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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.