IRAN TO JOIN INVESTMENT GUARANTEE AGENCY AFFILIATED WITH WB.

TEHRAN, Oct 1 Asia Pulse - Iran's Deputy Minister of Economy and Finance said the country has started its cooperation with the Multilateral Investments Guarantee Agency (MIGA) affiliated with the World Bank.

Mohammad Khazaie said that with Iran becoming a member of the agency, Iranian companies should not be concerned about the political risk of investment in the country because MIGA's cover can be tapped to protect their capital.

He said other countries under MIGA coverage include Afghanistan. Khazaie, who is also the head of Iran's Foreign Investment, Technical and Economic Assistance Organization, was speaking at a meeting with MIGA's deputy director, the director of Iran's Chamber of Commerce, Industries and Mines (ICCIM) and several industrialists.

He said another advantage in joining MIGA is access to technical assistance of its members as well as boosting Iranian investments abroad.

He said MIGA membership has the added benefit of facilitating the lowering of investment risk in Iran and resolving potential issue with the Organization for Economic Cooperation and Development (OECD).

Following membership, these countries cannot require Iran to provide foreign insurance coverage for their investments.

In July, the Guardians Council (GC) approved the law on Iran's membership to MIGA and passed on a directive for its implementation to the Ministry of Economy and Finance.