment Guarantee Trust Fund also recently provided coverage for an investment in Medjool date production in Jericho.
The West Bank and Gaza Investment Guarantee Trust Fund is sponsored by the Palestinian Authority and the government of Japan. It was established in 1997 to assist the Palestinian National Authority in attracting investment into the West Bank and Gaza through the provision of political risk guarantees.
For more information, please contact:
MIGA Contacts
Mallory Saleson
msaleson@worldbank.org
1.202.473.0844
Rebecca Post
rpost@worldbank.org
1.202.473.1964
Cara Santos Pianesi
csantospianesi@worldbank.org
1.202.458.2097
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