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MIGA’s 2013 Annual Report Highlights Record Results

In September, MIGA launched its annual report for fiscal year 2013. During the year, MIGA issued $2.8 billion in new coverage for projects across a variety of regions and sectors. The Agency’s support for investment in sub-Saharan Africa was particularly strong this year – representing half of new issuance. In addition, robust uptake of MIGA’s non-honoring of financial obligations cover by lenders has allowed the Agency to assume a significant role in facilitating private debt financing of public infrastructure projects. This credit-enhancement application of MIGA’s guarantees offers a new tool to bridge the gaps in infrastructure financing.
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MIGA’s 2013 Annual Report Highlights Record Results

Capital Markets Issue Gets Boost from MIGA Coverage

MIGA recently issued non-honoring of sovereign financial obligations cover for a capital markets issue by the Magyar Export-Import Bank (Exim) of Hungary. MIGA’s support significantly enhanced the credit quality of the issue (from non-investment grade to investment grade) and will lower the longer-dated borrowing costs of Exim. Hungary’s exporters, many of which are small and medium enterprises, will benefit from the savings in borrowing costs that will be passed along to them. This is the first use of MIGA’s non-honoring cover for a capital markets issuance.
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Capital Markets Issue Gets Boost from MIGA Coverage

New Sustainability Policy and Performance Standards

In October, MIGA issued a new sustainability policy that is very closely aligned to the policy issued by the International Finance Corporation (IFC) in 2012. In addition, the new Performance Standards are completely consistent with IFC’s 2012 Performance Standards. MIGA’s guiding principle is to strive for positive development outcomes in the projects it insures. An important component of positive development outcomes is the social and environmental sustainability of projects, which MIGA expects to achieve by applying these comprehensive standards, policies, and guidelines. 
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New Sustainability Policy and Performance Standards  

Myanmar Takes Important Step toward MIGA Membership

At a ceremony held during the World Bank/IMF Annual Meetings in October, Myanmar’s Finance Minister, U Win Shein signed MIGA’s convention. The country’s membership in MIGA will be complete once Myanmar makes its required capital contribution. The country is also working with the World Bank to boost electricity output – an area where MIGA is looking to make a significant contribution.
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Myanmar Takes Important Step toward MIGA Membership

NEW CONTRACTS 

Financial
Hungary Exim Funding Coverage, Hungary, 574.9M
Porsche Mobility, Ukraine, 23.9M

Manufacturing
Bio ZMZM for Plastic Industries, West Bank, 1.8M

Telecommunications
Regional Telecom, Iraq, 10.4M

PROPOSED GUARANTEES
In accordance with the agency's disclosure policy, MIGA discloses summaries of all proposed guarantees.

Manufacturing
Beit Jala Pharmaceutical Company, West Bank, 1.5M

Power
Azura Power West Africa Ltd., Nigeria, 600M
Rajamandala Hydropower Project, Indonesia, 250M

Telecommunications
DRC Infraco SPRL (HTD), Democratic Republic of Congo, 100M


EVENTS

FT- MIGA Summit: Managing Global Political Risk  

FT-MIGA Summit: Managing Global Political Risk - Into the Breach
December 5, 2013

The event features presentations and panel discussions that explore innovations in market-based approaches to development, factors that contribute to governments breaching contracts with companies, the threat of resource nationalism, and steps investors must take to mitigate risks.

Learn more about the conference and register here.


RELATED LINKS 

About MIGA
Project briefs
Sector briefs
Investment Guarantee Guide
Guarantee application
Press releases

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