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In the fiscal year ending June 30, 2009, MIGA issued $1.4 billion in investment guarantees (insurance) for 26 projects in developing countries. This represented a decline of $700 million from 2008 when the agency issued a record amount of new gross exposure. This was mostly attributable to reduced investment flows stemming from the financial crisis. However, as a result of low run-off, MIGA’s outstanding portfolio grew to $7.3 billion. The highlights section includes messages from World Bank Group President Robert Zoellick and MIGA Executive Vice President, Izumi Kobayashi. more pdf



Development Impact
Fiscal year 2009 was an extremely difficult year characterized by challenges and uncertainty throughout the world. The impact on foreign direct investment was significant and had far-reaching consequences not just for MIGA, but more importantly for the member countries served by the agency. This section discusses MIGA’s response to the crisis and its continued support for developmentally sustainable projects in emerging and transition economies. more pdf



Operational Overview
As a result of a sizeable amount of new guarantees issued and a low amount of portfolio run-off, MIGA’s outstanding gross portfolio grew by $800 million last year, closing at $7.3 billion, a record high. In addition, MIGA’s support for South-South and small equity-driven investments grew in fiscal year 2009. MIGA also played a significant role in the financial sector by providing coverage to support continued bank lending in Europe and Central Asia—a region that has been hit particularly hard by the financial crisis. This section provides detailed information on MIGA’s guarantee portfolio as well as information on technical assistance and the agency’s online investment information and knowledge services. more pdf



Independent Evaluation Group 
In this past fiscal year, IEG began assisting MIGA staff in the development of a methodology and guidelines for self-evaluation of guarantee projects. IEG also issued its annual flagship report, the Independent Review of MIGA’s Development Effectiveness 2009. The report focuses on enhancing MIGA’s effectiveness in the world’s poorest and conflict-affected countries, two of MIGA’s current operational priorities. It also assesses key aspects of the role of political risk insurance and the development outcome of MIGA projects. more pdf



Compliance Advisor/Ombudsman
The IFC/MIGA Compliance Advisor/Ombudsman (CAO) is an independent recourse mechanism that reports directly to the President of the World Bank Group. Its mandate is to help MIGA and the International Finance Corporation address complaints by people affected by projects in a manner that is fair, objective and constructive, and to enhance the social and environmental outcomes of projects in which these organizations play a role. During the fiscal year, the CAO continued its assessment of one complaint concerning a water project in Ecuador, which MIGA underwrote in 2001. more pdf



Management's Discussion and Analysis (FY08) and Financial Statements
MIGA is financially self-sustaining, and its activities are supported by a robust capital base. The agency prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) and International Financial Reporting Standards (IFRS). more pdf



This section provides information on MIGA’s governors and alternates, directors and alternates, signatories to MIGA’s convention, subscriptions to the general capital increase, and member countries. more pdf