Multilateral Investment Guarantee Agency

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 Development) and membership in the MIGA is open to all World Bank members. The agency, which has 154 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. As of 2001, MIGA had issued more than 500 guarantees, providing more than $7.7 billion in coverage, and facilitating nearly $39 billion in investment.