Skip to navigation Skip to main content Skip to site map

Sectors

History

The idea for a multilateral political risk insurance provider was floated long before MIGA’s establishment—in fact as far back as 1948. But it was not until September 1985 that this idea started to become a reality. At that time the World Bank’s Board of Governors began the process of creating a new investment insurance affiliate by endorsing the MIGA convention that defined its core mission: "to enhance the flow to developing countries of capital and technology for productive purposes under conditions consistent with their developmental needs, policies and objectives, on the basis of fair and stable standards to the treatment of foreign investment."

On April 12, 1988 an international convention established MIGA as the newest member of the World Bank Group. The agency opened for business as a legally separate and financially independent entity. Membership was open to all IBRD members, and the agency began with capital stock of $1 billion. MIGA’s original 29 members were: Bahrain, Bangladesh, Barbados, Canada, Chile, Cyprus, Denmark, Ecuador, Egypt, Germany, Grenada, Indonesia, Jamaica, Japan, Jordan, Korea, Kuwait, Lesotho, Malawi, Netherlands, Nigeria, Pakistan, Samoa, Saudi Arabia, Senegal, Sweden, Switzerland, United Kingdom, and United States.

MIGA was created to complement public and private sources of investment insurance against non-commercial risks in developing countries. MIGA’s multilateral character and joint sponsorship by developed and developing countries were seen as significantly enhancing confidence among cross-border investors.

Today, MIGA’s mission is straightforward: To promote foreign direct investment into developing countries to support economic growth, reduce poverty and improve people’s lives.

What follows are some highlights of our story by fiscal year (July 1-June 30).

1988

MIGA is established

Mr. Yoshio Terasawa appointed the first Executive Vice President

Foreign Investment Advisory Services (FIAS) established as a joint venture of MIGA and IFC

1990

MIGA issues its first investment guarantee contracts supporting four projects representing a total of $1.04 billion in direct investment

First reinsurance contracts signed with national agencies: the Export Credit Agency of Canada and the Overseas Private Investment Corporation of the United States

MIGA holds its first investment promotion conference— in Ghana

1991

Membership tops 100 countries

1992 

Mr. Akira Iida appointed Executive Vice President

1994

MIGA joins the Berne Union

MIGA focuses its technical assistance activities exclusively on investment promotion

1996

MIGA launches IPAnet—a global internet-based information exchange, communications network, and marketplace

1997

First contract issued under MIGA’s Cooperative Underwriting Program (CUP) for a power project in Indonesia

EU Investment Trust Fund for Bosnia and Herzegovina: $12 million investment guarantee fund established in partnership with MIGA; fully utilized

The West Bank and Gaza Investment Guarantee Trust Fund: $20 million in capacity established in 1997

1998

Mr. Motomichi Ikawa takes office as Executive Vice President

MIGA marks its 10th anniversary 

The Council of Governors adopts a resolution for a general capital increase of approximately $850 million, accompanied by a grant of $150 million transferred from the World Bank’s IBRD to MIGA. The doubling of MIGA’s capital resources to $2 billion enables the agency to deliver and expand its services to developing-member countries

 MIGA holds first symposium with Georgetown University on international political risk—the symposium remains an influential, biannual event

1999

MIGA for the first time issues guarantees exceeding $1 billion in a single year, reaching a total of 1.3 billion

MIGA approves Environmental Assessment and Disclosure Policy and implements environmental standards for all new MIGA-insured projects

2000

First MIGA/IFC Compliance Advisor/Ombudsman appointed

The Government of Ethiopia appoints MIGA as mediator for the resolution of the disputes between the Ethiopian government and foreign investors for projects not guaranteed by MIGA

Country membership tops 150

MIGA pays first claim

2001

New issuance reaches $ 2 billion

Four MIGA-supported projects, including a telecommunications project in Brazil and a mining project in Russia, receive industry awards from major publications

Investment Promotion Toolkit launched

2002

MIGA conducts investor survey in the wake of September 11, 2001 attacks

Project Finance Magazine names the MIGA-supported  Manila North Tollways Corporation project the "Asia-Pacific Transport Deal of the Year 2001"

2003

Two MIGA-supported projects, a power project in Turkey and hospital renovation project in Romania financed by Volksbank Romania S.A., receive “Deal of the Year” awards

2004

Ms.Yukiko Omura takes office as Executive Vice President

2005

MIGA launches Small Investment Program to encourage investment in small and medium-size enterprises

MIGA launches Afghanistan Investment Guarantee Facility to support foreign direct investment into that country

MIGA-backed projects receive five “Deal of the Year'” awards

2006

MIGA supports project in El Salvador that sells carbon credits gained by reducing greenhouse gas emissions

MIGA supports first project under the new facility for Afghanistan to promote development in the cotton sector

2007

MIGA supports its first project funded through an Islamic financing structure, issuing guarantees for a port in Djibouti

MIGA launches PRI-Center.com, a political risk management and insurance portal, and consolidates its existing investor information services into FDI.net, providing a single entry point for investors seeking information on foreign direct investment

2008

MIGA celebrates 20th anniversary

Issued guarantees reach historic $2.1 billion

Four MIGA-supported projects—in Uganda, Djibouti, Costa Rica, and Kazakhstan—win top industry honors

MIGA’s technical assistance services integrated with FIAS, a multi-donor funding platform for World Bank Group investment climate reform programs

Ms. Izumi Kobayashi named Executive Vice President

2009

MIGA’s Board of Directors approves substantial changes to the agency’s operational regulations encompassing a number of measures including one new type of coverage: non-honoring of sovereign financial obligations. The changes represent the largest and most significant expansion of MIGA’s business toolkit since 1988

MIGA’s support to investors this year includes $1.2 billion in guarantees to support the real economy in the Europe and Central Asia region, which was hit particularly hard by the financial crisis

MIGA launches World Investment and Political Risk as an annual "flagship" publication

2010

Basel Committee on Banking Supervision classifies MIGA as a "highly-rated multilateral," a

treatment that recognizes the special value of MIGA’s insurance to banks

MIGA launches Asia hub to expand physical presence in the region

2011

Council of Governors approves amendments to MIGA’s convention to enhance MIGA’s effectiveness as a multilateral provider of political risk insurance

2013

MIGA celebrates 25th anniversary

Ms. Keiko Honda named Executive Vice President

MIGA extends non-honoring of financial obligations cover to include financial obligations from state-owned enterprises 

 

Apply for an Investment Guarantee
The World Bank Group logo