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Highlights
For the fiscal year ending June 30, 2007, MIGA issued $1.4 billion in investment guarantees (insurance) for 29 projects in developing countries. The Board of Directors approved an additional $500 million in guarantees, for a total commitment of $1.9 billion for the year. This represents the third consecutive year of steady growth in guarantees issued by the agency. Of the guarantees issued, $387 million went to projects in IDA-eligible (the world’s poorest) countries, brining the agency’s outstanding exposure in IDA countries to 41 percent of its portfolio. Another milestone for FY07 was the integration of MIGA’s technical assistance services with the World Bank Group’s Foreign Investment Advisory Services. The integration of these groups creates a more coordinated, single interface for clients, donors, and other partners. The Highlights section includes messages from President Robert Zoellick and Executive Vice President Yukiko Omura. more pdf

 

 

Development Impact
Supporting investment into sub-Saharan Africa—where 30 percent of the world’s poor live—is a strategic priority of MIGA and the World Bank Group. Since its inception in 1988, MIGA has issued $2.3 billion in guarantees in support of projects in 27 African countries. These include projects involving investors from South Africa, Senegal, Mali, and Mauritius. Projects range in size from less than $1 million to more than $1 billion, and cover all sectors.   In fiscal year 2007 alone, MIGA issued $311 million in coverage (17 contracts) for 11 projects in the region. With $964 million in gross exposure, Africa accounts for 18 percent of MIGA’s outstanding portfolio. This section highlights sub-Saharan Africa’s investment climate and MIGA’s role as a risk mitigator to help the continent attract much-needed investment. more pdf

 

 

Operational Overview
During the year, global FDI flows remained strong, with the world economy experiencing high levels of liquidity and improved investor confidence. But the world’s poorest countries were not winners when it came to FDI, receiving just 10 percent of developing country flows due to perceptions of risk. Through its guarantees and technical assistance services, MIGA continued to help pave the way for investors to enter overlooked markets. MIGA also worked to meet the development needs of middle-income clients such as China, where there is a specific need for products such as coverage of sub-sovereign risks and support for outward investment flows. MIGA made good progress during the fiscal year in diversifying its new business, by region and sector.

In addition to its strong support for projects in sub-Saharan Africa and IDA-eligible countries, MIGA issued $302 million in coverage for eight projects in conflict-affected countries. FY07 saw MIGA issue $494 million in guarantees for 12 infrastructure projects across all regions. Infrastructure guarantees accounted for 36 percent of the fiscal year’s coverage. In Uganda, for example, MIGA provided $195 million in guarantees to help the country address its crippling electricity shortage. MIGA is also supporting investments in solid waste management and water supply to help meet China’s growing demand for these services in an environmentally sustainable way. Twelve of the guarantees issued during the year were in support of “South-South” investments—meaning from one developing country into another. Of these, nine were in sub-Saharan Africa.

This section also includes information on the agency’s online information dissemination services, legal and claims-related activities, and regional activities. more pdf

 

 

Independent Evaluation Group and Compliance Advisor/Ombudsman
The Independent Evaluation Group's (IEG) main role is to assess the development effectiveness of MIGA programs, guarantee projects, and technical assistance. The International Finance Corporation (IFC)/MIGA Compliance Advisor/Ombudsman (CAO) is an independent recourse mechanism that reports directly to the President of the World Bank Group. Its mandate is to help the IFC and MIGA address complaints by people affected by projects, and to enhance their social and environmental outcomes. This section highlights the IEG-MIGA and CAO activities in FY07. more pdf

 

 

Management's Discussion and Analysis (FY07) and Financial Statements
MIGA is financially self-sustaining, and its activities are supported by a robust capital base. The agency prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) and International Financial Reporting Standards (IFRS). Full details are available in the Management's Discussion and Analysis section. The financial statements contain MIGA's balance sheet, statement of income, statement of comprehensive income, and more. more pdf

 

 

Appendices
This section provides information on MIGA’s governors and alternates, directors and alternates, signatories to MIGA’s convention, subscriptions to the general capital increase, and member countries. more pdf

 

     
     
     
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