MIGA Revises Sustainability Policy and Performance Standards

The Multilateral Investment Guarantee Agency (MIGA) has revised its Policy on Environmental and Social Sustainability as well as its Performance Standards. The revised Sustainability Policy and Performance Standards take effect October 1, 2013.

Since the launch of MIGA’s 2007 Sustainability Policy and Performance Standards, the Agency has seen a continued evolution in perceptions of the role of business in environmental and social sustainability and the risks that should be addressed at the project enterprise-level in projects underwritten by MIGA.

In 2009, anticipating a revision of the International Finance Corporation’s (IFC) Sustainability Policy, MIGA made a commitment to review its Policy and Performance Standards and observe IFC’s experience.  Following an extensive review, IFC completed its own update and released its revised Sustainability Policy and Performance Standards effective January 1, 2012.

MIGA participated actively and coordinated closely with IFC during the review process. The aim has been to achieve harmonization of the two institutions. MIGA’s 2013 Performance Standards are completely consistent with IFC’s 2012 Performance Standards.  Furthermore, MIGA’s 2013 Sustainability Policy essentially adopts IFC’s 2012 Sustainability Policy, while allowing for differences in the two institutions’ respective business models.

MIGA’s guiding principle is to strive for positive development outcomes in the projects the Agency insures.  An important component of positive development outcomes is the social and environmental sustainability of projects, which the Agency expects to achieve by applying a comprehensive set of social and environmental standards, policies, and guidelines. MIGA expects projects to comply with those standards, policies, and guidelines throughout the guarantee period, as well as applicable local, national, and international laws.

This Policy is effective for all new projects after October 1, 2013, and supersedes MIGA’s Policy on Social and Environmental Sustainability of October 1, 2007.