§ Mr. Quentin Davies
To ask the Secretary of State for Foreign and Commonwealth Affairs when he expects the United Kingdom to ratify the convention establishing the Multilateral Investment Guarantee Agency.
§ Mr. Chris Patten
I am glad to announce that the United Kingdom's instrument of ratification of the MIGA convention was deposited by my right hon. Friend the Chancellor of the Exchequer at the World Bank's offices in Washington on 12 April 1988. Sufficient ratifications have now been received for the convention to enter into force. The United Kingdom has therefore become an original member of the agency and will play a full part in its formative stages. MIGA, which will encourage private investments in developing countries, principally by issuing contracts of guarantee against defined non-commercial risks, is a welcome addition to the World Bank group and we hope it will have a long and successful life.