Multilateral Investment Guarantee Agency

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Multilateral Investment Guarantee Agency

(MIGA), specialized agency of the United Nations. Formed in 1988, with headquarters in Washington, D.C., it is a member of the World Bank Group (see International Bank for Reconstruction and DevelopmentInternational Bank for Reconstruction and Development (IBRD)
(IBRD), independent specialized agency of the United Nations, with headquarters at Washington, D.C.; one of five closely associated development institutions (also including the International Center for Settlement of
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) and membership in the MIGA is open to all World Bank members. The agency, which has 176 member nations, encourages foreign investment in developing countries by providing political-risk insurance, protecting investors against losses resulting from such noncommercial risks as transfer restriction, expropriation, breach of contract, and war and civil disturbance. In addition, the agency provides information on investment opportunities and technical assistance to investors and member states; it also mediates investment disputes and administers claims. MIGA specializes in facilitating investments in high-risk, low-income countries and supports projects that are socially, economically, and environmentally sustainable. In 2005 MIGA launched its Small Investment Program, which encourages the growth of small and medium-sized enterprises by offering investors in these enterprises a standardized package of risk coverage. As of 2009, MIGA had issued more than 900 guarantees, providing more than $17.4 billion in coverage for projects in 96 developing countries.
References in periodicals archive ?
What are the most important sectors that the MIGA targets in increasing the Egyptian exports rate?
Although the Washington Convention of 1965, which created ICSID, does not have an article similar to Article 11 of the MIGA Convention, a number of factors have shaped the arbitration center to become a forum more suitable to address claims that state action is unfair to foreign parties as opposed to normal commercial claims.
Ms Honda said that MIGA is keen to meet and engage with private sector also to raise its profile, increase awareness of MIGA products and look for opportunities to facilitate foreign direct investment in Pakistan.
La Tunisie presente selon nous un potentiel considerable, que la MIGA peut aider a exploiter en facilitant les investissements prives dans l'energie, l'infrastructure et le secteur manufacturier ', indique Mme Honda.
La MIGA peut contribuer a creer des emplois en favorisant l'investissement prive dans l'industrie de la fabrication, le secteur energetique et les infrastructures ', a declare Wormser, et d'ajouter : La MIGA est deja presente en Tunisie, et je suis ici pour reaffirmer notre soutien a ce pays.
We are pleased to support this investment that will help Kenya address the severe power shortages it has been facing," says MIGA Vice President and Chief Operating Officer Michel Wormser.
In 2011, MIGA announced it had mobilized $1 billion in insurance capacity precisely to retain and encourage FDI into the region.
A senior executive of MIGA stated that it was happy to be supporting transformational infrastructural projects in developing countries.
Kobayashi remarked that she would be meeting government officials as well as private sector figures to promote MIGA projects, and most specifically promote a fund to finance projects in Gaza.
OPIC and MIGA coverage typically has longer policy periods than private market policies.
Assuming its board formally agrees, MIGA would guarantee the investment for six years against transfer restriction, expropriation, war and civil disturbance.