Publication: MIGA 2008 Annual Report
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Date
2008
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Published
2008
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During fiscal year 2008, the Bank Group committed $38.2 billion in loans, grants, equity investments and guarantees to its members and to private businesses in member countries, an increase of $3.9 billion (11.4 percent) from fiscal year 2007. The World Bank, comprising International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), committed $24.7 billion in loans and grants to its member countries. IDA commitments to the world's poorest countries were $11.2 billion, five percent lower than the previous year. IBRD commitments in fiscal 2008 totaled $13.5 billion, five percent higher than the previous year. International Finance Corporation (IFC) committed $11.4 billion and mobilized an additional $4.8 billion for private sector investments in developing countries, more than 40 percent of which were in IDA eligible countries. Multilateral Investment Guarantee Agency (MIGA) issued close to $2.1 billion in guarantees in support of investments in the developing world, an increase of $730 million over 2007. Of the total, $689.6 million went to IDA-eligible countries. This year, MIGA's operating income was $55 million, compared with $49 million in FY07. The increase of $6 million was due to an increase in net premium income and investment income and a decrease in the agency's administrative expenses. FY08 net income increased by $3.4 million compared to FY07, primarily due to higher guarantee income and investment income and translation gains.
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“Multilateral Investment Guarantee Agency. 2008. MIGA 2008 Annual Report. MIGA Annual Report;. © World Bank. http://hdl.handle.net/10986/11852 License: CC BY 3.0 IGO.”
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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 Investing with Confidence : Understanding Political Risk Management in the 21st Century(World Bank, 2009)"A investing with confidence: understanding political risk management in the 21st century", is based on papers at the 2008 symposium on international political risk management, host by the Multilateral Investment Guarantee Agency (MIGA) and Georgetown University on December 4, 2008. The symposium was the sixth such event, and coincided with MIGA 20th anniversary. Both of these milestones attest to the importance of political risk insurance (PRI) and the extent to which the PRI market has developed and grown during this period. The last 20 years have seen tremendous growth in both the number and value of projects that have been insured, and a steady and healthy increase in the number of PRI providers in the marketplace. MIGA, for one, has written over $20 billion in guarantees since the agency was established, and has worked with and received support from a wide range of private, public, and multilateral insurers. Events like the MIGA-Georgetown symposium demonstrate that there is much to be learned through the sharing of experiences and thinking together about the critical issues that confront the industry as well as new products and ideas. The chapters presented in this volume provide the reader with important and current insights into the evolving world of political risk insurance and foreign direct investment. The financial crisis presents us incredible challenges, and at the same time, incredible opportunities. Through cooperation and innovation, the author can emerge from the crisis in a stronger position. Making the most of the lessons the author have learned from the past and applying new tools puts us in a position to mitigate the impact of the current crisis on those countries with the least resilience and with the greatest need for continued foreign direct investment, as well as to benefit from new opportunities as the recovery begins and credit flows and investment levels regain momentum.Publication MIGA Annual Report 2012(Washington, DC: World Bank, 2012-10)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.Publication MIGA Annual Report 2011 : Insuring Investments, Ensuring Opportunities(Washington, DC: World Bank, 2011)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. 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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.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.
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