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MIGA (Multilateral Investment Guarantee Agency)

Available in: Français, русский, Español
-- Related Links --
What is the investment guarantee program?
Why does MIGA provide investment guarantees?
MIGA investor newsletter
The Small Investment Program
MIGA in Conflict-Affected Countries (PDF)
Sector Briefs and Case Studies
MIGA feature stories


At a Glance

·         The Multilateral Investment Guarantee Agency (MIGA) promotes foreign direct investment (FDI) into developing countries to support economic growth, reduce poverty, and improve people’s lives.

·         MIGA encourages developmentally beneficial investment by providing political risk insurance (PRI) against the risks of currency inconvertibility and transfer restriction; expropriation; war, terrorism, and civil disturbance; breach of contract; and non-honoring of sovereign financial obligations.

·         Since its inception, MIGA has provided more than $27 billion in guarantees (PRI) for more than 700 projects in over 100 developing countries. MIGA currently has an outstanding guarantees portfolio of over $10 billion.

·         Projects supported by MIGA create jobs; provide water, electricity, and other basic infrastructure; strengthen financial systems; generate tax revenues; transfer skills and technological know-how; and help countries tap natural resources in an environmentally sustainable way.

·         MIGA’s guarantees act as a catalyst to restore market confidence for investors. The agency also helps resolve disputes between investors and host governments to keep MIGA-supported projects and their benefits on track.

·         The agency also works closely with its private and public sector reinsurance partners to maximize the insurance capacity that MIGA can bring to a project. By fronting transactions, MIGA provides access to insurance capacity that otherwise would not have been available to clients and host countries.

·         MIGA is experiencing increased demand for guarantees as the global economic environment remains tenuous, and investors are increasingly interested in risk-mitigation instruments, including PRI.


Strategic Priorities

MIGA’s strategy focuses on areas where it can make the greatest difference:

·         Investments in the world’s poorest (IDA-eligible) countries. These markets typically have the most need and stand to benefit the most from foreign investment, but may not be well served by the private insurance market.

·         Investments in conflict-affected countries. While these countries tend to attract considerable donor goodwill once conflict ends, aid flows eventually decline. With many investors wary of potential risks, PRI becomes essential to bring in investment.

·         Investments in complex projects, mostly in infrastructure and the extractive industries. Lack of public financing options means private investment is crucial, especially in the poorest countries. 

·         Support for South-South investments. Investments between developing countries are contributing to an ever-increasing proportion of FDI flows—and economic integration between developing countries can have a powerful effect.




MIGA is focusing on diversifying its business in collaboration with other World Bank Group members.

·         MIGA issued $2.7 billion in new guarantee coverage in fiscal year 2012—a 27 percent increase from the previous year and diversified across sectors and regions.  More than half of the 52 projects supported were in IDA countries.  Seventy percent of new business volume fell into one or more of MIGA’s strategic priority areas.

·         In response to the euro-zone crisis, MIGA has planned to increase its exposure in the emerging countries of the region by $1 billion over the next two years to support economic growth in all sectors.  As the Agency already issued $928 million in guarantees in the region in fiscal year 2012, we have nearly achieved this goal. Our work in this regard is similar to the Agency’s response to the 2008/2009 financial crisis.

·         In response to events in the Middle East and North Africa, MIGA swiftly launched an initiative for the region to mobilize $1 billion in insurance capacity, including $500 million of its own capacity, to help retain and encourage FDI in the region. In FY12 the Agency issued guarantees totaling $ 442 million toward that goal. MIGA has also stepped up outreach to investors and lenders and is sharing global experience on managing political risks.

·         MIGA continues to play an important role in conflict-affected countries and fragile states, providing coverage in countries where other insurers are often not willing to go. MIGA supported investments into Iraq, Kosovo, Republic of Congo, and Liberia in fiscal year 2011. This fiscal year, MIGA issued guarantees for an ongoing and successful telecommunications project in Afghanistan, as well as for projects Burundi, Côte d’Ivoire, Georgia, and Sierra Leone. Two guarantees for investments in the West Bank and Gaza were issued under the MIGA-administered West Bank and Gaza Investment Guarantee Trust Fund.

·         MIGA is focusing on geographic diversification to better serve clients.  Its recently-established Asia hub is helping to facilitate increased regional investment appetite. Its office in Paris focuses on European clients looking at investments and investments in Africa, the Middle East and North Africa, and Eastern and Central Europe. MIGA has a representative in West Bank/Gaza.


Related Links

Investment guarantee program

MIGA investor newsletter

The Small Investment Program

The West Bank and Gaza Investment Guarantee Trust Fund

Environmental and Social Challenges Fund for Africa

World Investment and Political Risk Report


Contacts:          Mallory Saleson, (202) 473-0844,

                        Rebecca Post,  (202) 473-1964,

                        Cara Santos Pianesi (202) 458-2097,

Investor contact: Michael Durr, (202) 458-4798,




Updated September 2012


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