Highlighted Projects
Growing the Off-Grid Solar Market in Central and East Africa

Off-grid solar is among the most promising technologies that can help increase access to electricity in rural areas where grid-connected power is scarce. To stimulate the growth of the market, MIGA issued guarantees to cover investments in an innovative company, Bboxx, helping it expand its operations in the Democratic Republic of Congo, Kenya, and Rwanda. Bboxx is a next-generation utility that designs, manufactures, distributes, and finances decentralized solar-powered systems across Africa. The project will increase access to affordable, reliable clean energy; spur local economic activity; reduce greenhouse gas emissions; and help create high-quality jobs.

Supporting the First Round of Solar Independent Power Producers (IPPs) in Burkina Faso

With one of the lowest electrification rates in Sub-Saharan Africa (20 percent, compared with 48 percent for the region overall) and a high level of unmet demand, Burkina Faso is striving to address its energy access challenges and enhance its energy security. The country currently has 357 MW of installed capacity, mostly from aging and expensive heavy fuel oil (HFO) generation, and is using imports from Côte d’Ivoire and Ghana to serve base demand. MIGA has stepped in to provide guarantees for a project comprising the construction, ownership, operation, and maintenance of a solar photovoltaic (PV) energy generating facility that would add 30 MW of capacity. The project will be part of the country’s first round of solar IPPs and will support the country’s transition to renewable energy while boosting private sector confidence to invest in Burkina Faso.

Upgrading Public Hospitals in The Bahamas

Hurricane Dorian in 2019, followed by the COVID-19 pandemic, exerted dual pressures on the public hospital facilities in The Bahamas, triggering chronic bed shortages, lengthening wait times for patients, and limiting access to appropriate diagnostic tools. In response, MIGA issued guarantees for US$118.56 million to Banco Santander S.A. of Spain for its loans to the Ministry of Finance of the Commonwealth of The Bahamas. Proceeds from the MIGA-guaranteed loan will support (a) the Public Hospitals Authority’s modernization of the public health system to respond to COVID-19 and build post-pandemic resilience; and (b) MSMEs hit hard by the pandemic.

Increasing Lending for Small Businesses across Eastern Europe

MIGA guarantees are providing capital relief to the ProCredit Group, a key SME-focused lending institution in Eastern Europe. The guarantees help the bank to increase its lending capacity at a time of economic stress and uncertainty due to the COVID-19 pandemic into its subsidiaries in Albania, Bosnia and Herzegovina, Georgia, Kosovo, Moldova, North Macedonia, Serbia, and Ukraine. This lending is directed at SMEs, which are key drivers of growth and jobs in the region. In addition, 100 percent of the freed-up capital is allocated by the subsidiaries toward climate finance lending, a core competency of ProCredit.

Supporting the Tourism and Hospitality Sector in Sub-Saharan Africa

The tourism and hospitality sectors in Sub-Saharan Africa have faced significant disruption from the global COVID-19 pandemic, leading to considerable unemployment, business closures, and the suppression of local economic growth. In June 2021, MIGA signed a Master Contract of Guarantee with Kasada Hospitality Fund LP (Kasada) for its existing and future equity, quasi-equity, and/or shareholder loans for brownfield and Greenfield hotel projects in up to 10 in Sub-Saharan African countries: Cameroon, Côte d’Ivoire, Ethiopia, Ghana, Kenya, Namibia, Nigeria, Rwanda, Senegal, and Uganda. The project is expected to create 13,000 to 27,000 direct jobs, with spillover into indirect and induced job creation in the tourism supply chain. As well, it will help direct capital to a sector that has been severely affected by the pandemic.

miga's covid-19 response program

The COVID-19 pandemic continues to inflict high and rising human and economic costs worldwide. The impact of the crisis on emerging markets and developing economies (EMDEs) is expected to be particularly severe.

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The COVID-19 pandemic has also worsened an ongoing decline of FDI in all EMDEs. The crisis is presenting a new, unprecedented source of investor risk that is depressing business confidence to historic lows. Global FDI fell by 42 percent in 2020, from US$1.5 trillion in 2019 to an estimated US$859 billion—the lowest level since the 1990s.

MIGA launched its COVID-19 Response Program, a US$6.5 billion facility, in April 2020 to respond to these unprecedented challenges. It consists of three stages: (1) the first response, to address the immediate needs of the public and financial sectors; (2) a recovery phase, to support the restoration of economic activity in the real sectors and private enterprise in the short and medium term; and (3) long-term resilience, to support investment across the public and private sectors.

As of June 30, 2021, the agency has issued guarantees totaling US$5.6 billion in support of 38 projects across Latin America, Sub-Saharan Africa, East Asia and the Pacific, and Europe and Central Asia. All of these projects have been highly impactful, helping host countries to bolster their medical response to the COVID-19 crisis and helping governments and private sector clients to mitigate the economic impact of the crisis by providing working capital support to micro, small, and medium enterprises (MSMEs), corporates, and individuals.

In June 2021, MIGA’s board unanimously approved the extension of the COVID-19 Response Program by two years—from June 30, 2021, to June 30, 2023—and its expansion from US$6.5 billion to an indicative amount of US$10–12 billion. This additional capacity allows the agency to expand the use of guarantees to support relief, recovery, and ultimately resilience in developing countries.

The World Bank Group’s Support for Countries during the Covid-19 Crisis

The World Bank Group has mounted a broad and decisive response to the pandemic—the largest in our history. From April 2020 through the end of fiscal 2021, Bank Group financing totaled over US$157 billion. The scale of this response reflects the Bank Group’s strong financial position, underpinned by the 2018 IBRD and IFC General Capital Increases and the IDA19 Replenishment. It includes:


US$ 45.6 billion

in financing from IBRD for middle-income countries.


US$ 53.3 billion

of IDA resources on grant and highly concessional terms for the poorest countries, with built-in debt relief for countries at risk of debt distress.


US$ 42.7 billion1

from IFC to private companies and financial institutions.

1 Includes long-term commitments from IFC’s own account, short-term finance commitments, and mobilization.


US$ 7.6 billion

in guarantees from MIGA to support private sector investors and lenders.


US$ 7.9 billion

from recipient-executed trust funds

Pillars of MIGA’s COVID-19 Response Program


Procuring Urgent COVID-19 Medical Supplies and Services

Supporting host governments in purchasing needed medical goods and services (for example, COVID-19 testing kits, hospital gowns, masks, ventilators, and medicines).

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Countering Adverse Economic Impacts During the COVID-19 Crisis

Credit enhancement program. Supporting governments at eligible sovereign, sub-sovereign, or state-owned enterprise levels to provide short-term funding and working capital support to SMEs, corporates, and individuals during the crisis.

Capital optimization. Supporting financial institutions in extending lending in host countries by freeing up risk-weighted assets locked up in maintaining their mandatory reserves with central banks.

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Complementing IFC Trade Finance

Supporting trade finance to enhance the flow of goods and services through global supply chains, including for critically needed commodities, especially in IDA-eligible countries and fragile and conflict-affected situations (FCS).

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miga's covid-19 response program - Projects, fy21


Albania, Bosnia & Herzegovina, Georgia, Kosovo, North Macedonia, Serbia, Ukraine

MIGA is backing ProCredit’s investments in its subsidiaries in Albania, Bosnia and Herzegovina, Georgia, Kosovo, Moldova, North Macedonia, Serbia, and Ukraine at a time of economic stress and uncertainty due to the COVID-19 pandemic.

Lending supported by MIGA’s guarantees will be directed at SMEs, which are key drivers of growth and jobs in these countries. Of the freed-up capital, 100 percent will be allocated by the subsidiaries toward climate finance lending, a core competence of ProCredit.

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Raiffeisen Bank International (RBI)

Albania, Belarus, Bosnia & Herzegovina, Kosovo, Serbia

MIGA has issued guarantees to RBI aimed at reducing the risk-weighted assets at the consolidated group level and supporting its lending operations in countries severely affected by the pandemic.

MIGA’s engagement will support a greener recovery by helping the group to establish processes and a framework for climate finance lending. Of MIGA’s coverage, 10 percent will be provided to RBI’s subsidiary in Kosovo (an IDA and FCS country), and 12 percent of the freed-up capital will be allocated to climate finance lending by the subsidiaries.

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Bahamas Public Hospitals Authority (PHA) and Small Business Development Center (SBDC)

The Bahamas

MIGA-supported investments will help modernize The Bahamas’ public health system and support MSMEs at a crucial juncture for the country.

The US$119 million in guarantees to Banco Santander AG will help the Bahamas Ministry of Finance upgrade two public hospitals, procure medical equipment, and fund its project management costs. In addition, the project will support loan guarantees to MSMEs to preserve jobs, improve productivity, stimulate economic activity, and promote resilience.

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PT Perusahaan Listrik Negara (PLN/Persero)


A MIGA-covered loan facility will provide liquidity to fund PLN’s working capital for tariff payments under the power purchase agreements to procure electricity from seven renewable energy subprojects.

Support from MIGA will help to sustain these projects during the crisis and protect them during the consequent financial stress.

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MIGA-covered loan facilities to Bancomext support the government of Mexico’s COVID-19 response by providing working capital loans to export-oriented businesses in the tourism, services, automotive, and logistics sectors, among others.

Such liquidity is intended to provide much-needed support to reduce the impact of the crisis, helping to preserve employment, supply chains, and potentially solvency.

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Banco Nacional de Panamá (BNP)


MIGA issued guarantees covering loan facilities totaling US$510 million from Goldman Sachs Group Inc. and other international lenders to BNP.

The MIGA-guaranteed loans will be used to finance a US$1 billion trust fund established by the Ministry of Economy and Finance and BNP to provide emergency liquidity to the Panamanian economy and help the country mitigate the effects of the COVID-19 pandemic.

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Banco Nacional de Fomento (BNF)


In December 2020 MIGA issued guarantees of up to US$101 million to Citibank NA and Commerzbank AG for their loans to Banco Nacional de Fomento (BNF) of Paraguay.

The guarantees support BNF’s efforts to stem the impacts of the COVID-19 pandemic on Paraguay’s export-oriented sectors, which represent over 35 percent of the country’s gross domestic product (GDP). The guarantees are also helping BNF secure its first USD funding from international financial markets and will strengthen its efforts to provide credit support to a wide range of sectors in Paraguay while delivering strong development impact.

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Banco Santander Peru S.A.


MIGA’s guarantees reduce the regulatory risk weighting applied to Santander Group’s mandatory reserves at the consolidated level, freeing up capital for its subsidiary in Peru.

The entirety of the benefits resulting from this increase are expected to target projects related to climate finance activities and are intended to support a green recovery following the devastating impacts of the COVID-19 crisis. Climate finance will include lending to businesses in the field of renewable energy, energy efficiency, and mass urban transport transactions.

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Noteworthy lines
December 2020

Working Together to Unlock FDI – Global Virtual Event

On December 8, MIGA hosted a virtual event, “Working Together to Unlock FDI,” to launch a handbook for strengthening collaboration among MDBs and unlocking FDI in emerging markets. Speakers and panelists included Mari Pangestu, Managing Director, Development Policy and Partnerships, World Bank; Tharman Shanmugaratnam, Senior Minister, Singapore, and Chair of the G20 Eminent Persons Group on Global Financial Governance (2017-18); Hiroshi Matano, Executive Vice President, MIGA; Ethiopis Tafara, Vice President and Chief Risk, Legal and Administrative Officer, MIGA; Solomon Quaynor, Vice President for Private Sector, Infrastructure and Industrialization, African Development Bank; Nandita Parshad, Managing Director, Sustainable Infrastructure Group, European Bank for Reconstruction and Development; Fabio Fagundes, Chief of Financial Products and Services Division, IDB Invest; and S. Vijay Iyer, Vice President and Chief Operating Officer, MIGA (Master of Ceremonies). https://live.worldbank.org/unlock-FDI

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March 2021

6th Annual MIGA Gender Leadership Award: Women Financing a Resilient Asia

MIGA hosted its 6th Annual Gender Leadership Award, titled “Women Financing a Resilient Asia,” on March 7 to coincide with International Women's Day. The award was presented to Audra Low, Chief Executive Officer and Executive Director of Clifford Capital. Speakers included David R. Malpass, President, World Bank Group; Sri Mulyani Indrawati, Minister of Finance, Indonesia; Hiroshi Matano, Executive Vice President, MIGA; Audra Low, Chief Executive Officer and Executive Director, Clifford Capital; Ekhosuehi Iyahen, Secretary General, Insurance Development Forum; and Caren Grown, Global Director, Gender, World Bank Group. https://live.worldbank.org/6th-annual-miga-gender-leadership-award-women-financing-resilient-asia

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May 2021

MIGA Trade Finance Guarantees

In May, the Board of Directors approved a new product, the Trade Finance Guarantee (TFG), in support of trade finance transactions. The TFGs will provide trade finance guarantee capacity to the IFC for coverage against the risk of non-payment by SOE Banks under the IFC’s Global Trade Finance Program. The guarantees target selected IDA-eligible countries, FCS, and low-income EMDEs where SOE banks play a significant, and prospectively increasing, financing role throughout the COVID-19 pandemic.

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June 2021

Compliance Advisor Ombudsman Policy

The MIGA Board of Directors approved the Independent Accountability Mechanism Policy for the Compliance Advisor Ombudsman (CAO). The new policy works to improve the complaints process for IFC and MIGA projects, responding to recommendations from an independent external review. The aim is to increase the focus on outcomes for communities and IFC/MIGA clients. https://www.worldbank.org/en/news/press-release/2021/07/01/new-cao-policy-enhances-ifc-and-miga-environmental-and-social-accountability

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