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MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

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Explore different types of political risk insurance guarantees provided to investors and lenders.

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Explore global projects that support economic growth, reduce poverty and improves people’s lives.

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Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

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World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Our Impact Dropdown Description

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

Our Products Dropdown Description

Young woman bending down to tending to her outside chores

Explore different types of political risk insurance guarantees provided to investors and lenders.

Projects Dropdown Descriptions

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

2019 Annual Report

2019 Annual Report

2019 Annual Report

Private investors provide not just financing, but also solutions, for projects in developing countries. Yet, non-commercial risks can make them hesitant to invest in developing countries.

A member of the World Bank Group, MIGA is committed to strong development impact and promoting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance, and also offers credit enhancement.

Over the last six years, MIGA has doubled its portfolio, resulting in approximately 50 million people gaining access to power, and $3.9 billion in annual taxes and fees paid to host governments through MIGA-supported projects.

World Bank Group Global Commitments

The World Bank Group maintained its support for developing countries over the past year as the organization focused on delivering results more quickly, increasing its relevance for clients and partners, and bringing global solutions to local challenges.

$62.3 billion

in loans, grants, equity investments, guarantees to partner countries and private businesses.*

*Total includes multiregional and global projects. Regional breakdowns reflect World Bank country classifications.

Global map illustrating World Bank Group commitments across all regions.

$8.2 $8.2 billion
Middle East & North Africa

$5.8 $5.8 billion
Europe & Central Asia

$7.5 $7.5 billion
East Asia & Pacific

$11.7 $11.7 billion
South Asia

$18.4 $18.4 billion
Sub-Saharan Africa

$10.7 $10.7 billion
Latin America & the Caribbean

A Message from the President

A Message from the President

Our development mission is clear: to advance shared prosperity and end extreme poverty. The challenges remain urgent. For many countries, poverty reduction has slowed or even reversed, while investment and growth will not be enough to raise living standards. Poorer countries face many challenges in achieving basic development gains, including severe deficits in clean water, electricity, health, education, jobs and private sector competitiveness; barriers to the full inclusion of women in economies and societies, alongside policies that too often favor elites rather than creating work opportunities and support for those most in need; the urgency of environmental and climate challenges; and the surge in debt that is not bringing true benefits.

World Bank Group President David Malpass

A Message from the MIGA Board of Directors

Photo of the MIGA Board of Directors

A Message from the MIGA Board of Directors

Fiscal 2019 saw a change in leadership and notable achievements for the World Bank Group. The Board unanimously selected David Malpass as President for a five-year term, which began on April 9, 2019. We actively engaged with management, and with the President upon his joining, on carrying out key deliverables in the Forward Look vision for the Bank Group.

We discussed the Bank Group’s leadership role on issues such as debt sustainability, disruptive and transformative technology, human capital development, the future of work, regional integration and trade promotion, and gender equality. We stressed the importance of collaboration in mobilizing finance for development across the Bank Group. We also encouraged advancing partnerships with the private sector, financial institutions, governments, and others on reforms to improve productivity and invest in human capital and infrastructure, which are key to delivering on our twin goals and the Sustainable Development Goals by 2030.

World Bank Group Financing for Partner Countries

World Bank Group Commitments, Disbursements, and Gross Issuance

By fiscal year, millions of dollars 2015 2016 2017 2018 2019
WORLD BANK GROUP  
Commitmentsa 59,776 64,185 61,783 66,868 62,341
Disbursementsb 44,582 49,039 43,853 45,724 49,395
IBRD  
Commitments 23,528 29,729 22,611 23,002 23,191
Disbursements 19,012 22,532 17,861 17,389 20,182
IDA  
Commitmentsc 18,966 16,171 19,513c 24,010d 21,932e
Disbursements 12,905 13,191 12,718c 14,383 17,549
IFC  
Commitmentsf 10,539 11,117 11,854 11,629 8,920
Disbursements 9,264 9,953 10,355 11,149 9,074
MIGA  
Gross Issuance 2,828 4,258 4,842 5,251 5,548
Recipient-Executed Trust Fund  
Commitments 3,914 2,910 2,962 2,976 2,749
Disbursements 3,401 3,363 2,919 2,803 2,590

World Bank Group Commitments, Disbursements, and Gross Issuance

By fiscal year, millions of dollars

2015
2016
2017
2018
2019
WORLD BANK GROUP  
Commitmentsa 59,776
Disbursementsb 44,582
IBRD  
Commitments 23,528
Disbursements 19,012
IDA  
Commitmentsc 18,966
Disbursements 12,905
IFC  
Commitmentsf 10,539
Disbursements 9,264
MIGA  
Gross Issuance 2,828
Recipient-Executed Trust Fund  
Commitments 3,914
Disbursements 3,401
WORLD BANK GROUP  
Commitmentsa 64,185
Disbursementsb 49,039
IBRD  
Commitments 29,729
Disbursements 22,532
IDA  
Commitmentsc 16,171
Disbursements 13,191
IFC  
Commitmentsf 11,117
Disbursements 9,953
MIGA  
Gross Issuance 4,258
Recipient-Executed Trust Fund  
Commitments 2,910
Disbursements 3,363
WORLD BANK GROUP  
Commitmentsa 61,783
Disbursementsb 43,853
IBRD  
Commitments 22,611
Disbursements 17,861
IDA  
Commitmentsc 19,513c
Disbursements 12,718c
IFC  
Commitmentsf 11,854
Disbursements 10,355
MIGA  
Gross Issuance 4,842
Recipient-Executed Trust Fund  
Commitments 2,962
Disbursements 2,919
WORLD BANK GROUP  
Commitmentsa 66,868
Disbursementsb 45,724
IBRD  
Commitments 23,002
Disbursements 17,389
IDA  
Commitmentsc 24,010d
Disbursements 14,383
IFC  
Commitmentsf 11,629
Disbursements 11,149
MIGA  
Gross Issuance 5,251
Recipient-Executed Trust Fund  
Commitments 2,976
Disbursements 2,803
WORLD BANK GROUP  
Commitmentsa 62,341
Disbursementsb 49,395
IBRD  
Commitments 23,191
Disbursements 20,182
IDA  
Commitmentsc 21,932e
Disbursements 17,549
IFC  
Commitmentsf 8,920
Disbursements 9,074
MIGA  
Gross Issuance 5,548
Recipient-Executed Trust Fund  
Commitments 2,749
Disbursements 2,590
  1. Includes IBRD, IDA, IFC, Recipient-Executed Trust Fund (RETF) commitments, and MIGA gross issuance. RETF commitments include all recipient-executed grants, and therefore total World Bank Group commitments differ from the amount reported in the Corporate Scorecard, which includes only a subset of trust-funded activities.
  2. Includes IBRD, IDA, IFC, and RETF disbursements.
  3. Figures include the commitment and disbursement of a $50 million grant for the Pandemic Emergency Financing Facility.
  4. Figure does not include $185 million in approved IDA18 IFC-MIGA Private Sector Window instruments, of which IDA has exposure of $36 million in guarantees and $9 million in derivatives.
  5. Figure does not include $393 million in approved IDA18 IFC-MIGA Private Sector Window instruments, of which IDA has exposure of $106 million in guarantees, $25 million in derivatives, and $1 million through funding of IFC-PSW related equity investment.
  6. Long-term commitments for IFC’s own account. Does not include short-term finance or funds mobilized from other investors.

The Institutions of the World Bank Group

The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. It consists of five institutions with a common commitment to reducing poverty, increasing shared prosperity, and promoting sustainable growth and development.

IDA

International Development Association

Provides financing on highly concessional terms to governments of the poorest countries.

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MIGA

Multilateral Investment Guarantee Agency

Provides political risk insurance and credit enhancement to investors and lenders to facilitate foreign direct investment in emerging economies.

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IFC

International Finance Corporation

Provides loans, equity, and advisory services to stimulate private sector investment in developing countries.

Read More

ICSID

International Centre for Settlement of Investment Disputes

Provides international facilities for conciliation and arbitration of investment disputes.

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IBRD

International Bank for Reconstruction and Development

Lends to governments of middle-income and creditworthy low-income countries.

Read More

A Message from Keiko Honda

Executive Vice President and Chief Executive Officer

A Message from Keiko Honda

Executive Vice President and Chief Executive Officer

Delivering development impact is at the heart of what MIGA does. Guided by the World Bank Group mission to end extreme poverty and boost shared prosperity, we are dedicated to ensuring that individuals across the world benefit through the projects we support.

In FY19, we supported $9.3 billion in financing while extending $5.5 billion in new guarantees–double that from six years ago. In addition, we doubled our portfolio in IDA (low-income) countries and fragile settings compared with six years ago. A third of our political risk insurance gross exposure was in IDA countries or fragile settings, enabled by a doubling of our outstanding guarantees to $23.3 billion from six years ago. This was despite a weak global pipeline of investable projects and declining foreign direct investment (FDI) inflows to IDA countries and fragile settings.

Photo of Keiko Honda, Executive Vice President and Chief Executive Officer of MIGA

Expected Development Results FY14–FY19

MIGA’s Contribution to the Sustainable Development Goals

49.8 million
people with access

POWER: ACCESS

POWER: ACCESS POWER: ACCESS

$3.9 billion
in local taxes and fees per annum

TAX
REVENUE

TAX REVENUE TAX REVENUE

7.4 million metric tons
prevented1 per annum

GREENHOUSE
GAS REDUCTION

GREENHOUSE GAS REDUCTION GREENHOUSE GAS REDUCTION

21.5 million
patient consultations

ACCESS TO
HEALTH CARE

ACCESS TO HEALTH CARE ACCESS TO HEALTH CARE

$2.1 billion in locally
procured goods per annum

GROWING
ECONOMIES

GROWING ECONOMIES GROWING ECONOMIES

$17.3 billion dollars in
finance enabled for SMEs

SME ACCESS TO
FINANCE

SME ACCESS TO FINANCE SME ACCESS TO FINANCE

116.6 thousand
direct jobs created2

JOBS

JOBS JOBS

Expected results as of contract issuance. SMEs are small and medium enterprises.

  1. GHG emissions avoided are being accounted for from FY17 onward.
  2. Permament and temporary jobs.

Expected results as of contract issuance. SMEs are small and medium enterprises.

  1. GHG emissions avoided are being accounted for from FY17 onward.
  2. Permament and temporary jobs.

MIGA's Global Reach

Projects supported by MIGA are expected to deliver high-impact results across sectors around the world.
Global map of MIGA member countries - developing country or industrialized country.

MIGA
Member
Countries

Developing
Countries (156)
Industrialized
Countries (25)

Afghanistan
3,000

Farmers reached

Armenia
290,000

People provided
with new or
improved electricity
services

Bangladesh
9.7 million

People provided
with new or
improved electricity
services

Cameroon
1.2 million

People provided
with new or
improved electricity
services

Egypt
1 million

Tons of CO2
equivalent emissions
avoided per annum2

Jordan
7.4 million

Airport passengers
carried per year

Lebanon
$24 million

Airport passengers
carried per year

Namibia
34,000

People provided
with new or
improved electricity
services

Pakistan
$33.6 million

Local taxes and fees
paid per annum

Turkey
21.5 million

Patient
consultations

  1. Fiscal years 2014–2019.
  2. Calculations of greenhouse gas (GHG) emissions avoided began in FY17.
Photo of a man working in a factory

Highlighted Projects: A Closer Look at MIGA’s Development Results in FY19

MIGA is committed to strong development impact through supporting projects that are economically, environmentally, and socially sustainable. Since its inception in 1988, MIGA has issued more than $55 billion in guarantees across 114 developing countries. The Agency has also supported multiple programs at regional and global levels in member countries.

Pin Sierra Leone

Tropical Fruit Production

Sierra Tropical Ltd. is expected to help create some 13,000 jobs, supporting the local economy and contributing to economic diversification.

MIGA issued $36 million in guarantees for the design, construction, and operation of a fruit processing facility in the Southern Province of Sierra Leone that will cultivate, harvest, and process pineapples and other tropical fruit for export throughout the world. The Agency is providing protection from expropriation and breach of contract for up to 10 years to Dole Asia Holdings, a subsidiary of ITOCHU Corporation, for its investments in Sierra Tropical Limited. This “farm to fork” project is expected to help create approximately 13,000 direct and indirect jobs, supporting the local economy and contributing to economic diversification. In addition, the project will provide technical and vocational training to staff along with developing new community infrastructure such as a school and a health clinic. The project illustrates MIGA’s support for transformational ventures in IDA countries. In addition to its own resources, MIGA used the IDA Private Sector Window to provide a first-loss layer in support of the project.

PinMalawi

Solar Power Generation

Salima Solar will add 140 GWhs of electricity annually in Malawi, where electrification rates are among the lowest in the world.

FY19 saw MIGA’s first engagement in Malawi, with the Agency supporting the development, construction, and operation of a new 60-megawatt solar photovoltaic plant in Salima, a province in the country’s central region. $58.6 million of equity contracts of guarantee were signed with JCM Power International and InfraCo Africa Ltd. The plant will become one of the first independent power producers in Malawi and will add a new source of energy supply in the country, where electrification rates are among the lowest in the world and 98 percent of total installed generation capacity is dependent on hydropower, which is increasingly vulnerable to the impacts of climate change. The project is an example of MIGA using the IDA Private Sector Window innovatively as a first-loss layer to help draw private investors to new markets.

PinCameroon

Clean Power Generation

The Nachtigal Hydropower Plant will provide electricity for over 450,000 customers and support an estimated 27,000 jobs.

Currently, Cameroon’s installed generation capacity of 1,200 megawatts is insufficient to meet demand growing at 7 percent per annum, and peak demand is expected to quadruple by 2035. To help the government prepare for this, MIGA issued €164.5 million in guarantee coverage to support the Nachtigal Hydropower Plant. With a capacity of 420 megawatts, Nachtigal will contribute nearly 30 percent of additional installed generation capacity in Cameroon, along with substantial development and climate co-benefits. The plant will provide electricity for over 450,000 customers and contribute to creating an estimated 27,000 direct and indirect jobs. Nachtigal will also help avoid 41 million tons of CO2 equivalent emissions over next 40 years. The Nachtigal Hydropower Plant is an example of the World Bank Group working in concert to help Cameroon achieve its clean energy goals. World Bank guarantees, MIGA guarantees, and IFC equity and debt financing played an instrumental role for the Nachtigal plant to be realized.

PinEgypt

Landmark Wind Farm

West Bakr Wind will deliver power to more than 350,000 homes and avoid more than 550,000 tons of CO2 equivalent emissions annually.

MIGA signed an agreement to provide $122 million in financial guarantees to Lekela for the development of the 252-megawatt West Bakr Wind farm in Egypt’s Red Sea Governorate. This project aims to bolster the production of clean energy, lower generation costs, and diversify the country’s energy mix. West Bakr Wind is expected to produce over 1,000 gigawatt-hours per year, at a tariff well below the average cost of generation in Egypt. It will deliver power to more than 350,000 homes and avoid more than 550,000 tons of CO2 equivalent emissions annually. The wind farm is part of the government’s build-own-operate framework and a key contributor to supporting the country’s renewable energy targets of 20 percent of electricity from renewable energy sources by 2022.

Business and Operational Review

MIGA aims to draw cross-border investment to developing economies in support of the World Bank Group’s mission of ending extreme poverty and boosting shared prosperity. In FY19, MIGA continued to facilitate FDI into developing economies by providing its guarantee products to fit the unique needs of each project and sponsor.

During FY19, the Agency issued a record $5.5 billion in new guarantees in support of 37 projects, reflecting a 6 percent growth over the $5.3 billion issued in FY18 and almost double the guarantees issued in FY15 of $2.8 billion. Of the projects supported in FY19, 81 percent addressed at least one of the Agency’s strategic priority areas: IDA-eligible countries, fragile and conflict-affected situations (FCS), and climate change.

The chart shows that MIGA gross portfolio exposure has almost doubled since FY15, from US$12.5 billion in 2015 to US$23.3 billion in 2019.
Gross portfolio exposure
has almost doubled since FY15
$ billion in fiscal year
  • 12.5
  • 14.2
  • 17.8
  • 21.2
  • 23.3
  • FY15
  • FY16
  • FY17
  • FY18
  • FY19
Gross portfolio exposure
has almost doubled since FY15
$ billion in fiscal year
  • 12.5
  • 14.2
  • 17.8
  • 21.2
  • 23.3
  • FY15
  • FY16
  • FY17
  • FY18
  • FY19
Photo of African woman harvesting rice

MIGA's Strategic Priority Areas

IDA and FCS

In FY19 MIGA issued a total of $1.1 billion in guarantees for IDA-eligible countries and FCS. By attracting private investment into these more challenging settings, MIGA was able to create additional development impact and help countries come closer to realizing their development goals. Collectively these projects are expected to support 8,000 direct jobs, provide new or improved electricity to over 2 million people, and help avoid 1 million tons of CO2 equivalent per year.

For example, $36 million in guarantees were issued to support the operations of a new food processing plant in Sierra Leone, helping to diversify the economy and create domestic jobs. MIGA also extended $35.5 million in guarantees to Butec Utility Services to improve and expand electricity distribution for 2 million people in Lebanon. MIGA also continued to use the Conflict-Affected and Fragile Economies Facility (CAFEF) in FY19 to support a fiber optic cable network project in Myanmar. In addition, MIGA leveraged the IDA Private Sector Window to cover MIGA’s exposure in fragile and conflict-affected settings, such as in Afghanistan, Malawi, Myanmar and Sierra Leone.

Climate Change

Climate change continues to be a priority, as outlined in the MIGA 2020 strategy. In the past six years, MIGA has doubled the size of its climate portfolio. In FY19, 62 percent of all projects supported climate mitigation and adaptation, and of these, 73 percent were in support of renewables. MIGA’s support for renewables focused heavily on Sub-Saharan Africa: We issued $137.1 million in support of 12 solar power plants, including concentrated solar, in Namibia and South Africa; and in Cameroon, MIGA guarantees supported the Nachtigal hydropower project, an example of the World Bank Group coming together to deliver impact on the ground. Also noteworthy in FY19 were climate-friendly projects in IDA countries and FCS, which include a raisin processing plant in Afghanistan and the first solar independent power producer in Malawi. These projects aim to crowd-in climate finance and bring private investment to more challenging markets.

In FY19 MIGA also supported clients in the financial sector by helping develop their procedures to track, identify, and report investments in climate projects. Leveraging a MIGA-backed loan, financial intermediaries have committed to investing $50 million toward climate finance.

Reinsurance

Reinsurance plays a key role in helping MIGA use its capital efficiently and in minimizing risk concentrations. At the same time, reinsurance contributes to MIGA’s revenue in the form of ceding commissions (that is, a percentage of the premiums ceded to reinsurers is retained by MIGA). As of June 30, 2019, $14.9 billion (64 percent) of the Agency’s gross outstanding exposure was reinsured under facultative and quota share treaty arrangements. Capital leveraged through reinsurance in FY19 rose by $10.1 billion since FY15.

MIGA Operating Model ($, billions)

reinsurance

Host Countries

Category 2
square

Investor Countries

Category 1

Paid in capital

$0.36
reinsurance
World Bank Group Integrated Services
 Multilateral Investment Guarantee Agency

Net exposure

$8.3
International Finance Corporation

Guarantees

$23.3

Reinsurance

$14.9

Private
investors and
lenders

Leveraging MIGA's Partnerships for Greater Development Impact

How MIGA works with partners to deliver development outcomes

In FY19, MIGA further deepened its engagements with partners—governments, the private sector, nongovernmental organizations (NGOs), and across the World Bank Group—to deliver the twin goals.

In FY19 MIGA leveraged its country and risk insurance expertise in support of joint projects with the World Bank and IFC. Working in collaboration, all three institutions worked to secure several projects with significant development impact, such as a clean power generation project in Cameroon and the Rikweda raisin processing project in Afghanistan.

Building deeper partnerships with MDBs was also an important focus in FY19. In alignment with the G-20 Eminent Persons Group recommendation that MDBs leverage MIGA as a global risk insurer in development finance, the Agency revised and standardized the formats of its guarantee contracts. MIGA also signed several MOUs, boosting its partnerships with other MDBs, including ICIEC, the investment and export credit insurance arm of the Islamic Development Bank; the Asian Development Bank; and the European Bank for Reconstruction and Development.

Environmental and Social Sustainability and Integrity

MIGA is committed to working with its clients to ensure the environmental and social sustainability and integrity of projects it supports. MIGA’s environmental and social due diligence is a comprehensive process whereby potential environmental and social risks and impacts are identified and mitigation measures are agreed upon. Clients can in turn reduce project development costs, improve project sustainability, and create value for business. MIGA Performance Standards are applied to projects in line with the requirements of the MIGA Policy on Environmental and Social Sustainability.

MIGA regularly monitors projects for compliance with environmental and social requirements. Some 88 project site visits were conducted in FY19 for environmental and social due diligence, monitoring, and self-evaluation on environment and social performance. To guard against unforeseen risks, MIGA also monitored the reputation and actions of close to 1,000 clients and partners.

MIGA Performance Standards

MIGA Performance Standards on Environmental and Social (E&S) Sustainability

  • Performance Standard 1:

    ASSESSMENT AND MANAGEMENT OF ENVIRONMENTAL AND SOCIAL RISKS AND IMPACTS

    Underscores the importance of identifying E&S risks and impacts and of managing E&S performance throughout the life of a project

  • Performance Standard 2:

    LABOR AND WORKING CONDITIONS

    Recognizes that the pursuit of economic growth through employment creation and income generation should be balanced with protection of basic rights for workers

  • Performance Standard 3:

    RESOURCE EFFICIENCY AND POLLUTION PREVENTION

    Recognizes that increased industrial activity and urbanization often generate higher levels of air, water, and land pollution and that there are efficiency opportunities

  • Performance Standard 4:

    COMMUNITY HEALTH, SAFETY AND SECURITY

    Recognizes that projects can bring benefits to communities but can also increase potential exposure to risks and impacts from incidents, structural failures, and hazardous materials

  • Performance Standard 5:

    LAND ACQUISITION AND INVOLUNTARY RESETTLEMENT

    Applies to physical or economic displacement resulting from land transactions such as expropriation or neglected settlements

  • Performance Standard 6:

    BIODIVERITY CONSERVATION AND SUSTAINABLE MANAGEMETN OF LIVING NATURAL RESOURCES

    Promotes the protection of biodiversity and the sustainable management and use of natural resources

  • Performance Standard 7:

    INDIGNEOUS PEOPLES

    Aims to ensure that the development process fosters full respect for indigenous people

  • Performance Standard 8:

    CULTURAL HERITAGE

    Aims to protect cultural heritage from adverse impacts of project activities and support its preservation

Benefits of the Performance Standards

  • CREATE VALUE FOR BUSINESS

    Sustainability has become an important factor in business strategies. Many companies recognize that by addressing E&S issues they can save on costs, improve their brands and reputation, and strengthen stakeholder relations.

  • REALIZE OPPORTUNITIES AND GUARD AGAINST UNFORESEEN RISKS

    Implementing the Performance Standards helps companies identify and guard against interruptions in project execution, brand protection, and/or access to international markets.

  • IMPROVE FINANCIAL AND OPERATIONAL PERFORMANCE

    Implementation of the Performance Standards can help optimize inputs such as water and energy, as well as minimize emissions, effluents, and waste, leading to a more efficient and cost-effective operation.

  • SOCIAL LICENSE TO OPERATE

    The Performance Standards help clients maximize local development benefits and encourage the practice of good corporate citizenship. Enhanced brand value and reputation may also be attractive to new investors or financiers.

  • GAIN AN INTERNAITONAL STAMP OF APPROVAL

    The “Equator Principles,” which have been adopted by over 75 of the world’s leading financial institutions in developed and developing countries, are based on the Performance Standards. These principles are estimated to cover over 70 percent of project finance debt in emerging markets.

  •  
Photo of women merchants selling produce at the Taiba N'diaye market

Supporting Women Entrepeneurs in Senegal

MIGA's support for the 158.8-megawatt Parc Eolien Taiba N'diaye wind farm will provide 450,000 megawatt-hours of electricity per year to 2 million people and help avoid over 300,000 tons of carbon dioxide emissions per year. Equally important, the environmental and social performance commitments of the project include empowering women in local communities.

Working with over 35 local women's associations, the project sponsor, Lekela Power, is helping to improve the lives of thousands of women through various initiatives: two new marketplaces in the Taiba N’diaye Commune are already up and running, and future projects include improvements to a local cereal mill and development of a women's literacy center that will run on solar power.

As the brainchild of representatives of local women's associations, the marketplaces offer over 100 new vending spaces and serve two villages in the area.

Earlier, women in the community were struggling to earn a living because a portion of their fresh inventories would spoil in dusty and exposed environments. However, the new marketplaces now provide a safe, sheltered space, combining economic and well-being benefits for both vendors and customers. Businesswomen have celebrated being able to enjoy a clean, shaded environment where they can conduct business and that allows them to interact and collaborate with their peers.

Governance

MIGA’s Board

A Council of Governors and a Board of Directors, representing 181 member countries, guide MIGA’s programs and activities. Each country appoints one governor and one alternate. MIGA’s corporate powers are vested in the Council of Governors, which delegates most of its powers to a Board of 25 Directors. Voting power is weighted according to the share of capital that each Director represents. The Directors meet regularly at the World Bank Group headquarters in Washington, DC, where they review and decide on investment guarantee projects and oversee general management policies.

Visit the Board’s website for more information:
http://www.worldbank.org/en/about/leadership/

Accountability

Independent Evaluation Group

The Independent Evaluation Group (IEG) assesses MIGA’s strategies, policies, and projects to improve the Agency’s development results. The IEG is independent of MIGA management and reports its findings to MIGA’s Board of Directors and the Board's Committee on Development Effectiveness.

Visit the Board’s website for more information:
http://www.worldbank.org/en/about/leadership/governors

Compliance Advisor Ombudsman

The Office of the Compliance Advisor Ombudsman (CAO) is the independent accountability mechanism for MIGA and IFC and reports directly to the President of the World Bank Group. The CAO responds to complaints from people affected by MIGA and IFC-supported business activities, with the goals of enhancing social and environmental outcomes on the ground and fostering greater public accountability of both institutions.

Visit the CAO’s website for more information:
http://www.cao-ombudsman.org/

MIGA Financial Highlights

By fiscal year, $, millions 2015 2016 2017 2018 2019
Gross premium income 128.1 139.8 179.7 210.1 237.9
Net premium incomea 79.0 86.4 93.2 104.1 115.1
Administrative expensesb 44.9 48.1 51.3 51.6 57.8
Operating incomec 34.1 38.3 41.9 52.5 57.3
Ratio of administrative expenses
to net premium income
57% 56% 55% 50% 50%

MIGA Financial Highlights

By fiscal year, $, millions

2015
2016
2017
2018
2019
Gross premium income 128.1
Net premium incomea 79.0
Administrative expensesb 44.9
Operating incomec 34.1
Ratio of administrative expenses
to net premium income
57%
Gross premium income 139.8
Net premium incomea 86.4
Administrative expensesb 48.1
Operating incomec 38.3
Ratio of administrative expenses
to net premium income
56%
Gross premium income 179.7
Net premium incomea 93.2
Administrative expensesb 51.3
Operating incomec 41.9
Ratio of administrative expenses
to net premium income
55%
Gross premium income 210.1
Net premium incomea 104.1
Administrative expensesb 51.6
Operating incomec 52.5
Ratio of administrative expenses
to net premium income
50%
Gross premium income 237.9
Net premium incomea 115.1
Administrative expensesb 57.8
Operating incomec 57.3
Ratio of administrative expenses
to net premium income
50%
  1. Net premium income equals gross premium income and ceding commissions less premium ceded to reinsurers and brokerage costs.
  2. Administrative expenses include expenses from pension and other postretirement benefit plans.
  3. Operating income equals net premium income minus administrative expenses.

Highlights

By fiscal year, $, millions 2015 2016 2017 2018 2019
Total economic capitala 705 663 592 685 717
Shareholder's equity 971 989 1,213 1,261 1,320
Operating capital 1,312 1,329 1,398 1,471 1,542
Gross exposure 12,538 14,187 17,778 21,216 23,327
Total economic capitala 705
Shareholder's equity 971
Operating capital 1,312
Gross exposure 12,538
Total economic capitala 663
Shareholder's equity 989
Operating capital 1,329
Gross exposure 14,187
Total economic capitala 592
Shareholder's equity 1,213
Operating capital 1,398
Gross exposure 17,778
Total economic capitala 685
Shareholder's equity 1,261
Operating capital 1,471
Gross exposure 21,216
Total economic capitala 717
Shareholder's equity 1,320
Operating capital 1,542
Gross exposure 23,327
  1. Total economic capital (EC) equals capital consumption from the guarantee portfolio, plus capital required for operational risk and investment risk. Effective FY17, EC is based on a new model and is not comparable with prior periods based on an older EC model.

Spotlight on FY19

From climbing mountains to raise awareness of climate change, to seeing the power of solar energy transform a vast desert, to raising the profile of women leaders, MIGA had a year of fruitful events and memorable moments. Below are highlights from FY19.

The World Bank Group/IMF Annual Meetings in Bali Nusa Dua, Indonesia, October 2018

The 2018 Annual Meetings were held in Bali Nusa Dua, Indonesia, and were an opportunity to highlight MIGA’s progress and meet with partners and clients. The event focused on the need to drive more FDI to Indonesia while recognizing the $850 million in guarantees MIGA has issued for projects in the country, which have contributed to delivery of power to over 110,000 people and facilitated over 25 million new telecom subscriptions.

Photo of MIGA event panelists at the 2018 World Bank Group/IMF Annual Meetings in Bali, Indonesia

Benban Solar Park

In February 2019, MIGA EVP and CEO Keiko Honda visited the Benban Photovoltaic Solar Park in Aswan, Egypt. MIGA provided a $103 million guarantee for the project alongside IFC financing. The 37-square-kilometer solar park will house 32 power plants. By mid-2019, when all the plants are scheduled to be powered up, they will be capable of producing a combined 1,650 megawatts of clean electricity. Once complete, the site will be the world’s largest solar park. In May 2019, World Bank Group President Malpass also visited the site.

Photo of Keiko Honda, CEO of MIGA and MIGA staff at the Benban Solar Park in Aswan, Egypt

MIGA 2019 Gender CEO Award

The MIGA Gender CEO Award honors senior managers (CEOs or equivalent) who have a proven track record of seeking to further the causes of women’s advancement and gender equality while contributing to the World Bank Group’s twin goals of poverty reduction and shared prosperity.

In March 2019, MIGA presented the Gender CEO Award to Lara de Mesa, Head of Responsible Banking at Banco Santander Group. De Mesa has held that position at Santander since September 2018. Its responsible banking agenda is making Santander one of the most responsible banks across all countries where Santander is present (including Argentina, Brazil, Chile, Germany, Mexico, Poland, the United Kingdom, and the United States).

Photo of MIGA event panelists at the 2019 Gender CEO Award

Mount Kenya and the One Planet Summit

In March 2019, Merli Baroudi, Director of Economics and Sustainability at MIGA, joined a World Bank Group expedition team that climbed Mount Kenya to see firsthand how climate change is impacting communities and how they are adapting and driving opportunities for climate action. They were also joined by a representative from the Government of Kenya—the Chief Meteorologist for the Ministry of Environment and Forestry—and Connect4Climate Youth Ambassador Liatile Putsoa.

Photo of MIGA Director Merli Baroudi summiting Mt. Kenya with a World Bank expedition team

Photo credit: Romain Levrault (@romain.levrault on Instagram)

The World Bank Group/IMF Spring Meetings in Washington, DC, April 2019

For the 2019 Spring Meetings, over 250 people attended the MIGA event, "Driving Private Investment to Fragile Settings." The event discussed the unique challenges that countries in fragile settings face in attracting private capital. The MIGA Rikweda Project was showcased as an innovative way that MIGA guarantees have mobilized private finance in the agribusiness sector in Afghanistan. The event featured David R. Malpass, President, World Bank Group; Jacob Jusu Saffa, Minister of Finance, Sierra Leone; Mase Rikweda, CEO, Rikweda Fruit Processing Company; Hartwig Schafer, Vice President, South Asia Region, World Bank; and Keiko Honda, Executive Vice President and CEO, MIGA.

Photo of MIGA event participants at the 2019 World Bank Group/IMF Spring Meetings
Photo of MIGA management

Who We Are

MIGA MANAGEMENT
Front row, from left to right:

Merli Margaret Baroudi

Director, Economics and Sustainability Full Bio

Keiko Honda

Executive Vice President and Chief Executive Officer​ Full Bio

Aradhana Kumar-Capoor

Director and General Counsel Full Bio
Back row, from left to right:

S. Vijay Iyer

Vice President and Chief Operating Officer Full Bio

Santiago Assalini

Director, Finance and Risk Full Bio

Muhamet Fall

Director for Industries Full Bio

Sarvesh Suri​

Director for Climate, Energy, Extractives, Capital and Financial Markets Operations Full Bio

Contact Information

Senior Management

Keiko Honda

Executive Vice President and Chief Executive Officer​ khonda@worldbank.org

S. Vijay Iyer

Vice President and Chief Operating Officer sviyer@worldbank.org

Sarvesh Suri​

Director for Climate, Energy, Extractives, Capital and Financial Markets Operations ssuri1@worldbank.org

Muhamet Fall

Director for Industries mfall3@worldbank.org

Aradhana Kumar-Capoor

Director and General Counsel akumarcapoor@worldbank.org

Santiago Assalini

Director, Finance and Risk sassalini@worldbank.org

Merli Margaret Baroudi

Director, Economics and Sustainability mbaroudi@worldbank.org

Regional

Hoda Atia Moustafa

Global Head of Portfolio Management hmoustafa@worldbank.org

Olga Sclovscaia

Head of Eastern Europe and Central Asia osclovscaia@worldbank.org

Jae Hyung Kwon

Head, India jkwon@worldbank.org

Tim Histed

Head, South East Asia and Australasia thisted@worldbank.org

Olga Calabozo Garrido

Head, Latin America and the Caribbean ocalabozogarrido@worldbank.org

Shuichi Hayashida

Head of West and Central Africa shayashida@worldbank.org

Rouzbeh Ashayeri

Senior Underwriter, North America Business Origination rashayeri@worldbank.org

Layali Abdeen

Senior Underwriter, Middle East and North Africa labdeen@worldbank.org

Lin Cheng

Head, China lcheng1@worldbank.org

Sectors

Nabil Fawaz

Sector Manager, Manufacturing, Agribusiness and Services nfawaz@worldbank.org

Chris Millward

Global Head and Sector Manager, Finance and Capital Markets cmillward@worldbank.org

Reinsurance

Frank Linden

Head of Reinsurance flinden@worldbank.org

Business Inquiries