MIGA Gears up for the Global Economic Recovery

In an August interview, Izumi Kobayashi, MIGA’s Executive Vice President, discussed MIGA’s results for fiscal year 2009. The global financial crisis loomed large during the year with MIGA participating in a number of global initiatives designed to help financial institutions continue lending in time of tight credit markets. Although MIGA issued a lower volume of new guarantees than the previous year, the agency’s portfolio grew by $800 million in fiscal 2009 to $7.3 billion, due mostly to a lower level of portfolio run-off.
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Georgia’s Investment Risk Management Agency and MIGA Join Efforts to Promote Foreign Investment 

On August 31, 2009, MIGA and Georgia’s Investment Risk Management Agency (IRMA) signed a Memorandum of Understanding aimed at promoting foreign direct investment (FDI) into the country. MIGA and IRMA will work together to establish a joint outreach program targeting foreign investors in Georgia. The country is hoping to attract more FDI and is implementing a number of economic reforms to promote a more favorable investment climate.
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Mexico Becomes MIGA’s 175th Member 

In July 2009, Mexico fulfilled all of its membership requirements and became MIGA’s 175th member. Investments into Mexico are now eligible for MIGA’s coverage as are outbound investments into MIGA’s other developing member countries. Mexico is gaining stature as a very important source of outward investment with outward foreign direct investment flows surpassing $8 billion in 2007.
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Nippon Export and Investment Insurance and MIGA Sign Agreement

Japan’s Nippon Export and Investment Insurance (NEXI) has entered into a reinsurance agreement with MIGA. Under this agreement, NEXI is providing reinsurance for a portion of MIGA’s exposure in the Kupol mining project in Russia. MIGA issued guarantees for the project in 2006. NEXI’s reinsurance covers currency transfer restrictions, expropriation, and war and civil disturbance. Since 1997, MIGA has successfully used reinsurance to leverage its guarantee capacity, manage the risk profile of its portfolio and foster the growth of the private political risk insurance market.
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NEW CONTRACTS

Agribusiness, Manufacturing and Services
Sierra Investment Fund LLC, Sierra Leone, 4.5M
State Bank of India, Nigeria, 12.8M

Financial Sector
Banco de la Microempresa S.A. (Mibanco), Uruguay, 0.95M
Raiffeisen Zentralbank Österreich AG, Bosnia and Herzegovina, 47.7M
UniCredit Bank Austria AG, Kazakhstan, 190M
UniCredit Bank Austria AG, Serbia, 134.2M
UniCredit Bank Austria AG, Hungary, 127.8M
UniCredit Bank Austria AG, Latvia, 100M

PROPOSED GUARANTEES
In accordance with the agency's new disclosure policy, which took effect Oct. 1, 2007, MIGA now discloses summaries of all proposed guarantees.

Agribusiness, Manufacturing and Services
Tapon France S.A.S., Russian Federation, 83.5M
Drie Wilgen Development B.V., Sierra Leone, 5M

EVENTS

World Bank Group Annual Meetings, October 6-7, 2009

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