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 ?
Under the new strategy, the World Bank, IFC, and MIGA will work together to assist countries in unlocking the opportunities offered by ICT.
Now more than ever, MIGA can guarantee investments against political risk in order to encourage return of these investments to the Middle East.
In the majority of the cases we speak to the governments and tell them that expropriation is not good for the investor and it is also not good for the minister's reputation," said MIGA chief operating officer James Bond.
As part of the MoU, DIFC -- which has extensive expertise in Islamic finance innovation -- and MIGA will collaborate to design and implement a standardised Sharia-compliant guarantee template.
What is the total value of MIGA guarantees that were issued to Egypt's private sector during the last year?
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.
He said that MIGA (Multilateral Investment Guarantee Agency) is an important component of World Bank Group, promoting investment and prosperity.
A senior executive of MIGA stated that it was happy to be supporting transformational infrastructural projects in developing countries.
DIFC's partnership with MIGA will contribute significantly to enhancing the growth potential of the bond and Sukuk markets in the region.
While economies gained steam in 2004, political-risk premiums remained high, as companies stayed on the sidelines as opposed to investing abroad, according to MIGA.
The PRI offered by MIGA effectively excludes domestic investors because MIGA policy restricts coverage to transnational investment rather than domestic investment.