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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MIGA Annual Report 2023

2023-10-17, Multilateral Investment Guarantee Agency

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.

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MIGA Annual Report 2020

2020-10-02, Multilateral Investment Guarantee Agency

MIGA’s mandate is to promote cross-border private investment in developing countries by providing guarantees (political risk insurance and credit enhancement) to investors and lenders. In FY20, MIGA issued nearly US$4 billion in new guarantees, helping mobilize over US$7 billion in total financing. FY20 projects will provide access to power to some 12.4 million people, procure US$4.3 million in goods locally each year, and avoid approximately 3 million tons of carbon dioxide equivalent (tCO2e) emissions per year. Of the 47 projects supported during FY20, 70 percent addressed at least one of the three strategic priority areas: IDA-eligible countries, fragile and conflict-affected situations (FCS), and climate change. Since its creation, MIGA has issued over $59 billion in guarantees across 118 developing countries.

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MIGA Annual Report 2017: Insuring Investments, Ensuring Opportunities

2017-10, Multilateral Investment Guarantee Agency

In fiscal year 2017, MIGA continued to work on the WBG’s twin goals of eradicating extreme poverty and promoting shared prosperity by focusing on IDA (low income) countries, Fragile and Conflicted States, Climate Change and Innovation. Projects we supported will help 8.5 million people gain access to power, help avoid 1.1 million tons of greenhouse gas emissions, and enable access to healthcare for 8.7 million patients. We issued $4.8 billion in guarantees to private investors. This is a record for MIGA. Nearly half of our projects were in IDA. We also continued to work tirelessly to ensure that we supported investments in fragile and conflict-affected countries, which make up 10% of our portfolio.

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MIGA Annual Report 2012

2012-10, Multilateral Investment Guarantee Agency

In fiscal year 2012, a total issue of $2.7 billion in guarantees for projects in Multilateral Investment Guarantee Agency's (MIGA's) developing member countries and an additional $10.6 million was issued under MIGA administered trust funds. This is another record high for new issuance by the Agency, the second consecutive year of this trend, and was marked by increased regional and sectoral diversification. Fifty-eight percent of projects guaranteed, accounting for 70 percent of the total volume of new coverage, address at least one of MIGA's four strategic priority areas. Fiscal year 2012 also marks the fifth consecutive year of record levels in the Agency's gross portfolio. MIGA issued $2.7 billion in guarantees in support of investments in developing countries. The Agency welcomed two new members, Niger and South Sudan, during the fiscal year. This report highlights MIGA's active support for these objectives in fiscal year 2012. It demonstrates the Agency's ability to deliver on its mandate to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people's lives. As the global investment environment becomes increasingly volatile, and MIGA's clients look for opportunities in frontier markets, there is greater interest in political risk-mitigation mechanisms. MIGA has positioned itself well to respond to these developments especially as a result of its stronger field presence and internal reforms over the last two years. MIGA is committed to promoting projects that promise a strong development impact and are economically, environmentally, and socially sustainable. MIGA's projects this past year demonstrate this focus in a wide range of sectors, across all regions. In fiscal year 2012 the Agency's projects in the region accounted for 24 percent of volume, twice the level of the previous year.

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MIGA Annual Report 2022

2022-10-06, Multilateral Investment Guarantee Agency

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.

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MIGA Annual Report 2019

2019-10-11, Multilateral Investment Guarantee Agency

Private investors provide not just financing, but also solutions, for projects in developing countries. Yet, non-commercial risks can make them hesitant to invest in developing countries. 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, and also offers credit enhancement. Over the last six years, MIGA has doubled its portfolio, resulting in approximately 50 million people gaining access to power, and $3.9 billion in annual taxes and fees paid to host governments through MIGA-supported projects.

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MIGA Annual Report 2016

2016-10, Multilateral Investment Guarantee Agency

In fiscal year 2016, despite a period of increased uncertainty over the state of our global economy, MIGA played a significant role in catalyzing private sector investments into countries most vulnerable to external shocks through our political risk insurance and credit enhancement products. Of the record $4.3 billion in guarantees issued, 53 percent of the investments were insured in poverty-afflicted areas. We continued to work tirelessly to ensure that we supported investments in fragile and conflict-affected countries, which make up 10 percent of our portfolio.

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MIGA Annual Report 2021

2021-10-01, Multilateral Investment Guarantee Agency

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.

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MIGA Annual Report 2018

2018-10, Multilateral Investment Guarantee Agency

MIGA provides political risk insurance and credit enhancement for cross-border private sector investors and lenders, in support of projects in developing member economies across the world. Marking its 30th year of operation, the Multilateral Investment Guarantee Agency (MIGA) has become the third leading institution among the MDBs in terms of mobilizing direct private capital to low- and middle-income countries. This year, MIGA issued a record $5.3 billion in political risk insurance and credit enhancement guarantees, helping finance $17.9 billion worth of projects in developing countries. New issuances and gross outstanding exposure—at $21.2 billion this year—almost doubled as compared to fiscal 2013.

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MIGA Annual Report 2015

2015-09-22, Multilateral Investment Guarantee Agency

In fiscal year 2015, the Multilateral Investment Guarantee Agency (MIGA) issued a total of $2.8 billion in guarantees for 40 projects in MIGA's developing member countries. An additional $3.2 million was issued under MIGA-administered trust funds. Projects spanned regions and sectors, with 60 percent of this new issuance falling into at least one of MIGA's priority areas. At the end of the year, MIGA's gross exposure was $12.5 billion. Of this, $4.8 billion was ceded to MIGA's reinsurance partners. MIGA’s mission is to support economic growth, reduce poverty, and improve people’s lives. In order to achieve this, the agency needs a clear understanding of the development outcomes of the projects it supports. MIGA’s Development Effectiveness Indicator System (DEIS) collects a common set of indicators from clients to demonstrate results across all projects: volume of investment catalyzed, direct employment, taxes paid, and value of locally procured goods. It also measures sector-specific indicators. MIGA's $2.8 billion issuance in fiscal year 2015 is expected to catalyze an additional $9.8 billion in public and private co-investment.