Japanese financial expert Omura to become MIGA chief

Asian Economic News, Dec 15, 2003

WASHINGTON, Dec. 10 Kyodo

Yukiko Omura, a Japanese expert in financial services and emerging markets, will become head of the Multilateral Investment Guarantee Agency (MIGA), a World Bank affiliate, in May, the World Bank group said Wednesday.

Omura, who is currently running a charitable company in London to raise finances for worldwide AIDS prevention, will replace Motomichi Ikawa, also a Japanese national, as MIGA executive vice president, the group said.

The post of executive vice president is effectively the top post at MIGA as the president of the World Bank concurrently serves as MIGA president.

''It is with great pleasure that I welcome the appointment of Ms. Omura,'' World Bank President James Wolfensohn said in a statement. ''She brings to the table a unique combination of private sector experience, as well as a commitment to development issues, which will no doubt serve MIGA well.''

''At the same time, I would like to express my deep appreciation to the current head of MIGA, Motomichi Ikawa, for his dedicated service to the agency over the last five years,'' Wolfensohn said.

Before founding the London-based charitable company, AID Prevention Fund, Omura worked for various financial companies, including Dresdner Bank, J.P. Morgan Chase and Co. and Lehman Brothers.

She began her career as a project economist with the Inter-American Development Bank after receiving her education mainly in Geneva, London and Boston.

MIGA is a Washington-based institution to encourage foreign direct investment in developing countries by providing noncommercial risk insurance against such risks as war and civil disturbance.

It also offers investment marketing services to help developing member countries promote their own private investment opportunities more effectively.