Annual Report 2022 About Our mandate is to drive impactful foreign direct investment to developing countries by providing MIGA guarantees (political risk insurance and credit enhancement) to investors and lenders. In FY22, MIGA issued $4.9 billion in new guarantees across including those for small and medium enterprises and a record 54 projects. Through the projects we supported, climate-related activities. Since its inception in April 2020, we remained focused on encouraging private investors to the Agency has also issued $7.64 billion of guarantees work with host governments by helping manage and mit- through its COVID-19 Response Program, a testament to igate political risks. Working with our clients and partners, the countercyclical role that MIGA can play in mobilizing we supported $6.5 billion in total financing (from private private investment in the face of the pandemic. and public sources). Almost a third of our gross issuances supported projects in IDA (lower-income) countries; 12 An institution of the World Bank Group, MIGA is committed percent went to fragile and conflict-affected countries; to strong development impact and promotion of proj- and 28 percent of the total guaranteed investment of the ects that are economically, environmentally, and socially projects supported contributed to climate finance. sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach As a result, our FY22 issuances are expected to help of contract by governments, expropriation, and war and provide access to power to some 15 million people, sup- civil disturbance, as well as offering credit enhancement port nearly 20,000 jobs, and enable $1.9 billion in loans, on sovereign obligations.  Annual Report 2022 1 WBG World Bank Group Global Commitments In fiscal 2022, the World Bank Group delivered record levels of financing at an unprecedented pace; conducted in-depth analysis and research; and partnered with governments, the private sector, and other institutions to help developing countries address the wide-ranging impacts of the COVID-19 pandemic and work toward a green, resilient, and inclusive recovery.  $38.5 billion Sub-Saharan Africa $6.7 $15.3 billion billion Middle East Europe & & North Africa Central Asia $17.4 $13.5 billion billion Latin America South Asia & the Caribbean $12.7 billion East Asia & Pacific Total $104.4 billion in loans, grants, equity investments, and guarantees to partner countries and private businesses.* * Total includes multiregional and global operations. In fiscal 2022, IFC changed its mapping of countries to regions. Regional totals reflect IFC commit- ments that were recalculated to match the World Bank’s regional classifications by aggregating country-level commitments within each World Bank region. World Bank Group 4 Message from the President The world is facing dangerous High inflation, war in Ukraine, large macroeconomic imbalances, and shortages of energy, fertilizer, and food crises that are hammering have caused the sharpest global economic downturn in developing countries, hitting 80 years, compounding the death tolls, economic shut- downs, and school closures of the COVID-19 pandemic. the poor and vulnerable, and Low- and middle-income countries now face surging worsening global inequality. prices for natural gas and fertilizer and the worst food crisis in a decade, as they work to achieve progress on long-term development needs—including clean water, electricity access, reading skills, quality infrastructure, and climate-related investments. Annual Report 2022 5 In the global fight to alleviate poverty and raise living 2021 and focusing on maximum impact. As banks cut back standards, 2022 is likely to be one of the worst years in on trade finance, IFC is stepping in to keep import/export decades. Real median income has declined further in businesses operating despite the constraints they face. many countries, and the tragic reversals in development In fiscal 2022, IFC’s commitments reached $9.7 billion in during the pandemic have worsened. Our June Global trade finance, the highest level ever; nearly 75 percent of Economic Prospects report highlighted the risk of stagfla- this was invested in IDA countries and countries affected tion and the concentrated harm to the poor. Inequality is by FCV. In one example, Coris Bank in Burkina Faso received a prominent destabilizer, with global capital and income IFC trade finance to import rice from various countries. allocated primarily to high-income countries through their fiscal, monetary, and regulatory policy choices. Inequality MIGA issued $4.9 billion in guarantees to help countries is expected to worsen in coming years, leaving develop- achieve their development goals. These efforts will pro- ment goals out of reach for many. vide some 15 million people with new or better electricity service and enable $1.9 billion in loans, including to local The World Bank Group is responding to these challenges businesses. MIGA remained focused on its strategic priori- with speed, clarity, scale, and impact. We’ve commit- ties, with 85 percent of its projects in fiscal 2022 dedicated ted two consecutive surges of financing, analytical work, to countries affected by FCV, IDA countries, and climate advocacy, and policy advice to support people, pre- mitigation and adaptation. serve jobs, and restore growth—first, $150 billion in response to the COVID- Fragility, conflict, and violence are rising 19 pandemic, and now a 15-month The World Bank in much of the world, including Afghan- $170 billion response to the food crisis istan, Ethiopia, the Sahel, and Yemen. In Group is responding as well as the war in Ukraine and its Ukraine, the war has led to lives, homes, spillover effects. Since the start of the to these challenges and livelihoods being lost, millions of pandemic through fiscal 2022, the Bank refugees, and infrastructure destroyed. with speed, clarity, Group has provided over $14 billion to The costs of reconstruction are already help more than 100 countries respond scale, and impact. in the hundreds of billions. As of August to the health impacts of COVID-19 and 2022, we have mobilized and facilitated vaccinate their people. We’ve committed the transfer of $13 billion in emergency two surges of financing, with more than $9 billion In fiscal 2022, IBRD committed $33.1 bil- already disbursed to help Ukraine financing, analytical lion, including support for more than finance critical government services 45 middle-income countries. This work, advocacy, and lessen the human and economic includes $300 million to help Türkiye impacts. This includes a $1.5 billion and policy advice scale up private sector investment in World Bank package, including $1 billion geothermal energy. IDA committed to support people, in exceptional support from IDA, to help $37.7 billion for grants and highly con- pay wages for government and school preserve jobs, and cessional loans to over 70 countries, employees. Bank Group support also including $645 million to support food restore growth. extends to countries that are hosting system resilience and emergency Ukrainian refugees. response in Burkina Faso, Cameroon, Mali, Mauritania, Niger, and Togo. I welcomed our IDA part- With the increase in energy and food costs and Europe’s ners’ agreement in December 2021 to advance the IDA20 huge unmet demand for natural gas, developing coun- replenishment by one year. Their record three-year con- tries are facing new strains on people and economies. The tributions of $23.5 billion will anchor IDA’s financing of $93 sudden spike in food prices threatens to worsen political billion for fiscal 2023–25 and help the poorest countries and social tensions in many developing countries, with address urgent priorities—including jobs and economic devastating impacts on the poorest and most vulnera- transformation, human capital, the reversal in learning ble. In parts of Eastern and Southern Africa, for example, and literacy, gender, climate change, and fragility, conflict, about 66 million people are at risk of a food emergency or and violence (FCV)—and move toward restoring growth. famine. In May 2022, we announced support for a global response to the food security crisis, with up to $30 billion Despite challenging economic headwinds, IFC provided in financing through August 2023, including $12 billion in strong support to the private sector with commitment new projects, to cushion the effect of higher prices and volumes totaling $32.8 billion (including mobilization) in boost agricultural production and supply. The response fiscal 2022, building on $31.5 billion of investments in fiscal builds on our experience from the last food price crisis World Bank Group 6 and incorporates our data and analytical work, including icies, expected debt payments by the poorest countries the Commodity Markets Outlook. And in July 2022, I joined to their creditors in 2022 and 2023 will greatly exceed all leaders of the IMF and UN agencies in calling for urgent the development assistance available to these countries. action to improve global food security by providing quick Our World Development Report 2022 examines polices to support to the vulnerable, facilitating trade and interna- mitigate interconnected financial risks and steer the world tional food supplies, boosting production, and investing toward a sustainable and equitable recovery. in climate-resilient agriculture. I was pleased to welcome many colleagues back to our The disruption of energy supplies is lowering growth, offices this year. We continue to adapt our work model especially for economies that depend on fuel imports. to protect staff health and well-being while recognizing Higher prices for natural gas and shortages are putting the value of physical interaction in delivering high-qual- fertilizer supplies and crop yields at risk, destabilizing elec- ity results for clients and career development. The Bank tricity grids, and increasing the use of heavily polluting Group’s anti-racism task force continues our important fuels. The world urgently needs to increase the supply of work to fight racism and racial discrimination within our energy and massively expand reliable access to electricity institution and in countries where we work. I remain com- in poorer countries. This will require major new invest- mitted to fostering a culture of openness and trust and ments in cleaner energy, energy efficiency, and electricity improving diversity and inclusion across the organization, grids and transmission. The fundamental realignment also through our task force on workplace culture. of Europe’s energy sources away from dependence on Russia requires major increases in electricity generation The crises affecting our client countries are deep-seated, from natural gas, hydropower, geothermal, and nuclear but I am confident we can make a difference. To meet power to provide a less carbon-intensive baseload to these challenges, we must draw on the innovation and maintain and expand electricity grids. dedication of our staff, the strength of our partnerships, and the resolve of the global community. The World Bank Climate change and extreme weather are steadily Group remains committed to helping countries overcome increasing their pressure on economies and societies, these challenges and work toward a more resilient and particularly in fragile settings. The Bank Group’s Climate sustainable future. Change Action Plan 2021–25 seeks to integrate climate and development, identify and develop the most impactful projects to reduce greenhouse gas emissions and adapt to climate change, increase direct financing through- out the Bank Group. It will provide avenues for the global community to provide the huge flow of new grant funding David Malpass needed for global public goods in poorer countries. Inno- President of the World Bank Group vative financial tools, such as green bonds and the Wildlife and Chairman of the Board of Executive Directors Conservation Bond we launched in March 2022—the first of its kind—will need to expand. The Climate Change Action Plan has also introduced a new core diagnostic: Country Climate and Development Reports. As of the end of July 2022, we had published the first of these reports for Türkiye, Vietnam, and the G5 Sahel region. I’m also pleased that, with this annual report, we are introducing much greater transparency in the Bank’s climate disclosures. A major consequence of the current crises is the huge buildup in government debt. For many of the poorest countries, the debt burden is unsustainable or at high risk. Deep debt reduction will be necessary to allow new invest- ment and growth. We work closely with the IMF and other partners to help countries strengthen their transparency, governance, and accountability—all key steps in debt sus- tainability. We also continue to call on official and private sector creditors to participate quickly and fully in efforts to reduce debt stocks. Under current creditor-country pol- Annual Report 2022 7 Message from the Board of Seated (From Left to Right): Katharine Rechico, Canada; Koen Davidse, The Netherlands—Co-Dean; Monica E. Medina, Peru; Abdulmuhsen Saad Alkhalaf, Saudi Arabia; Merza Hussain Hasan, Kuwait—Dean; Matteo Bugamelli, Italy; Nigel Ray, Australia; Directors Lene Lind, Norway; Richard Hugh Montgomery, United Kingdom; Rajesh Khullar, India Standing (From Left to Right): Alphonse Ibi Kouagou, Benin; Katarzyna Zajdel-Kurowska, Poland; Roman Marshavin, Russian Federation; Mohd Hassan Ahmad, Malaysia; Abdelhak Bedjaoui, Algeria; Takashi Miyahara, Japan; Adriana Kugler, United States; Arnaud Buissé, France; Eva Valle Maestro, Spain; Nathalie Francken, Belgium (MIGA Director and Bank/IFC Alternate Director); Michael Krake, Germany; Taufila Nyamadzabo, Botswana; Erivaldo Gomes, Brazil; Armando Manuel, Angola; Junhong Chang, China Over the last year, our shareholders By financing health operations, vaccine procurement, and other initiatives, the Bank Group has helped developing asked the World Bank Group to countries and their people and businesses continue to provide exceptional support in address the impacts of the pandemic on poverty, health care, human and economic development, and well-being. response to the compounding crises The Bank Group has also rapidly addressed the far-reach- of the COVID-19 pandemic and ing consequences of a new crisis, the war in Ukraine. The spillover effects are many—beyond the impacts related the war in Ukraine, in addition to its to refugees, food security, and energy, the conflict poses ongoing and extensive portfolio of uncertain and potentially lasting consequences on trade channels, foreign investment, global confidence, and work. This resulted in unprecedented financial stress. Anchored by the Bank Group’s twin goals levels of financing by the Bank Group of poverty reduction and shared prosperity, with a focus on fostering green, resilient, and inclusive development, in fiscal 2022, including $70.8 billion by the Board discussed and approved several important IBRD and IDA, $32.8 billion (including initiatives and programs to respond to these crises. mobilization) by IFC, and $4.9 billion in But the needs are many, and more can be done. The Bank guarantees by MIGA. Group is working with donor countries to mobilize financial support through diverse channels, including the Fund for Annual Report 2022 9 Pandemic Prevention, Preparedness, and Response, as Amid the many current crises, well as special guarantees and grant financing for Ukraine. The Bank Group is also working with stakeholders on the the World Bank Group stands ground to implement important programs, such as the ready to help countries and World Bank Group Climate Change Action Plan (CCAP), IFC’s Global Health Platform, MIGA’s Fast-Track COVID-19 people across the globe as Response Program, and the Bank’s COVID-19 Strategic Pre- they work to address human paredness and Response Program, as well as efforts to address debt vulnerabilities, boost the resilience of food and economic challenges and systems, and support energy access and transition. We achieve progress on the path continue to stress the need to address the key drivers of fragility and poverty—in Afghanistan, Haiti, Sudan, Yemen, of development. and elsewhere—in order to build human capital, reduce inequality, promote jobs, and foster economic recovery. Given the immense need for financing, the IDA20 We sincerely appreciate the ongoing commitment of staff replenishment process was advanced by a year, and across the institutions, including our own teams, to the a $93 billion replenishment package was agreed to in Bank Group’s mission and their hard work during these December 2021. This financing is the largest ever mobilized exceptional and challenging times. We also extend a spe- in IDA’s 61-year history and will help low-income countries cial thanks to the Emergency Management Team, who respond to today’s multiple crises and build a greener, worked tirelessly to bring us back into our offices safely and more resilient, and more inclusive future. Donor countries securely after an extended period of home-based work. also agreed to a review of IDA voting rights, resulting in a significant adjustment to its voting rights framework. This Amid the many current crises, the World Bank Group stands will help ensure fairness among all donors while protecting ready to help countries and people across the globe as and enhancing recipients’ voting power. they work to address human and economic challenges and achieve progress on the path of development. At the 2021 Annual Meetings and 2022 Spring Meetings, the Development Committee asked the Bank to help countries address immediate food security and social protection needs; to help manufacture and deploy vaccines, invest in diagnostics and therapeutics, and strengthen health systems; to continue supporting debt sustainability and transparency; to build on the CCAP to protect natural cap- ital and biodiversity; to promote digitalization; to increase private sector financing mobilization; and, with the IMF, to coordinate actions and orient country engagements toward a green, resilient, and inclusive economic recovery. It urged the Bank to work toward these objectives while remaining focused on the twin goals of ending extreme poverty and boosting shared prosperity as well as helping countries achieve the Sustainable Development Goals. We strongly support the important efforts undertaken this year by Bank Group senior leadership and staff to address racial injustice and workplace culture through recommendations from the staff task forces. We welcome these improvements as we transition to a hybrid work model. We were also pleased to travel as a group to client countries in fiscal 2022—the first time since the pandemic started—and observe in person the impact of the Bank Group’s engagement. World Bank Group 10 Message from Hiroshi Matano Executive Vice President In times of crisis like this year, MIGA’s mission has become even more important and impactful: to promote foreign direct investment (FDI) in developing countries by insuring against political and noncommercial risks. Amid the uncertainty and turbulence related to the ongoing In addition, MIGA has used its convening power to host sev- effects of the COVID-19 pandemic and the war in Ukraine, eral events promoting FDI. A public event in December 2021 MIGA delivered a solid program of nearly $5 billion in new focused on “Driving Foreign Direct Investment to Africa,” guarantees. Working with clients and partners, we lever- and a high-level dialogue in March 2022, cohosted with aged $6.5 billion in total financing (from private and public the government of Togo, promoted FDI into West Africa. The sources) through guarantees to cross-border private multicountry roundtable brought together foreign investors investors in developing countries. Of our gross issuances, with government representatives from Togo, Côte d’Ivoire, 33 percent supported projects in International Develop- Guinea, and Senegal, among other countries. ment Association (IDA) (that is, lower-income) countries, up from 25 percent in FY21; 12 percent went to fragile and On the climate front, global carbon dioxide (CO2) emissions conflict-affected situations (FCS), tripling from 4 percent in continue unabated, with infrastructure in developing coun- FY21; and 28 percent of our guaranteed investment contrib- tries particularly vulnerable to extreme weather events. uted to climate change adaptation or mitigation, up from By some estimates, solar and wind power capacity needs 26 percent in FY21. In each of those priority areas, MIGA has to grow from 1,400 gigawatts (GW) today to 17,000 GW demonstrated support for investments and lending for the by 2040—with two-thirds of this new capacity coming in countries that need it most. developing countries. At the same time, investing in climate resilience presents an enormous economic opportunity: on As a result, MIGA issuances in FY22 are expected to help average, a dollar invested in resilient infrastructure yields provide new or improved access to power to some 15 million $4 in benefits. Over a lifetime, this results in a total net ben- people, support nearly 20,000 jobs, and enable $1.9 billion in efit of $4.2 trillion of new infrastructure assets in low- and loans, including for small and medium enterprises (SMEs) middle-income countries. and climate-related activities. Although the challenges are real, so are the opportunities, Although FDI and demand for MIGA’s political risk insur- and MIGA did its part to take advantage of them: ance (PRI) decreased because of the COVID-19 and Ukraine crises, demand for our financial sector products increased, • To support climate adaptation, we ensured that highways showing how useful MIGA is during times of crisis. Through in Serbia as well as Kenya will be resilient to flooding brought the projects we supported, we remained focused on on by climate change. We also supported power projects in encouraging private investors to work with host govern- Bangladesh and Gabon and a port in Colombia to ensure ments by helping manage and mitigate political risks. that they will be resilient to the impacts of extreme weather. Annual Report 2022 11 • To ensure alignment with the Paris Agreement, we began sovereign rating, paving the way for institutional investors screening our real sector projects for alignment with the to support climate projects in developing countries. Agreement’s low-carbon and climate-resilient goals. We are also starting to mainstream Paris Alignment Although we are living through challenging times, I am requirements across MIGA to ensure that all stages of heartened that, working with our clients, we are helping the project cycle factor into climate considerations. deliver impact on the ground. • To expand private investment, we also launched two cli- I am particularly proud of our staff, who came together mate-related trust funds this year. The Fund for Advancing under difficult circumstances to meet the challenge. I am Sustainability supports investor efforts to boost impact in delighted that Junaid Ahmad joined MIGA this year as Vice priority areas such as climate and gender and achieve President of Operations. With deep experience in interna- enhanced standards on environmental, social, and gov- tional development and an exemplary track record working ernance (ESG); corporate governance; and integrity. The across the World Bank Group (most recently as the World Renewable Energy Catalyst Multi-Donor Trust Fund aims Bank’s country director for India), Junaid will lead the effort to catalyze additional private sector investment into this to pursue meaningful, impact-driven projects and deliver critical area and help developing countries hasten their on mobilizing private finance for development projects. transition to climate-friendly, green energy. These two trust funds, along with two previously established funds, Reflecting his dedication to greater equality, Ethiopis Tafara, are now housed under MIGA’s Strategic Priorities Facility, MIGA’s Vice President and Chief Risk, Legal and Admin- which aims to significantly increase the share of low-in- istrative Officer, assumed the important role of chair of come and fragile economy-based projects as well as the World Bank Group Anti-Racism Task Force. And as FDI guarantees in support of climate change projects. continues to wane, Ethiopis recognized a need to facilitate conversation between governments and investors so they The COVID-19 Response Program, which we launched in can learn from each other. Under his leadership, MIGA and April 2020, has delivered some $7.6 billion in guarantees the government of Togo hosted the first MIGA FDI Round- World Bank Group issued across 47 projects since inception—$2.1 billion of table Dialogue, aimed to encourage investors to take on which were issued this fiscal year. The program has been projects that serve the public interest and are supported by a testament to the countercyclical role that MIGA can play the private sector. With this continued effort, I am confident in mobilizing private investment in the face of global crises. that governments and investors will find effective ways to attract investment to those countries most affected by the Last year, MIGA launched its first Gender Strategy Imple- economic downturn. mentation Plan, reinforcing its commitment to integrate gender into all aspects of MIGA’s business. At the corporate I extend my thanks to our clients and Board, who have level, MIGA awarded its seventh annual Gender Leadership remained steadfast partners and helped us deliver results Award to Lucy Heintz, partner and head of energy infrastruc- through the pandemic. ture at Actis, for her work on gender in the energy sector. At the project level, MIGA worked with its clients to integrate While the challenges ahead are many, we have the capac- actions to narrow gender gaps. For example, MIGA signed a ity to tackle them head-on. I remain hopeful that the work guarantee with the National Bank of Canada, supporting its we do day in and day out will help us not only to withstand Cambodian subsidiary, ABA, for lending to women-owned the challenges of our current times but also to deliver long- SMEs. The project was MIGA’s first with gender commitments term results. in an IDA country. MIGA also continued to innovate. In Colombia, we issued our first guarantee on a local currency loan offered by a sub-sovereign government entity, the District of Bogotá. Our support was a critical enabler of the district’s COVID- Hiroshi Matano 19 response and will enhance emergency health care Executive Vice President response capacity. In the Arab Republic of Egypt, we worked Multilateral Investment Guarantee Agency with the European Bank for Reconstruction and Develop- ment (EBRD) to enhance the first climate-certified project bond being issued in the country. The bond was offered to refinance six operational solar power plants, and with our support, secured a credit rating six notches above the World Bank Group 12 Annual Report The Institutions of the World Bank Group The World Bank Group is one of the world’s largest sources 1. MIGA of financing and knowledge for developing countries. It Multilateral Investment Guarantee Agency (MIGA) consists of five institutions with a shared commitment provides political risk insurance and credit enhance- to reducing poverty, increasing shared prosperity, and ment to investors and lenders to facilitate foreign direct promoting sustainable growth and development. investment in emerging economies.  1 2 5 3 4 2. IFC 4. IBRD International Finance Corporation (IFC) provides loans, International Bank for Reconstruction and Development guarantees, equity, and advisory and project development (IBRD) lends  to governments of middle-income and services and mobilizes additional capital from other sources creditworthy low-income countries.  to stimulate private sector investment in developing countries. 3. ICSID 5. IDA International Centre for Settlement of Investment International Development Association (IDA) Disputes (ICSID) provides international facilities for provides financing on highly concessional terms to conciliation and arbitration of investment disputes.  governments of the poorest countries.  WBG Fiscal Year Data 14 World Bank Group Financing for Partner Countries World Bank Group Commitments, Disbursements, and Gross Issuance By fiscal year, millions of dollars 2018 2019 2020 2021 2022 World Bank Group Commitmentsa 74,265 68,105 83,574 98,830 104,370 Disbursementsb 45,724 49,395 54,367 60,596 67,041 IBRD Commitmentsc 23,002 23,191 27,976 30,523 33,072 Disbursements 17,389 20,182 20,238 23,691 28,168 IDA Commitmentsc 24,010d 21,932d 30,365d 36,028d 37,727d Disbursements 14,383 17,549 21,179d 22,921d 21,214d IFC Commitmentse 19,027 14,684 17,604 20,669 22,229 Disbursements 11,149 9,074 10,518 11,438 13,198 MIGA Gross Issuance 5,251 5,548 3,961 5,199 4,935 Recipient-Executed Trust Fund Commitments 2,976 2,749 3,641 6,411 6,407 Disbursements 2,803 2,590 2,433 2,546 4,461 a. Includes IBRD, IDA, IFC, Recipient-Executed Trust Fund (RETF) com- d. Commitments and disbursements exclude IDA-IFC-MIGA Private Sector mitments, and MIGA gross issuance. RETF commitments include all Window (PSW) activities. recipient-executed grants; hence, total World Bank Group commit- ments differ from the amount reported in the Corporate Scorecard, e. Includes long-term commitments for IFC’s own account and short- which includes only a subset of trust-funded activities. term finance commitments. Does not include funds mobilized from other investors. b. Includes IBRD, IDA, IFC, and RETF disbursements. c. Amounts are net of full terminations and cancellations relating to commitments approved in the same fiscal year. Annual Report 2022 15 MIGA MIGA’s Global Reach and Country Results Results for Selected Countries* Türkiye $14.9 M Mongolia $390 M Total loans Locally procured supported goods Mexico Nigeria $344 M Taxes and fees 17.1 M People provided with new or improved electricity service Colombia South Africa Bangladesh 11,760 4.2 M 14.3 M Jobs supported GHG avoided People provided with (permanent (tCO2e/yr) new or improved and temporary) electricity service FY22 Gross Issuance: $4.9 Billion $11 Billion $10 Billion $3 Billion $7 Billion Latin America & Europe and East Asia Sub-Saharan the Caribbean Central Asia and Pacific Africa *Figures reflect projects signed in FY15–22 Development Impact 18 MIGA's Expected Development Results from Projects Signed in FY22 Annual Report 2022 19 19,519 Million $15.7 Million $679 Million Total employment Locally procured Taxes and fees supported (perma- goods per year paid per year to nent + temporary) host governments 5,721 GWhs 15 Million 485 MW Expanded power People provided with Power—installed generation per year new or improved capacity electricity service 1.6 Million $1.9 Billion $6.5 Billion GHG emissions Volume of loans Private financing avoided (tCO2e/year) supported mobilized 20 MIGA’s Global Crisis Response With steeply declining global economic growth, rising inflation, deepening food insecurity, and ongoing war and fragility as well as the continued negative effects of the COVID-19 pandemic, the combined impact of these crises on emerging markets and developing economies (EMDEs) is expected to be severe. World Bank projections show growth slowing for EMDEs from 6.6 percent in 2021 to 3.4 percent in 2022. The World Bank’s most recent Global Economic Prospects report estimates that global growth will decline to 2.9 percent in 2022 and 3 percent in 2023-24 (down from 5.7 percent in 2021) owing to the overlapping global crises. 22 Amid these global challenges, MIGA stands ready to imple- a recovery phase, to support the restoration of economic ment and refine its response to the multiple crises that activity in the real sectors and private enterprise in the face developing countries. As the impacts increase fragility short and medium term; and (3) long-term resilience, to and political risks across these countries, MIGA’s role to support investment across the public and private sectors.  encourage and help facilitate investment becomes even   more crucial. As of June 2022, the program has delivered some $7.6 billion in guarantees across 47 projects throughout Latin In particular, the COVID-19 pandemic has worsened an America and the Caribbean, Sub-Saharan Africa, East ongoing decline of FDI in all EMDEs. The crisis is present- Asia and Pacific, and Europe and Central Asia—$2.1 billion ing a new, unprecedented source of investor risk that is of which was issued this fiscal year. These projects have depressing business confidence to historic lows. Although been highly impactful, helping host countries to bolster global FDI rebounded in 2021 to $1.58 trillion, the outlook is their medical response to the COVID-19 crisis and helping negative given the ongoing impact of COVID-19 and the governments and private sector clients to mitigate the other crises affecting EMDEs.  economic impact of the crisis by providing working capital support to micro, small, and medium enterprises (MSMEs), Launched in April 2020, MIGA’s COVID-19 Response Program corporates, and individuals. The COVID-19 Response Pro- consists of three stages: (1) the first response, to address gram runs through June 2023 with an approved indicative the immediate needs of the public and financial sectors; (2) facility amount of $10—12 million in the aggregate. Annual Report 2022 23 Pillars of MIGA’s COVID-19 Response Program ! Pillar 1 Procuring Urgent COVID-19 Medical Supplies and Services Supporting host governments in purchasing needed med- ical goods and services (for example, COVID-19 testing kits, hospital gowns, masks, ventilators, and medicines).  Pillar 2 Countering Adverse Economic Impacts during the COVID-19 Crisis  2A. Credit enhancement program: Supporting govern- ments at eligible sovereign, sub-sovereign, or state-owned enterprise levels to provide short-term funding and work- ing capital support to SMEs, corporates, and individuals during the crisis.   2B. Capital optimization: Supporting financial institutions in extending lending in host countries by freeing up risk- weighted assets locked up in maintaining their mandatory reserves with central banks.  Pillar 3 Complementing IFC Trade Finance Supporting trade finance to enhance the flow of goods and services through global supply chains, including for critically needed commodities, especially in IDA-eligible and FCS countries. Highlights 24 MIGA COVID-19 Response Program Projects, FY22 Colombia MIGA provided a Non-Honoring of a Sovereign Financial Obligation (sub-sovereign) guar- antee for a non-shareholder loan from Banco Bilbao Vizcaya Argentaria S.A. of Spain to Capital District the Capital District of Bogotà. Colombia has a publicly funded and highly decentralized of Bogotá health care system that offers comprehensive health insurance to nearly 98 percent of the population. The COVID-19 pandemic has exposed vulnerabilities in the health system, ranging from outdated infrastructure and lack of intensive care unit (ICU) beds to shortages of laboratories and reagents to analyze COVID-19 tests. Support from MIGA will bolster the city of Bogotá’s COVID-19 emergency and post-pandemic response aimed at upgrading, equipping, and expanding its health care facilities. Annual Report 2022 25 Peru Colombia Fondo MiVivienda S.A. Financiera de Desarrollo Nacional MIGA provided a Non-Honoring of a Financial Obligation MIGA provided a Non-Honoring of a Sovereign Financial Obli- by a State-Owned Enterprise guarantee for a non-share- gation (sub-sovereign) guarantee for a non-shareholder holder loan from J.P. Morgan Chase & Co. of the United loan from J.P. Morgan Chase & Co. of the United States to States to Fondo Mivivienda S.A. (FMV). MIGA support for FMV Financiera de Desarrollo Nacional S.A. (FDN), a development will foster and support a green economic recovery from the bank that is majority-owned by the government of Colombia. negative effects of the COVID-19 crisis and enable FMV to The MIGA-covered loan will be used to finance FDN’s lending obtain long-term financing at competitive pricing. FMV will operations in Colombia with a focus on climate and road use the funds to support the “My Green House” program, infrastructure projects that will foster and support economic a mortgage program within FMV’s portfolio that provides recovery following the negative economic effects caused by financing for the acquisition of certified sustainable green the COVID-19 crisis. MIGA’s support will also allow FDN to obtain housing by vulnerable middle-income households. long-term local currency financing at competitive pricing. Paraguay Serbia Agencia Financiera de Desarrollo NLB/Komercijalna Banka a.d. Beograd MIGA provided a Non-Honoring of a Financial Obligation by MIGA issued a guarantee that will provide capital relief a State-Owned Enterprise guarantee for a non-shareholder to Nova Ljubljanska banka d.d., Ljubljana (NLB), a leading loan from Citibank N.A. to Agencia Financiera de Desar- regional financial institution, in support of its operations in rollo, a wholly government-owned and controlled financial Serbia. At a time of continued pressure and uncertainty due institution. The loan facility will support the government of to the COVID-19 crisis and following NLB’s recent acquisition Paraguay’s COVID-19 response initiatives aimed at ensuring of Komercijalna Banka A.D. Beograd from the government financing to MSMEs and the housing sector. The project will of Serbia, MIGA’s guarantee will provide support toward a also incorporate a gender action plan that will set the foun- green and inclusive recovery. NLB will use the MIGA-enabled dations for further financing to women-owned MSMEs. capacity to support SMEs, lending up to €65 million in new climate finance initiatives. Highlights 26 Cambodia Montenegro National Bank of Canada NLB/NLB Banka AD Podgoric MIGA’s issued guarantee will support the National Bank of MIGA issued a guarantee to NLB to support NLB Banka AD Canada in obtaining capital relief on its risk-weighted assets Podgorica of Montenegro in covering general banking at the consolidated parent level and use the regulatory cap- operations that provide credit and other financial services ital relief to support continued growth of the Advanced Bank to Montenegro. Continued pressure and uncertainty due of Asia (ABA) loan portfolio, which is principally made up of to the ongoing COVID-19 crisis increases regulatory risk loans to MSMEs, particularly women-led MSMEs. This capital weighting on excess reserves. With MIGA’s guarantees, NLB relief is particularly important now in view of the anticipated subsidiaries will strengthen the resilience of the MSMEs in economic impacts associated with the COVID-19 crisis. their lending markets. They will also be able to pursue more Given the vast unmet demand for lending to MSMEs (includ- robust, greener financing activities. ing women-owned MSMEs) in Cambodia, ABA expects rapid growth in the segment despite the ongoing uncertainties stemming from the pandemic. Kosovo Argentina NLB/NLB Banka Prishtina Sh.A. Banco Santander S.A. / Banco Santander Argentina, S.A. MIGA issued a guarantee to NLB to support NLB Banka Prishtina Sh.A. of Kosovo for general banking operations MIGA’s issued guarantee to Banco Santander S.A. will sup- that provide credit and other financial services to Kosovo port the operations of its subsidiary in Argentina, increasing at a time of continued pressure and uncertainty due to the lending capacity of Banco Santander Argentina S.A. At a the ongoing COVID-19 crisis. MIGA’s guarantees will reduce time of significant domestic economic stress, compounded the regulatory risk weighting applied to excess reserves by uncertainties due to the ongoing effects of the COVID- on an NLB-wide consolidated basis, freeing up capital to 19 crisis, MIGA’s guarantee will support Banco Santander provide financing to MSMEs as well as support for climate Argentina in enhancing economic activity through lending finance initiatives. to SMEs (particularly WSMEs) and corporates in key sectors of the economy, including exporters. Annual Report 2022 27 Highlighted Projects A Closer Look at MIGA Projects in FY22 Increasing Together, MIGA and EBRD created a new credit enhance- ment mechanism that boosted the sustainable refinancing Investment of six operational solar power plants in Egypt. This credit in Egypt enhancement is essential for attracting private capital investment—especially from major institutional investors that were mobilizing investment contributions for the first time in Egypt. This backing, along with other transaction features, also earned the bonds an investment-grade rating from European credit rating agency Scope. MIGA's support facilitated lower project costs and improved overall financial viability, enhancing resilience to financial shocks and preserving the project's ability to generate greenhouse gas (GHG) emissions savings. In addition, the reduced cost of financing is generating ongoing cost sav- ings that enable the project sponsors to share this benefit with the government of Egypt through a cash transfer. The rating upgrade provides a positive signal and serves as a model to countries as well as investors, helping motivate a new class of private institutional investors to engage in similar financial structures in other sectors. Highlights 30 Supporting Financial Increasing COVID-19 Inclusion Through Response Capacity Mobile Money in Bogotá in Sub-Saharan Africa Mobile money, which provides access to basic financial The COVID-19 pandemic has adversely affected Colombia services through mobile networks, is an important enabler and its capital, Bogotá. The country has reported over 6 of financial inclusion, particularly for low-income pop- million confirmed COVID-19 cases and 138,000 deaths as ulations who may lack access to formal bank accounts. of late February 2022. Bogotá, a densely populated urban In Sub-Saharan Africa, the growth and impact of mobile metropolis of more than 8 million people, has experienced money services has been particularly profound: the region major outbreaks and a greater incidence of COVID-19 than has over 180 million active accounts, and total transaction the country at large. Colombia’s economy has also suffered, values reached $700 billion in 2021, representing 70 percent with gross domestic product (GDP) falling an estimated 6.8 of global mobile money transactions. percent in 2020 before rebounding to precrisis levels in 2021. The country’s publicly funded and highly decentralized To support the development of mobile money services, health care system offers comprehensive health insur- MIGA issued guarantees to cover investments made by ance to nearly 98 percent of the population. However, the The Rise Fund into Airtel Money, one of the region’s leading COVID-19 pandemic has exposed health system vulnera- mobile money service providers. Originally a subsidiary bilities, ranging from outdated infrastructure and lack of ICU of Airtel Africa, Airtel Money, with presence in 14 different beds to shortages of laboratories and reagents to analyze countries across Sub-Saharan Africa, was spun off as a COVID-19 tests. In Bogotá, COVID-19 surges have stressed separate entity to help bring in outside investors such as the health care system significantly, with ICU occupancy The Rise Fund and Mastercard to foster growth and inno- rates at times approaching 100 percent. vation. These investments, many of which are targeted to IDA and FCS countries, will help push forward the World The MIGA-guaranteed loan supported Bogotá’s response Bank Group’s Digital Economy for Africa initiative, and MIGA to the pandemic by funding COVID-19 testing and the pur- is proud to play a role in mobilizing private investment to chase of ambulances, personal protection equipment, deepen financial services in the region. and other materials to support COVID-19 mitigation efforts. The loan also supported improvements in Bogotá’s health care services through the expansion and upgrading of its health infrastructure, provision of equipment for primary care and specialized clinics, and strengthening of Bogotá’s Medical Emergency Information System. Annual Report 2022 31 Supporting the Tourism Upgrading Roads and Hospitality Sector and Connecting People in Sub-Saharan Africa in Kenya Few industries have been hit harder by the COVID-19 pan- Roads are the primary mode of transport in Kenya, demic than hospitality. Hotels in Sub-Saharan Africa were accounting for over 80 percent of the country’s total no exception as many nations closed borders, blocking passenger traffic and 76 percent of freight. The trans- the international visitors who sustain the industry there. port sector is relatively underdeveloped in some regions When a hotel closes for an extended period, management of Kenya, limiting economic development and climate cannot simply open its doors and welcome guests back. change resilience and contributing to regional dispari- Pipes must be cleared of lead and copper that accumulate ties. Although the road network is extensive, only a limited in stagnant water; surfaces must be examined for mold; portion is paved and in good condition; the rest consists and showerheads, toilets, and hot tubs must be tested of gravel and earth roads. The government of Kenya has for bacteria. All of that costs money—and in developing therefore prioritized the improvement of the country’s road economies, capital can be hard to come by. network through selected public-private partnership pro- grams, including the country’s Roads Annuity Programme. MIGA guarantees will help ensure that hotels are built or redeveloped in Sub-Saharan African countries and will The MIGA guarantees supported improvements to the road help to preserve jobs in hotels that are being remodeled network that resulted in shorter travel times by enabling to improve energy efficiency. In January 2022, MIGA issued faster driving speeds and the potential of some roads to a master contract to Kasada Hospitality Fund LP. MIGA’s become traffic bypasses away from densely populated support to Kasada, whose operations span 10 countries, areas or to provide shortcuts between other roads. Road has already materialized through a subproject bringing upgrades have also reduced vehicle operating costs given guarantees to eight hotels acquired by the fund in 2021 in the improvement in road quality and greater fuel effi- Cameroon, Côte d’Ivoire, and Senegal. ciency. Furthermore, they contributed to flood resilience as a result of improved road drainage. The initiative is consistent with a low-carbon, climate-resilient develop- ment path for Kenya. Highlights 32 Business and Operational Review Guarantee Both the lingering effects of the COVID-19 pandemic and the war in Ukraine are reduc- ing FDI into EMDEs. Despite some pickup in FDI in 2021 versus 2020, the recovery seems Portfolio unlikely to last given the prevailing multiple global crises. Exposure During FY22, the Agency directed its efforts toward helping clients address the severe and growing impacts of these crises and issued $4.9 billion in new guarantees in support of 54 projects. Although MIGA remained committed to the COVID-19 response during FY22, it also started redirecting its efforts toward facilitating FDI into develop- ing countries and was able to support several highly impactful projects in its core strategic priority areas. Additionally, taking into account the war in Ukraine, inflation, and rising interest rates, in response to market demand, MIGA shifted its focus during the last quarter of FY22 toward assisting the financial sector. 24.4 23.3 23.0 22.6 21.2 Gross guarantee portfolio exposure ($B) 9.2 9.1 8.9 8.3 7.9 Net guarantee portfolio exposure ($B) FY18 FY19 FY20 FY21 FY22 Business Overview 34 Priority Areas Strategic Priority Areas In its FY21–23 strategy, MIGA set out a goal to deepen its commitment across two critical areas: 1 Increasing engagement in IDA and FCS countries  2 Increasing its support for projects that address climate change 1 2 IDA and FCS Climate Change IDA (low-income) countries and fragile and conflict-af- MIGA is leveraging the use of its guarantees to mobilize fected situations (FCS) continue to be severely affected financing for projects that support climate mitigation or by the COVID-19 pandemic. In FCS in particular, COVID- adaptation. In FY22, the Agency issued $1.1 billion of guar- 19 threatens to reverse hard-won advancements in antees supporting climate adaptation and mitigation poverty reduction and development. As a result of the projects in 28 projects across 17 countries, representing 28 pandemic, rising food inflation, and the war in Ukraine, percent of the total guaranteed investment of the projects compared with pre-pandemic projections, 20–22 mil- supported. The projects signed in FY22 will help avoid an lion more people in FCS are estimated to live in extreme estimated 1.6 million metric tons of CO2 emissions annually. poverty in 2022. Moreover, GDP growth in such countries is projected to average 4.4 percent a year in 2022–23— Notable climate projects this year included those ensuring 0.6 percentage points below previous forecasts. that highways in Kenya and Serbia will be resilient to flooding   caused by climate change. In power projects in Bangladesh Before and throughout the crisis, MIGA has continued to and Gabon and a major port project in Colombia, MIGA cli- support projects in IDA countries and FCS—accounting ents incorporated measures to make the projects resilient for 65 percent of all FY22 projects. Guarantees totaling to the impacts of extreme weather in those regions. $1.6 billion were issued to support projects in IDA-eligible countries, and guarantees totaling $570 million backed To increase its climate action, the World Bank Group investments in IDA countries affected by fragility, conflict, announced a new Climate Change Action Plan (CCAP) to and violence, such as the Democratic Republic of Congo, guide its interventions from 2021 through 2025. The CCAP pro- Ethiopia, Kosovo, and Mozambique. vides a bold strategic road map for tackling climate change and helping client countries to fully integrate their climate MIGA leverages the IDA Private Sector Window (PSW) to and development goals. MIGA’s products have helped further expand operations into IDA-eligible countries, cross-border investors protect their long-term investments many of which are also FCS. In FY22, MIGA issued 16 IDA in climate mitigation and adaptation activities across diverse PSW-supported guarantees in 10 countries—Burkina Faso, markets and regions. As one of the few institutions that pro- Chad, the Democratic Republic of Congo, the Republic of vides long-maturity guarantees, MIGA will be instrumental Congo, Ethiopia, Malawi, Mozambique, Niger, Uganda, and in fostering the lock-in of transformational climate action.  Zambia—for a total of $457 million, of which $97 million was ceded to IDA using a shared first-loss structure. The CCAP also sets forth MIGA’s goal to align its future portfolio with the Paris Agreement: 85 percent of Board-ap- proved real sector operations will be aligned starting July 1, 2023, and 100 percent by July 1, 2025.  As part of its ongoing effort to help countries integrate cli- mate and development objectives, the Bank Group recently launched its series of Country Climate and Development Reports (CCDRs). CCDRs are a new core diagnostic to help countries prioritize the most high-impact actions that can reduce GHG emissions and boost adaptation. A summary of the preliminary findings of these reports will be published in the coming months to foster action-oriented discussion in the global community. Priority Areas 37 Innovation Innovation makes it possible for MIGA Strategic Priorities Facility MIGA to do more with its products, The MIGA Strategic Priorities Facility, established in FY22, is broaden its development impact, a programmatic approach that integrates and manages and evolve alongside a dynamic MIGA’s various trust funds under a common framework and governance structure. Its broad objective is to streamline investment market in developing trust fund operations and enhance administrative effi- economies. While keeping a finger ciencies for MIGA’s trust funds. MIGA establishes special guarantee facilities and trust funds to encourage invest- on the pulse of these markets, the ment and build capacity in targeted areas. The MSP Facility Agency has cultivated new innova- provides a consistent approach for strategy formulation, review, direction, and monitoring of all constituent trust tions that will help to deliver the best funds. Within this broader program objective, each trust possible development outcomes for fund delivers its respective development objectives. countries and help its clients further In particular, two trust funds under the MSP Facility, both their investment potential. climate related, were launched this year. The Fund for Advancing Sustainability (FAS) supports investor efforts to boost impact in priority areas such as climate and gender and achieve enhanced standards on ESG performance, corporate governance, and integrity. The Renewable Energy Catalyst Multi-Donor Trust Fund (RECTF) is a trust fund that aims to enhance MIGA’s abil- ity to catalyze private sector investment into renewable energy projects. It will directly support climate finance Annual Report 2022 38 This year, in the first project to benefit from the RECTF, MIGA signed a €3.5 million guarantee with MIHIA Holding SAS of France for the Zano project in Burkina Faso, which consists of the construction, ownership, operation, and maintenance of a 24 megawatt solar photovoltaic (PV) energy-generating facility. With one of the lowest elec- trification rates in Sub-Saharan Africa and high unmet demand, Burkina Faso is striving to address its energy access challenges and enhance its energy security. MIGA covers MIHIA’s equity and quasi-equity investments into Quadran Burkina Faso SAS (Zano) against the risks of transfer restrictions and breach of contract. Regulatory Relief As part of its COVID-19 Response Program, MIGA continued using its capital optimization product in FY22 to provide regulatory relief to banks. Delivery of this product allowed banks to maintain lending during the challenging economic times caused by the COVID-19 pandemic. In addition, MIGA has made significant progress during the year in using its capital optimization product to scale up climate finance by our client financial institutions, and MIGA plans to fur- ther expand this approach. The Agency is also looking into whether a similar product can be tailored for the needs of investment by backing additional renewable energy proj- institutional investors and insurance companies.  ects that will assist host governments in their transition to a climate-friendly, green energy sector. The fund will be MIGA has issued guarantees to Nova Ljubljanska banka available for use in all MIGA member countries, but it will d.d., Ljubljana (NLB) of Slovenia, covering up to €41 mil- emphasize support of projects in the poorest (IDA-eligible) lion in support to subsidiaries NLB Banka AD Podgorica of countries, particularly those in Sub-Saharan Africa. Montenegro and NLB Banka Prishtina Sh.A. of Kosovo. The guarantees, lasting three years, cover against the risk of The RECTF offers a variety of risk sharing and technical expropriation of excess cash reserves held at the subsid- assistance solutions that provide flexibility and support iaries’ central banks. This is the first time MIGA’s capital innovative problem solving. The intended uses include optimization product has been used to cover excess cash first-loss layer, reinsurance, liquidity support, project reserves, marking an innovative application of the prod- development, and business origination, all as related to uct beyond coverage on mandatory reserves held with renewable energy projects. The trust fund will provide risk central banks. Banks may hold excess cash reserves for mitigation or reinsurance for projects that are not eligible precautionary purposes, and NLB’s subsidiaries are hold- for either Conflict-Affected and Fragile Economies Facility ing excess cash reserves in Kosovo and Montenegro as an (CAFEF) or IDA-PSW support or where its assistance is com- additional liquidity buffer. MIGA’s guarantees will reduce plementary to the use of the CAFEF or IDA-PSW facilities. The the regulatory risk weighting applied to these excess RECTF will also provide liquidity support to address financial reserves on an NLB-wide consolidated basis, freeing up and cash flow risks for renewable energy projects in all capital to provide financing to MSMEs and for climate MIGA member countries, covering both foreign and local projects. NLB’s subsidiaries in Kosovo and Montenegro investments. In addition to supporting the climate agenda, are the second largest banks in their respective countries these projects will bring other important developmental as measured by their respective percentages of market benefits including increasing electricity access and pro- share by total assets. With MIGA’s guarantees, NLB subsid- moting economic growth. The anchor donor for this trust iaries will contribute to the resilience of the MSMEs in their fund is the government of Norway, through the Norwegian lending markets. They will also be able to pursue more Agency for Development Cooperation (Norad). robust, greener financing activities. Priority Areas 39 MIGA also signed a guarantee for Col$1.37 trillion (about separate entity to help bring in outside investors such as The $350 million) with BBVA of Spain, providing sub-sover- Rise Fund and Mastercard to foster growth and innovation. eign Non-Honoring of a Financial Obligation coverage These investments, many of which are targeted to IDA and on its Col$1 trillion loan to the Bogotá Capital District in FCS countries, will help advance the World Bank Group’s Colombia. Proceeds of the loan facility will be used by Digital Economy for Africa initiative. Bogotá’s Health Secretariat to finance projects related to the city’s COVID-19 health responses and to improve its overall health care infrastructure and services. This Cutting-Edge Finance transaction represents MIGA’s first Non-Honoring (NH) guarantee in a local currency (Colombian pesos) and In addition, MIGA issued a guarantee of $98.3 million to MIGA’s first NH guarantee covering an embedded swap. Virtuo Finance S.a.r.l. (Virtuo), boosting the sustainable refi- These innovations in MIGA’s guarantee contract enabled nancing of six operational solar power plants in Egypt’s an international lender with euro-funding costs to pro- Benban Solar Park in Aswan, the largest PV solar park in vide a fixed-rate loan in Colombian pesos, giving Bogotá Africa. The refinancing will reduce financial costs, improve critical access to longer-tenor financing to improve the overall financial viability, and generate cost savings to be quality of health care as the system remains stressed by shared with the government of Egypt. The power plants will the ongoing COVID-19 pandemic. be refinanced through issuance of a first-of-its-kind green bond by Virtuo. Scope Ratings assigned the bond a rating of BBB+, a higher rating than Egypt’s sovereign debt rating. The Application to New Technologies issuance was arranged by MUFG Securities EMEA. The bond also benefits from certification by the Climate Bonds Initia- tive and has been independently verified by DNV, a leading To support the development of mobile money services, technical consultancy. Furthermore, the bond meets MIGA’s MIGA issued guarantees to cover investments made by Performance Standards on Environmental and Social Sus- The Rise Fund into Airtel Money, one of Sub-Saharan Africa’s tainability— an international benchmark for identifying and leading mobile money service providers. Airtel Money— managing environmental and social risks. originally a subsidiary of Airtel Africa, with presence in 14 different countries across the region—was spun off into a Reinsurance Since 1997, MIGA has successfully The Agency continued to use reinsurance capacity, ceding $3.4 billion of new business to the reinsurance market leveraged reinsurance as a tool to during FY22 in line with the strategy of preserving capi- use its capital efficiently and manage tal to support growth. As of June 30, 2022, 62 percent of the outstanding gross portfolio was reinsured, up from 59 the risk profile of its portfolio. percent as of end FY21. Over the past five years, MIGA has The primary benefits of reinsurance increased the use of reinsurance in its guarantee portfo- lio, allowing the Agency to support its growth trajectory accrue to MIGA’s clients—first, through increased guarantee capacity without the need to the investors, who gain access to for additional capital from its shareholders.  increased capacity to insure eligible projects in developing countries; and second, to client countries that benefit from higher FDI.  Portfolio Reinsurance ($B) and Rate (%) 20 70% 63% 64% 62% 58% 59% 60% 14.9 15.1 15 13.3 13.2 13.6 50% 40% 10 30% 20% 5 10% 0 0% FY18 FY19 FY20 FY21 FY22 Outstanding reinsurance Portfolio reinsurance rate Priority Areas 41 Leveraging MIGA’s Partnerships for Greater Development Impact Expanding collaboration that encour- To this end, MIGA works to enhance ages productive use of political risk coordination with international finance insurance (PRI) is essential for unlocking institutions (IFIs), industry partners, and material private capital, which in turn across the World Bank Group.  contributes to achieving the Sustainable Development Goals, boosting shared prosperity, and ending extreme poverty. Partnerships with International product applications to de-risk and support joint projects in emerging economies worldwide. They also committed Finance Institutions to periodic consultations and systematic engagement to help develop a pipeline of investable projects and deepen MIGA works with IFIs and multilateral development banks ties between the two institutions. This signals the value that (MDBs) to leverage PRI and mobilize private capital for DEG and MIGA management place on the effort necessary development. In 2018, the G20 Eminent Persons Group on to identify opportunities and to structure solutions. Global Financial Governance recommended that MIGA apply its position as a global risk insurer in development finance to work with other IFIs. Since then, the Agency has taken key steps with other MDBs and IFIs to help realize Knowledge Partnerships these recommendations.  MIGA and the International Law Institute, a capaci- As part of MIGA’s outreach to promote more FDI in develop- ty-building and technical assistance institute, signed a ing member countries, MIGA is convening stakeholders on memorandum of understanding (MOU) to train stakehold- a regional basis for candid roundtable conversations, with ers from developing countries on PRI products; optimal a view to improving investment conditions and increas- structures for public-private partnerships requiring MIGA ing cross-border investments. The in-person roundtables products; and other issues that arise in the context of PRI, are cohosted with a member country in various regions in cross-border transactions, dispute resolution, and gover- Africa, Asia, and the Caribbean. The first roundtable, held nance. A key component focuses on jointly developing and March 2022 in Lomé, was cohosted with the government of conducting a legal, economic, and policy capacity-build- Togo, represented by the Minister of Commerce, Industry ing curriculum and certificate program related to PRI. The and Private Sector Development. Also attending were senior collaborative effort will increase the institutional capacity government officials representing the Democratic Republic of government officials, legal practitioners, private sector of Congo, Côte d’Ivoire, Gabon, Guinea, and Senegal. High- officers, and members of multilateral and other interna- level executives from MIGA clients, development partners tional development organizations. including the IFC, and local Togolese enterprises provided private sector perspectives. Governments outlined current Partnerships with external organizations serve an essential opportunities while investors emphasized the importance role in furthering MIGA’s Gender Strategy Implementation of a robust regulatory framework. MIGA also facilitated Plan (discussed under Gender Initiatives) and expanding bilateral meetings between governments and investors. the knowledge base on gender-related issues. In FY21 MIGA became a founding member of the 2X Collaborative, a new global industry body that convenes the entire spectrum of Industry Partnerships investors to promote gender lens investing, with the oppor- tunity to share information from a broad group of private Partnering with others in insurance and development finance sector actors in gender.1 is essential to deliver results on the ground. MIGA serves as cochair of the Insurance Development Forum (IDF), a pub- lic-private partnership that brings together private and 1 The mission of the 2X Collaborative is “to convene and equip investors with the resources they need to increase the volume and impact of public insurance companies to optimize the use of insurance capital directed towards women’s economic empowerment.” For more to build greater resilience. The agency is also a member information, see https://www.2xcollaborative.org/. of the Berne Union of global export credit and investment insurance providers. The Berne Union actively facilitates cross-border trade by supporting international acceptance of sound principles in export credits and foreign investments.  In addition this year, MIGA and the German Investment Corporation (DEG, the private sector-focused subsidiary of KfW) agreed to cooperate more closely to leverage each other’s toolkits and structure comprehensive solutions or Priority Areas 43 Environmental and Social Sustainability at MIGA MIGA believes that an important component of achieving positive development outcomes is the environmental and social sustainability of its projects, which MIGA expects to achieve through the application of the MIGA Policy on Environmental and Social Sustainability and a comprehensive set of environmental and social performance standards widely accepted in the financial sector, known as the Equator Principles.2 Actions to Ensure E&S Sustainability Integration at MIGA: • Prescreening all projects for social and environmental impact  • Gathering development effectiveness indicators from clients  • Applying MIGA's Impact Performance Assessment and Comparison Tool (IMPACT) framework to assess a project's expected development impact  • Ensuring that projects meet the MIGA Performance Standards on Environmental and Social (E&S) Sustainability  • Verifying E&S impact through ex post evaluations  • Assessing climate risk  MIGA helps investors raise the bar on E&S objectives: • Ensuring that investments meet vigorous and internationally recognized standards • Working with clients to continually monitor and report on E&S impacts  • Allowing clients to enter markets they otherwise would not have been able to reach, which can bring high development returns.  2 https://equator-principles.com/about-the-equator-principles/ Annual Report 2022 44 Measuring and Evaluating Development Impact Assessing impact is critical to understanding the reach Development Effectiveness and results of the projects we support. From project origi- Indicator System nation to project close and after, MIGA implements several frameworks and tools that measure, track, monitor, and MIGA's Development Effectiveness Indicator System (DEIS) evaluate E&S performance.  helps measure and track the development impact of proj- ects that the agency insures. Through this system, MIGA Despite COVID-19 restrictions, MIGA was able to perform measures a common set of indicators across all projects: project assessments, monitoring work and evaluations. investment support, direct employment, locally procured goods, and taxes and fees paid to host governments, among others. It also measures sector-specific indicators and puts IMPACT Framework into place a process to measure projects' development outcomes three years from the time of contract signing.  The Impact Performance Assessment and Comparison Tool (IMPACT) assesses expected project-specific out- comes as well as beyond-the-project effects on foreign Evaluation investment. The framework complements the agency’s broader results measurement system. IMPACT has the Since FY12, all projects have been evaluated by MIGA and following objectives:  the World Bank Group's Independent Evaluation Group (IEG), an independent evaluation body. The evaluations • Perform ex ante assessments of development impact assess the achievement of the development outcomes for individual projects  of MIGA-supported projects through Project Evaluation • Enable comparative analysis  Reports (PERs). MIGA conducts self-evaluations that are • Inform project prioritization based on assessment of then validated by the IEG. Project evaluations are useful expected development impact  not only for assessing the results but also for generating • Align with IFC’s Anticipated Impact Measurement and lessons for future projects. MIGA actively uses evaluation Monitoring (AIMM) framework and coordinate devel- findings in staff learning events.  opment impact ratings for IFC-MIGA joint projects  • Follow an agile approach to integrate IMPACT effi- ciently with MIGA’s existing guarantee processes.  Priority Areas 45 Integrity Integrity and reputational risk management are key to MIGA’s role as a development partner. MIGA considers integrity and reputational risk in its clients and projects, subscribing to the World Bank Group’s Anti-Corruption Guidelines, which identify fraud, corruption, collusion, coercion, and obstruction as major impediments to devel- opment and are considered sanctionable practices.   MIGA’s integrity team conducts due diligence as part of business development and underwriting and monitors projects in the portfolio for potential emerging integrity or reputational risk flags. In this work, MIGA uses on-site evaluations; market soundings; experience with the client; World Bank and IFC local knowledge; and desk- top resources, including proprietary databases. In FY22, MIGA continued to share integrity best practices through collaboration with other World Bank Group members and development partners as well as through participation in various integrity-focused forums.  MIGA Climate-Related Financial Disclosure In June 2021, the World Bank Group Climate Change Action Plan 2021–2025 was adopted. As part of MIGA’s efforts under the Action Plan, MIGA has adopted the disclosure recom- mendations of the international Financial Stability Board’s Task Force on Climate-Related Financial Disclosures. Annual Report 2022 46 MIGA Performance Standards MIGA Performance Standards on Environmental and Social (E&S) Sustainability Performance Standard 1: Performance Standard 5: Assessment and management of environmental and Land acquisition and  involuntary resettlement social risks and impacts Applies to physical or economic displacement result- Underscores the importance of identifying E&S risks and ing from land transactions such as expropriation or impacts and of managing E&S performance throughout neglected settlements the life of a project Performance Standard 2: Performance Standard 6:  orking conditions Labor and w Biodiversity conservation and sustainable Recognizes that the pursuit of economic growth through management of living natural resources employment creation and income generation should be Promotes the protection of biodiversity and the sustain- balanced with protection of basic rights for workers able management and use of natural resources Performance Standard 3: Performance Standard 7: Resource efficiency and  pollution prevention Indigenous peoples Recognizes that increased industrial activity and urban- Aims to ensure that the development process fosters full ization often generate higher levels of air, water, and land respect for indigenous people pollution and that there are efficiency opportunities Performance Standard 4: Performance Standard 8: Community health, s  afety, and security Cultural heritage Recognizes that projects can bring benefits to Aims to protect cultural heritage from adverse impacts communities but can also increase potential exposure to of project activities and support its preservation risks and impacts from incidents, structural failures, and hazardous materials Benefits of the Performance Standards Create value for business Social license to operate Sustainability has become an important factor in The Performance Standards help clients maximize business strategies. Many companies recognize that local development benefits and encourage the practice by addressing E&S issues they can save on costs, of good corporate citizenship. Enhanced brand value improve their brands and reputation, and strengthen and reputation may also be attractive to new investors stakeholder relations or financiers Realize opportunities and guard against unforeseen risks Gain an international stamp of approval Implementing the Performance Standards helps The “Equator Principles,” which have been adopted by companies identify and guard against interruptions over 75 of the world’s leading financial institutions in in project execution, brand protection, and/or access developed and developing countries, are based on the to international markets Performance Standards. These principles are estimated to cover over 70 percent of project finance debt in emerging markets Improve financial and operational performance Implementation of the Performance Standards can help optimize inputs such as water and energy, as well as minimize emissions, effluents, and waste, leading to a more efficient and cost-effective operation Priority Areas 47 Gender Initiatives MIGA continues to deliver on its commitment to advancing approach to identify opportunities to narrow gender gaps gender equality through its first Gender Strategy Imple- on projects.4 Gender Flag highlights include the following: mentation Plan FY21–23 (GSIP), launched in FY21. The GSIP identifies opportunities for increased gender actions • In June 2021, MIGA signed its first Gender Flag project aligned with three strategic pillars: corporate, client with a financial sector client in Chile. The client com- engagement, and partnerships. mitted to lending a portion of its MIGA-enabled capital to WSMEs. Under the corporate pillar, MIGA has focused on building • In June 2022, a client in Argentina committed to a sig- staff gender knowledge and skills. This year, the Agency nificant year-on-year increase in its lending to WSMEs. rolled out a training program to enhance the capacity and • Also in June, a client in Paraguay committed to devel- knowledge of MIGA staff on gender-based violence (GBV), oping a new product or service targeting the women’s gender in private sector operations, and gender and climate segment and to establishing a corporate training change. MIGA continued to work on increasing gender parity program on gender. and equality as part of its diversity, equity, and inclusion (DE&I) efforts. This year, all staff were invited to participate Under the partnerships pillar, MIGA strengthened its close in small group discussions on DE&I, offering a platform for collaboration with IFC and the World Bank, benefiting transparent and open discussion. MIGA, as part of the World from their expertise and leveraging lessons learned and Bank Group, achieved Gender EDGE Level 2 Certification.3 best practices. MIGA actively participated in gender ini- tiatives such as the IFC’s “Gender-Smart Investing: Private Under the client engagement pillar, MIGA further intensi- Sector Approaches to Advance Gender Equality” event fied its efforts to engage its clients on gender—specifically under the World Bank Group’s yearlong Accelerate Equal- on identifying, managing, and monitoring GBV risks—by ity initiative.5 In addition, MIGA deepened its partnership implementing new toolkits on GBV risk management pro- with the 2X Collaborative, a global industry body that cesses and guidance. In addition, to support the World Bank convenes the entire spectrum of investors to promote Group’s twin goals, MIGA implemented the Gender Flag gender-focused investments. 3 EDGE Certification is a standardized methodology and global certifica- 5 The Accelerate Equality initiative explores the important progress made tion system for assessing and tracking progress in closing the corporate and lessons learned over the past 10 years in closing gender gaps and gender gap. promoting girls' and women's empowerment as well as drives for trans- 4 The Gender Flag is the assessment methodology, developed by IFC, to formative change in the future. identify projects with gender-related commitments that MIGA has adopted. Annual Report 2022 48 Gender Leadership Award MIGA’s Gender Leadership Award (GLA), now in its seventh year, recognizes senior managers with a proven track record of furthering the cause of women’s advancement and gender equality in business while contributing to the World Bank Group’s twin goals of reducing poverty and boosting shared prosperity. This year’s GLA recognized Lucy Heintz, partner and head of energy infrastructure at Actis, for her commit- ment to further gender equality in the workplace. She co-established and currently chairs Actis’s Inclusion and Diversity Committee, which focuses on enhanc- ing the global investment firm’s approach and policies. Under her leadership, the company has launched initia- tives including creation of female networks, open-door policies, unconscious bias awareness, and inclusive leadership training to promote gender equality and diversity. In addition, she has implemented projects to collect data to establish a baseline on diversity metrics, identifying best practices and showcasing success sto- ries of diverse people from Actis portfolio companies across the world. Furthermore, she initiated an inno- vative mentoring program for talented women from companies within Actis’s African portfolio. National Bank of Canada’s Gender Actions to Support Women-Owned SMEs In January 2022, MIGA signed a guarantee with the National Bank of Canada (BNC), covering the risk of expropriation of funds related to the man- datory reserves of BNC’s subsidiary, ABA, held at the Central Bank of Cambodia. This was one of the agency’s first Gender Flag projects and the first in an IDA country. ABA intends to use the MIGA-en- abled capacity in support of new lending, of which 75 percent targets WSMEs. Priority Areas 49 Governance MIGA’s Board A Council of Governors and a Board of Directors, repre- senting 182 member countries, guide MIGA’s programs and activities. Each country appoints one governor and one alter- nate. MIGA’s corporate powers are vested in the Council of Governors, which delegates most of its powers to a Board of 25 Directors. Voting power is weighted according to the share of capital that each Director represents. MIGA's Board resides in the World Bank Group headquarters in Washington, DC, and meets regularly to review and decide on investment guarantee projects and oversee general management policies.  Visit the Board’s website for more information: http://www.worldbank.org/en/about/leadership/governors Oversight and Accountability Compliance Advisor Ombudsman Independent Evaluation Group The Office of the Compliance Advisor Ombudsman (CAO) is The Independent Evaluation Group (IEG) assesses MIGA’s the independent accountability mechanism for MIGA and IFC. strategies, policies, and projects to improve the agency’s The CAO responds to complaints from people affected by development results. The IEG is independent of MIGA man- MIGA- and IFC-supported business activities, with the goals of agement and reports its findings to MIGA’s Board of Directors enhancing E&S outcomes on the ground and fostering greater and the Board's Committee on Development Effectiveness.  public accountability of both institutions. Visit the IEG website for more information: Visit the CAO website for more information: http://ieg.worldbankgroup.org/ http://www.cao-ombudsman.org/ Group Internal Audit Integrity Vice Presidency Group Internal Audit (GIA) provides independent, objective, The Integrity Vice Presidency (INT) is an independent unit within insightful risk-based assurance and advice to protect and the World Bank Group that investigates and pursues sanctions enhance the value of the World Bank Group. GIA gives man- related to allegations of fraud, corruption, collusion, coercion, agement and the Board reasonable assurance that processes and obstruction in WBG-financed projects, as well as fraud and for managing and controlling risks—as well as their overall corruption by WBG staff and vendors. In addition, through its governance—are adequately designed and functioning effec- Integrity Compliance Office, INT engages with parties toward tively. GIA reports to the President and is under the oversight meeting their conditions for release from sanction. INT shares of the Audit Committee. its investigative insights across the institution to help mitigate fraud and corruption risk in projects, playing a fundamental Visit the GIA website for more information: role in supporting the WBG’s fiduciary responsibility for the http://www.worldbank.org/internalaudit development resources it manages.  Visit the INT website for more information: www.worldbank.org/integrity To report suspected fraud, corruption, or other sanctionable practices in WBG-financed projects, visit www.worldbank.org/fraudandcorruption Annual Report 2022 50 MIGA Financial Highlights Financial Results By fiscal year ($, millions) 2022 2021 2020 2019 2018 Gross premium income $229.4 $239.3 $232.3 $237.9 $210.1 Net premium incomea $116.3 $121.3 $117.1 $115.1 $104.1 Administrative expensesb $65.0 $58.7 $61.1 $57.8 $51.6 Operating incomec $51.2 $62.6 $56.0 $57.3 $52.5 Net income $27.6 $81.5 $57.2 $82.4 $40.9 Administrative expenses to net premium income ratio 56% 48% 52% 50% 50% a. Net premium income equals gross premium income and ceding commissions less premium ceded to reinsurers and brokerage costs. b. Administrative expenses include expenses from pension and other post-retirement benefit plans. c. Operating income equals net premium income minus administrative expenses, including pension costs. Capital Measures By fiscal year ($, millions) 2022 2021 2020 2019 2018 Total economic capitala 759 768 756 717 685 Shareholders' equity 1,539 1,474 1,335 1,320 1,261 Operating capitalb 1,777 1,724 1,591 1,542 1,471 Total economic capital/operating capital (%) 43% 45% 48% 47% 47% a. Amount of capital utilized in support of the guarantee portfolio as well as the investment portfolio and operational risk. b. Comprised of paid-in capital, retained earnings/accumulated other comprehensive loss and Insurance portfolio reserve, net. MIGA 51 Noteworthy in FY22 DECEMBER 2021 Driving Foreign Direct Investment to Africa— Global Virtual Event FDI in Africa, already ebbing before the COVID-19 struck, tumbled during the pandemic as investors became more cautious. On December 9, MIGA hosted a virtual event that included MIGA staff and FDI experts from other agencies and governments to collaborate on ways to broaden efforts to turn the tide and unlock FDI in emerging markets. Speakers and panelists included David R. Malpass, President, World Bank Group; Amadou Hott, Minister of Economy, Planning and Cooperation, Senegal; Cheryl Buss, CEO, Absa International; David Damiba, Managing Partner and Chief Investment Officer, Kasada Capital Management; Hiroshi Matano, Executive Vice President, MIGA; Ethiopis Tafara, Vice President and Chief Risk, Legal and Admin- istrative Officer, MIGA; Indermit Gill, Vice President, Equitable Growth, Finance, and Institutions Global Practice, World Bank; James Zhan, Senior Director of Investment and Enterprise, United Nations Conference on Trade and Development (UNCTAD); Nkem Onwuamaegbu, Acting Regional Head, Africa, MIGA; and business journalist Esther Awoniyi, Master of Ceremonies. https://live.worldbank.org/driving-foreign-direct-investment-to-africa MARCH 2022 Seventh Annual MIGA Gender Leadership Award: Clean Energy for All MIGA hosted its seventh Annual Gender Leadership Award, titled “Clean Energy for All,” on March 8 to coincide with International Women's Day. The award was presented to Lucy Heintz, Partner and Head of Energy Infrastructure at Actis. Speakers included David R. Malpass, President, World Bank Group; Rania Al-Mashat, Minister of International Cooperation, Arab Republic of Egypt; Hiroshi Matano, Executive Vice President, MIGA; Lucy Heintz, Partner, Head of Energy Infrastructure, Actis; Ousmane Diagana, Vice President, Western and Central Africa, World Bank; Emmanuel Nyirinkindi, Vice President, Cross-Cutting Solutions, IFC; and Hana Brixi, Global Director, Gender, World Bank. https://live.worldbank.org/events/miga-gender-leadership-award-2022 MARCH 2022 MIGA FDI Roundtable Dialogue in Togo In West Africa, development projects are often financed by government and led by public sector experts, but public money is in short supply because the pandemic has strained state coffers. In a collaboration with the government of Togo, MIGA hosted a two-day event that included key stakeholders from the private sector and government representatives to hold candid discussions about optimizing investment conditions to draw more FDI into the region. Participants included MIGA Vice President Ethiopis Tafara; Ministers from Gabon and Togo; directors and senior advisers from Côte d'Ivoire, Guinea, and Senegal; and private sector participants from Axian, Bechtel Africa, Engie, Infinity Power, Meridiam, Mota-Engil, Qair, Sonatel, Themis, VINCI Highways, and Africa50. https://www.miga.org/video/miga-fdi-roundtable-dialogue-togo Annual Report 2022 52 Who We Are 1 3 2 4 5 7 6 8 1. Hiroshi Matano — Executive Vice President  2. Junaid Kamal Ahma — Vice President, Operations 3. Ethiopis Tafara — Vice President and Chief Risk, Legal and Administrative Officer  4. Sarvesh Suri — Director, Climate, Energy, Extractives, Capital and Financial Markets Operations  5. Muhamet Fall — Director, Infrastructure, Manufacturing, Agriculture, Services (MAS) and Trade Operations  6. Aradhana Kumar-Capoor — Director and General Counsel  7. Merli Margaret Baroudi — Director, Economics and Sustainability  8. Santiago Assalini — Director, Finance and Risk  MIGA 53 Contact Information SENIOR MANAGEMENT Christopher Millward Layali Abdeen Global Head and Sector Manager, Senior Underwriter, Middle East Hiroshi Matano Finance and Capital Markets and North Africa Executive Vice President cmillward@worldbank.org labdeen@worldbank.org hmatano@worldbank.org Marcus Williams Lin Cheng Junaid Kamal Ahmad Global Head and Sector Manager, Representative, China Vice President, Operations Energy and Extractive Industries and Underwriter jahmad@worldbank.org mwilliams5@worldbank.org lcheng1@worldbank.org Ethiopis Tafara Vice President and Chief Risk, REGIONAL ACCOUNTING AND REPORTING Legal and Administrative Officer etafara@worldbank.org Nkemjika Onwuamaegbu Thomas Obuya Regional Head, Africa Controller Sarvesh Suri nonwuamaegbu@worldbank.org tobuya@worldbank.org Director, Climate, Energy, Extractives, Capital and Financial Olga Sclovscaia Markets Operations Regional Head, Europe REINSURANCE ssuri1@worldbank.org and Central Asia osclovscaia@worldbank.org Frank Linden Muhamet Fall Head, Reinsurance Director, Infrastructure, Jae Hyung Kwon flinden@worldbank.org Manufacturing, Agribusiness, Head of South Asia Services (MAS) and Trade Operations jkwon@worldbank.org mfall3@worldbank.org ECONOMICS AND SUSTAINABILITY Tim Histed Aradhana Kumar-Capoor Head—South East Asia Moritz Nebe Director and General Counsel and Australasia Sector Manager, Economics Unit akumarcapoor@worldbank.org thisted@worldbank.org mnebe@worldbank.org Santiago Assalini Olga Calabozo Garrido Yasser Ibrahim Director, Finance and Risk Head, Latin America Sector Manager, Sustainability 1 sassalini@worldbank.org and the Caribbean yibrahim@worldbank.org ocalabozogarrido@worldbank.org Merli Margaret Baroudi Kate Wallace Director, Economics and Sustainability Shuichi Hayashida Sector Manager, Sustainability 2 mbaroudi@worldbank.org Head, West and Central Africa kwallace@worldbank.org shayashida@worldbank.org Hiroyuki Hatashima SECTORS Susumu Takahashi Chief Evaluation Officer Head, Japan hhatashima@worldbank.org Nabil Fawaz stakahashi2@worldbank.org Global Head and Sector Manager, Manufacturing, Agribusiness, Jaeyoung Jin PORTFOLIO MANAGEMENT and Services Head, Republic of Korea nfawaz@worldbank.org jjin1@worldbank.org Hoda Moustafa Global Head of Portfolio Elena Palei Rouzbeh Ashayeri hmoustafa@worldbank.org Global Head and Sector Manager, Senior Underwriter, North America Infrastructure—Transport, Water Business Origination Business Inquiries and Sanitation, and Telecom rashayeri@worldbank.org migainquiry@worldbank.org epalei@worldbank.org Annual Report 2022 54 Design by ahoystudios.com Since its creation, MIGA has issued nearly $65 billion in guarantees across 119 developing countries.