Environmental & Social Safeguards
MIGA strives for positive development outcomes in the private sector projects for which it provides guarantee support. An important component of positive development outcomes is the social and environmental sustainability of projects, which MIGA expects to achieve by applying a comprehensive set of social and environmental performance standards.
MIGA’s environmental and social safeguard policies are derived from the agency’s extensive experience insuring investments around the world, and are a powerful tool for identifying risks, reducing development costs, and improving project sustainability—benefiting affected communities and preserving the environment. During the underwriting process, MIGA identifies the policies and guidelines that are applicable to a project. Projects are expected to comply with those policies and guidelines, as well as applicable local, national, and international laws. Among the policies and guidelines that guide MIGA are:
Through its Policy on Social and Environmental Sustainability, MIGA puts into practice its commitment to social and environmental sustainability. This new policy applies to all projects for which Definitive Applications were received from October 1, 2007, and onwards. (See news brief for background on the policy review and consultation process.) Consistent with this commitment, MIGA also reviews all projects under consideration for political risk insurance against a set of Performance Standards.
Under the terms of its Policy on Social and Environmental Sustainability, MIGA categorizes projects based on an assessment of their likely environmental and social impacts. Project categories include Category A, Category B, Category C, and Category FI.
MIGA discloses information about projects during the underwriting process to give stakeholders the opportunity to provide inputs.
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