MIGA Annual Reports & Financial Statements
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Multilateral Investment Guarantee Agency (MIGA), which is part of the World Bank Group, provides political risk insurance or guarantees against losses caused by noncommercial risks to facilitate foreign direct investment (FDI) in developing countries. MIGA’s mission statement is “To promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives.”
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Publication
MIGA Annual Report 2023
(Washington, DC, 2023-10-17)Celebrating thirty-five years since its founding, in FY23 MIGA issued a record 6.4 billion in new guarantees across forty projects. Through these projects, the Agency remained focused on encouraging private investors to help host governments manage and mitigate political risks. In FY23, as it did during the COVID-19 pandemic, MIGA demonstrated its agility to respond to crisis, employing multiple products during the year to assist the embattled people of Ukraine following Russia’s invasion. An institution of the World Bank Group, MIGA is committed to strong development impact and supporting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance. It also offers trade finance guarantees, as well as credit enhancement on obligations of sovereigns, sub-sovereigns, state-owned enterprises, and regional development banks. -
Publication
MIGA Annual Report 2022
(Washington, DC : Multilateral Investment Guarantee Agency, 2022-10-06)In FY22, Multilateral Investment Guarantee Agency (MIGA) issued 4.9 billion dollars in new guarantees across a record 54 projects. The projects focused on encouraging private investors to work with host governments by helping manage and mitigate political risks. Working with the clients and partners, the Bank supported 6.5 billion dollars in total financing (from private and public sources). Almost a third of our gross issuances supported projects in International Development Association (IDA) (lower-income) countries; 12 percent went to fragile and conflict-affected countries; and 28 percent of the total guaranteed investment of the projects supported contributed to climate finance. FY22 issuances are expected to help provide access to power to some 15 million people, support nearly 20,000 jobs, and enable 1.9 billion dollars in loans, including those for small and medium enterprises and climate-related activities. An institution of the World Bank Group, MIGA is committed to strong development impact and promotion of projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance, as well as offering credit enhancement on sovereign obligations. -
Publication
MIGA Annual Report 2021
(Washington, DC: Multilateral Investment Guarantee Agency, 2021-10-01)In FY21, MIGA issued 5.2 billion US Dollars in new guarantees across 40 projects. These projects are expected to provide 784,000 people with new or improved electricity service, create over 14,000 jobs, generate over 362 million US Dollars in taxes for the host countries, and enable about 1.3 billion US Dollars in loans to businesses—critical as countries around the world work to keep their economies afloat. Of the 40 projects supported during FY21, 85 percent addressed at least one of the strategic priority areas, namely, IDA-eligible countries (lower-income), fragile and conflict affected situations (FCS), and climate finance. As of June 2021, MIGA has also issued 5.6 billion US Dollars of guarantees through our COVID-19 Response Program and anticipate an expansion to 10–12 billion US Dollars over the coming years, a testament to the countercyclical role that MIGA can play in mobilizing private investment in the face of the pandemic. A member of the World Bank Group, MIGA is committed to strong development impact and promoting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance, as well as offering credit enhancement on sovereign obligations. -
Publication
MIGA Annual Report 2010, Volume 1
(Washington, DC: World Bank, 2010)The Multilateral Investment Guarantee Agency's (MIGA's) mandate to promote foreign direct investment into developing countries to improve people's lives and create more opportunities remains more important than ever. Despite a challenging business climate, during the past year MIGA sought out and supported projects that contributed to its mission and growth. In fiscal year 2010, MIGA provided $1.5 billion in new guarantee coverage. This amount targeted a wide range of projects across all regions from bank liquidity in Serbia and Latvia to guarantees on complex port projects in Turkey, China, and Senegal. Over the past year MIGA supported investments in frontier markets, such as Sierra Leone and Ethiopia. And as was the case last year, MIGA experienced a lower-than-usual level of cancellation. MIGA also continued to support financial flows from banks to their subsidiaries in Europe and Central Asia that were harmed by the financial crisis. Beyond the financial sector, MIGA supported clients seeking political risk insurance for energy and infrastructure investments with a strong development impact. The projects that MIGA supports create jobs; provide water, electricity, and other basic services; strengthen financial systems; generate tax revenues; transfer skills and technological know-how; and help countries tap natural resources in an environmentally sustainable way. MIGA again demonstrated thought leadership in the political risk insurance arena. The report fills an information gap and underlines that investors view political risk as the most important short- and medium-term obstacle to investing in developing countries. MIGA's management continues to focus on change to increase effectiveness and improve efficiency for investors and lenders. MIGA has also worked more closely with other units of the World Bank Group to ensure the best use of the Bank Group's expertise, products, and services. -
Publication
MIGA Annual Report 2010, Volume 2
(Washington, DC: World Bank, 2010)The Multilateral Investment Guarantee Agency's (MIGA's) mandate to promote foreign direct investment into developing countries to improve people's lives and create more opportunities remains more important than ever. Despite a challenging business climate, during the past year MIGA sought out and supported projects that contributed to its mission and growth. In fiscal year 2010, MIGA provided $1.5 billion in new guarantee coverage. This amount targeted a wide range of projects across all regions from bank liquidity in Serbia and Latvia to guarantees on complex port projects in Turkey, China, and Senegal. Over the past year MIGA supported investments in frontier markets, such as Sierra Leone and Ethiopia. And as was the case last year, MIGA experienced a lower-than-usual level of cancellation. MIGA also continued to support financial flows from banks to their subsidiaries in Europe and Central Asia that were harmed by the financial crisis. Beyond the financial sector, MIGA supported clients seeking political risk insurance for energy and infrastructure investments with a strong development impact. The projects that MIGA supports create jobs; provide water, electricity, and other basic services; strengthen financial systems; generate tax revenues; transfer skills and technological know-how; and help countries tap natural resources in an environmentally sustainable way. MIGA again demonstrated thought leadership in the political risk insurance arena. The report fills an information gap and underlines that investors view political risk as the most important short- and medium-term obstacle to investing in developing countries. MIGA's management continues to focus on change to increase effectiveness and improve efficiency for investors and lenders. MIGA has also worked more closely with other units of the World Bank Group to ensure the best use of the Bank Group's expertise, products, and services. -
Publication
MIGA Annual Report 2009
(Washington, DC: World Bank, 2009)For Multilateral Investment Guarantee Agency (MIGA), the challenge this year has been promoting foreign direct investment (FDI) into developing countries at a time when investment flows are slumping. While many investors shied away from projects because of the difficult investment climate, those who have been doing business recognized the need for the kind of political risk guarantees MIGA provides. This year, MIGA provided $1.4 billion in guarantees for a range of projects, down from the agency's banner year of $2.1 billion in guarantees in 2008. But MIGA also experienced far fewer cancellations of existing coverage this year than in previous years. MIGA is also supporting projects to help the most vulnerable. This year, the agency entered into an innovative contract to facilitate up to $100 million of investments to small and medium-size enterprises in Sub-Saharan Africa, businesses which account for most of the continent's jobs. MIGA has also focused on internal changes. At a time of financial crisis, promoting FDI depends on moving quickly to meet the emerging needs of clients. This will enhance MIGA's operational flexibility and procedural efficiency, and should lead to more business while strengthening MIGA's position as a self-standing enterprise. -
Publication
2004 Annual Report
(Washington, DC: World Bank, 2004)Although a small agency, the Multilateral Investment Guarantee Agency (MIGA) has a broad mandate-to promote productive foreign direct investment (FDI) flows into developing countries. The Agency's results in fiscal 2004 were mixed. While the total amount of guarantees issued fell slightly, to $1.1 billion, a greater proportion of projects supported were in the poorer countries eligible for financing from the International Development Association (IDA). In membership, the Islamic Republic of Iran and Suriname joined MIGA, bringing the number of member countries to 164. Highlights for the year include: first guarantee coverage for investors from the Czech Republic and Poland; three water projects supported-two in China and one in Russia; 16 projects supported in conflict-affected countries; 65 technical assistance activities conducted in 29 countries, along with regional and global initiatives; new technical assistance work initiated in Afghanistan, China, Mali, Paraguay, South Africa and Tajikistan; the European Investor Outreach Program launched with co-funding from the Austrian government; and FDI Promotion Center launched. -
Publication
Annual Report 2001
(Washington, DC: World Bank, 2001)The report discusses the Multilateral Investment Guarantee Agency's (MIGA) activities for the fiscal year ended June 30, 2001. Highlights discussed in this report include: 1) country membership; 2) guarantee operations; 3) MIGA's financial statements; and, 4) technical assistance services, including strategic planning, and training, privatization, business opportunities, and information technology. It also expands on MIGA's focus in producing results, in developing investment marketing services, pioneering new insurance tools for entering new markets, and in promoting new partnerships. The guarantees program, legal and policy framework, are largely described, to finally provide a financial overview, and its financial statements. -
Publication
MIGA Annual Report 2000
(Washington, DC: World Bank, 2000)The report discusses the Multilateral Investment Guarantee Agency's (MIGA) activities for the fiscal year ended June 30, 2000. Highlights discussed in this report include: 1) country membership; 2) guarantee operations; 3) MIGA's financial statements; and, 4) technical assistance services, i.e., privatization, business opportunities, and information technology.