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MIGA Recognized as Highly Rated Multilateral under Basel II Framework At its spring meetings, the Basel Banking Supervision Committee agreed to classify MIGA as a highly-rated multilateral under the Basel II Framework, a treatment that recognizes the special value of the political risk insurance MIGA provides. This determination means that a private bank that uses MIGA insurance to protect against the risk of currency convertibility and transfer restrictions being imposed would be able with such insurance to use the borrower’s local currency rating for risk weighting purposes. |
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Harnessing Kenya’s Renewable Energy Resources Kenya has the potential to generate an estimated 2000 megawatts of power from the geothermal energy resources that lie beneath its soil. MIGA is providing political risk insurance to Ormat Technologies, the first independent power producer to enter this market. Ormat’s OrPower 4 facility is now operating successfully and has the capacity to provide up to 55 clean, fuel-free megawatts to the grid. Euromoney’s Project Finance magazine named the project “African Renewables Deal of the Year 2009.” |
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MIGA and Korea Eximbank Join Forces In March, MIGA and Korea Eximbank signed a Memorandum of Understanding (MoU) to strengthen cooperation and promote increased outbound investment from Korea into the developing world. The MoU is part of a broader effort being undertaken by MIGA to increase cooperation with other international financial institutions in the wake of the financial crisis. |
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Mitigating Risks in Telecommunication and ICT Projects In a new video, Olivier Lambert, MIGA’s team leader for the telecommunications sector, discusses MIGA’s vision for promoting investment in ICT. He explains that MIGA’s cover can help address concerns related to license non-renewal or cancellation by governments. |
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