Investments would be protected against political risks.
Mexico took a new step towards joining the Multilateral Investment Guarantee Agency (MIGA), an organization of the World Bank (WB).
A statement from the multilateral financial organization reported that Mexico's Finance Secretary, Agustín Carstens, signed the MIGA convention in Washington at a ceremony attended by the World Bank's Executive Director, Robert Zoellick.
"This partnership will contribute to Mexico's efforts to promote economic growth by fostering investor confidence in our country," Carstens said.
He added that his country's participation in the organization will allow for greater job creation, reduce poverty, and increase productivity and competition, which "will result in better living standards for Mexican families."
To complete the process, Mexico must approve legislation that allows its entry into the MIG and fulfill a capital contribution.
The statement from the organization explained that Mexico's participation will allow investors from that country to receive political risk guarantees when making investments in other developing countries.
According to United Nations figures, direct investments in Mexico exceeded $19.000 billion in 2006, while external flows reached $5.800 billion.
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