01. Annual Reports & Independent Evaluations

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MIGA Annual Report 2013 : Insuring Investments, Ensuring Opportunities

(Washington, DC: World Bank Group, 2013-10-11) Multilateral Investment Guarantee Agency

In fiscal year 2013, Multilateral Investment Guarantee Agency (MIGA) issued 2.8 billion dollars in investment guarantees for projects in our developing member countries. At 1.5 billion dollars, representing more than half of new business, the bulk of MIGA's guarantees issued support investments in Sub-Saharan Africa. Sixty-nine percent of new business volume this year was in complex projects in infrastructure and extractive industries, a strategic priority for the Agency. This year, 82 percent of MIGA's new volume fell into one or more of strategic priority areas: investments in the world's poorest countries, "South-South" investments, investments in conflict-affected countries, and investments in complex projects. MIGA also established the conflict-affected and fragile economies facility to further deepen support to this priority area.
ICSID 2013 Annual Report

(Washington, DC, 2013) International Centre for Settlement of Investment Disputes

International investment law and international investment arbitration are relatively new disciplines: the first bilateral investment treaty was signed by Pakistan and Germany in 1959, the first investment treaty offering investor-state arbitration was concluded in 1968 between the Netherlands and Indonesia, the first International Center for Settlement of Investment Dispute (ICSID) case was registered in 1972, and the first treaty-based investment case was registered by the Centre in 1987. The Centre itself was established in 1966, along with the coming into force of the ICSID convention. It was the first dispute resolution facility designed exclusively for international investment dispute settlement, and it continues to be the only international facility dedicated to this area. This specialized mandate has allowed ICSID to develop an unparalleled expertise and focus, which benefits disputing parties, arbitrators and contracting states. Cumulatively, ICSID has administered over 430 cases, involving foreign investors from all regions of the world and more than 95 states and state agencies under the ICSID convention and rules. In addition, it has administered over 40 investment arbitration cases initiated under the United Nations Commission on International Trade Law (UNCITRAL) arbitration rules and other arbitral rules. The end-of-fiscal year results confirm that ICSID remains the leader in international investment dispute resolution. This report is organized as follows: chapter one gives introduction; chapter two gives list of contracting states and other signatories of the convention; chapter three presents panels of arbitrators and of conciliators; chapter four gives operations of the Centre; chapter five presents outreach of ICSID; chapter six deals with forty-sixth annual meeting of the administrative council; and chapter seven presents financial statements of ICSID.
MIGA Annual Report 2012

(Washington, DC: World Bank, 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.
ICSID 2012 Annual Report

(Washington, DC, 2012-09) International Centre for Settlement of Investment Disputes

The recent growth in investor-state arbitration has continued apace. International Center for Settlement of Investment Dispute (ICSID) registered a record 38 cases in 2011, and had registered 19 further cases by June 30, 2012. Included in these numbers are 3 new conciliation cases, showing an increased resort not simply to arbitration but also to alternative methods of dispute resolution available under the ICSID convention and additional facility. Such statistics should not be considered in isolation from their broader economic context. There have been unprecedented increases in global flows of foreign direct investment in the last two decades. These statistics must also be read in light of the fact that international investment law and investor-state dispute settlement are a new discipline. ICSID continues to play a vital role in the evolving international investment legal system. Its primary job is very specific: to offer foreign investors and host States an impartial, effective and accessible facility for arbitration and conciliation of international investment disputes. ICSID has taken numerous steps in the past year to enhance its capacity to fulfill this role. In September of 2011, ICSID announced a new list of Chairman's appointees to the panel of arbitrators and panel of conciliators. ICSID will continue its efforts to provide excellent service to disputing parties in the upcoming year.
MIGA Annual Report 2011 : Insuring Investments, Ensuring Opportunities

(Washington, DC: World Bank, 2011) Multilateral Investment Guarantee Agency

The report highlights Multilateral Investment Guarantee Agency's (MIGA's) innovation, flexibility, and ability to deliver on its own modernization agenda. This year, the agency secured significant amendments to its Convention that enhances its value as a multilateral provider of political risk insurance. These amendments, approved by the Council of Governors in August, have already enabled MIGA to support projects that would not previously have been possible. In fiscal year 2011, MIGA provided $2.1 billion in new guarantee coverage a record high for the agency, and a 43 percent increase over the previous year, which indicates renewed interest in political risk-mitigation products. MIGA has shown renewed diversification and regional outreach from its support for a manufacturing plant in Iraq, to an agribusiness venture in Liberia, to a mining feasibility study in Indonesia, and to banking endeavors supporting small and medium enterprises in 14 countries. MIGA's concerted efforts to encourage foreign direct investment (FDI) into the Middle East and North Africa region have been especially important this year. This report also notes important amendments to MIGA's convention, approved by the Council of Governors, which took effect in November 2010. These historic amendments greatly enhance our ability to support clients. Now MIGA able to cover stand-alone debt and some existing investments, putting us in a better position to support investors in times of uncertainty. Clients have responded very positively to MIGA's expanded authority, which has also contributed to this year's increased business volume.