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MIGA (Multilateral Investment Guarantee Agency)

Available in: Français, русский, Español, 中文
-- 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

·         MIGA strongly supports the World Bank Group (WBG) goals of ending extreme poverty and boosting shared prosperity by providing political risk insurance and credit enhancement products to the private sector for investments in its developing member countries.

·         Foreign direct investment (FDI) is increasingly important to achieving these WBG goals as current levels of official development assistance are not sufficient to meet the developing world’s needs for investment in infrastructure and other important sectors.

·         Developing countries continue to receive an increasing share of global FDI: in 2013 they are estimated to account for 41 percent of inflows—up from 36 percent in 2012.

·         MIGA issued a record $2.8 billion in guarantees during the last fiscal year. Well over half of the new issuance supports transformational projects—including infrastructure investments in riskier markets—that will create jobs, foster growth, and improve livelihoods. The current pipeline for fiscal year 2014 is strong.

·         MIGA can insure investments in a range of different markets. MIGA's non-honoring of financial obligations product can help attract financing from commercial banks for large capital-intensive investments with stronger favorable risk ratings.

·         MIGA’s traditional political risk insurance is well suited to supporting investments in International Development Association (IDA) countries and fragile and conflict-affected markets. In fiscal year 2013, MIGA's support to post-conflict and fragile countries represented 41 percent of new business. Coverage for investments in Sub-Saharan Africa continued to grow, representing over half of new issuance.



·         Since inception MIGA has provided some $30 billion in guarantees for more than 700 projects in over 100 developing countries.

·         Investors and lenders purchase insurance to cover against political risks (currency inconvertibility and transfer restriction; expropriation; war, terrorism, and civil disturbance; breach of contract) and non-payment insurance on financial obligations from obligors including sovereign and sub-sovereign entities as well as state-owned enterprises.

·         MIGA adds the most value in IDA and fragile and conflict-affected countries where it is able to take on more risk due to its development mandate. MIGA also mobilizes significant capacity in challenging markets through reinsuring its portfolio.

·         MIGA continues to focus on geographic diversification. Its Asia hub is serving Asian investors who are looking to increase their investments in emerging markets. MIGA's office in Paris focuses on European clients seeking to invest in Africa, the Middle East and North Africa, and Eastern and Central Europe. MIGA also has a representative in West Bank/Gaza.


Specific Project Examples


·         In Côte d'Ivoire MIGA has issued guarantees underpinning some $2 billion dollars in FDI, a significant amount for this conflict-affected country. The projects include Henri Konan Bedié toll bridge in Abidjan, the introduction of combined cycle technology to the Azito thermal power plant (with IFC financing), and the construction and operation of an offshore oil and gas facility (with an IDA partial risk guarantee) that will reduce the country's energy costs and limit the use of foreign reserves for energy imports.

·         In Angola, MIGA is helping address a severe energy deficit through its support for the expansion of the Cambambe hydroelectric power plant. The critical project will boost the country’s installed power generation capacity by more than 30 percent. MIGA’s participation in this transaction was critical to helping mobilize the long-term commercial debt financing to complete this project.

·         In Kenya, we have worked closely with the World Bank and IFC to support the country's Least Cost Power Development Plan, which includes the construction of independent power plants (IPP) using a diversified energy mix. The Agency has supported the expansion of a geothermal IPP and two heavy fuel oil IPPs.

·         In Afghanistan, MIGA is supporting production of high-quality dairy products. The Kabul Dairy Processing Plant will process, produce, and distribute high-quality products such as milk and yogurt for the domestic market. Support for local dairy industry destroyed during the civil war is a government priority. The investment will reduce reliance on imported products.

·         In Honduras, MIGA is backing the country’s first wind power plant by providing an investment guarantee to support the 24-megawatt expansion of the existing 102-megawatt Cerro de Hula wind project. By providing additional clean energy, the project will further reduce the country’s dependence on traditional fossil fuel generation and avoid the creation of 280,000 tons per year of carbon emissions.

·         In Hungary, MIGA is supporting a €400-million financing backed by notes issued by Magyar Export-Import Bank (Exim) of Hungary. MIGA's guarantee is providing coverage against non-honoring of the sovereign financial obligation for the principal and interest on the bond notes. This is MIGA's first use of this cover for a capital markets issue. Hungary's exporters, many of which are small and medium enterprises, will benefit from the savings in borrowing costs that will be passed along to them. MIGA's support significantly enhanced the credit quality of the issue and lowered the longer-dated borrowing costs of Exim.


Related Links

Investment guarantees

MIGA investor newsletter

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,


Updated March 2014




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