MIGA FY22 Highlights

Highlighted Projects

Response Program

MIGA’s Global Crisis Response

With steeply declining global economic growth, rising inflation, deepening food insecurity, and ongoing war and fragility as well as the continued negative effects of the COVID-19 pandemic, the combined impact of these crises on emerging markets and developing economies (EMDEs) is expected to be severe.

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World Bank projections show growth slowing for EMDEs from 6.6 percent in 2021 to 3.4 percent in 2022. The World Bank’s most recent Global Economic Prospects report estimates that global growth will decline to 2.9 percent in 2022 and 3 percent in 2023–24 (down from 5.7 percent in 2021) owing to the overlapping global crises. 

Amid these global challenges, MIGA stands ready to implement and refine its response to the multiple crises that face developing countries. As the impacts increase fragility and political risks across these countries, MIGA’s role to encourage and help facilitate investment becomes even more crucial.

In particular, the COVID-19 pandemic has 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. Although global FDI rebounded in 2021 to $1.58 trillion, the outlook is negative given the ongoing impact of COVID-19 and the other crises affecting EMDEs.

Launched in April 2020, MIGA’s COVID-19 Response Program 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 2022, the program has delivered some $7.6 billion in guarantees across 47 projects throughout Latin America and the Caribbean, Sub-Saharan Africa, East Asia and Pacific, and Europe and Central Asia—$2.1 billion of which was issued this fiscal year. 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. The COVID-19 Response Program runs through June 2023 with an approved indicative facility amount of $10–12 billion in the aggregate.

Pillars of MIGA’s COVID-19 Response Program
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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 and FCS countries.

MIGA COVID-19 Response Program Projects, FY22


Capital District of Bogotá

MIGA provided a Non-Honoring of a Sovereign Financial Obligation (sub-sovereign) guarantee for a non-shareholder loan from Banco Bilbao Vizcaya Argentaria S.A. of Spain to the Capital District of Bogotà.
Colombia has a publicly funded and highly decentralized health care system that offers comprehensive health insurance to nearly 98 percent of the population. The COVID-19 pandemic has exposed vulnerabilities in the health system, ranging from outdated infrastructure and lack of intensive care unit (ICU) beds to shortages of laboratories and reagents to analyze COVID-19 tests. Support from MIGA will bolster the city of Bogotá’s COVID-19 emergency and post-pandemic response aimed at upgrading, equipping, and expanding its health care facilities.


Fondo Mivivienda S.A.

MIGA provided a Non-Honoring of a Financial Obligation by a State-Owned Enterprise guarantee for a non-shareholder loan from J.P. Morgan Chase & Co. of the United States to Fondo Mivivienda S.A. (FMV).
MIGA support for FMV will foster and support a green economic recovery from the negative effects of the COVID-19 crisis and enable FMV to obtain long-term financing at competitive pricing. FMV will use the funds to support the “My Green House” program, a mortgage program within FMV’s portfolio that provides financing for the acquisition of certified sustainable green housing by vulnerable middle-income households.


Financiera de Desarrollo Nacional

MIGA provided a Non-Honoring of a Sovereign Financial Obligation (sub-sovereign) guarantee for a non-shareholder loan from J.P. Morgan Chase & Co. of the United States to Financiera de Desarrollo Nacional S.A. (FDN), a development bank that is majority-owned by the government of Colombia.
The MIGA-covered loan will be used to finance FDN’s lending operations in Colombia with a focus on climate and road infrastructure projects that will foster and support economic recovery following the negative economic effects caused by the COVID-19 crisis. MIGA’s support will also allow FDN to obtain long-term local currency financing at competitive pricing.


Agencia Financiera de Desarrollo

MIGA provided a Non-Honoring of a Financial Obligation by a State-Owned Enterprise guarantee for a non-shareholder loan from Citibank N.A. to Agencia Financiera de Desarrollo, a wholly government-owned and controlled financial institution.
The loan facility will support the government of Paraguay’s COVID-19 response initiatives aimed at ensuring financing to MSMEs and the housing sector. The project will also incorporate a gender action plan that will set the foundations for further financing to women-owned MSMEs.


NLB/Komercijalna Banka A.D. Beograd

MIGA issued a guarantee that will provide capital relief to Nova Ljubljanska banka d.d., Ljubljana (NLB), a leading regional financial institution, in support of its operations in Serbia.
At a time of continued pressure and uncertainty due to the COVID-19 crisis and following NLB’s recent acquisition of Komercijalna Banka A.D. Beograd from the government of Serbia, MIGA’s guarantee will provide support toward a green and inclusive recovery. NLB will use the MIGA-enabled capacity to support SMEs, lending up to €65 million in new climate finance initiatives.


National Bank of Canada

MIGA’s issued guarantee will support the National Bank of Canada in obtaining capital relief on its risk-weighted assets at the consolidated parent level and use the regulatory capital relief to support continued growth of the Advanced Bank of Asia (ABA) loan portfolio, which is principally made up of loans to MSMEs, particularly women-led MSMEs.
This capital relief is particularly important now in view of the anticipated economic impacts associated with the COVID-19 crisis. Given the vast unmet demand for lending to MSMEs (including women-owned MSMEs) in Cambodia, ABA expects rapid growth in the segment despite the ongoing uncertainties stemming from the pandemic.


NLB/NLB Banka AD Podgorica

MIGA issued a guarantee to NLB to support NLB Banka AD Podgorica of Montenegro in covering general banking operations that provide credit and other financial services to Montenegro.
Continued pressure and uncertainty due to the ongoing COVID-19 crisis increases regulatory risk weighting on excess reserves. With MIGA’s guarantees, NLB subsidiaries will strengthen the resilience of the MSMEs in their lending markets. They will also be able to pursue more robust, greener financing activities.


NLB/NLB Banka Prishtina Sh.A.

MIGA issued a guarantee to NLB to support NLB Banka Prishtina Sh.A. of Kosovo for general banking operations that provide credit and other financial services to Kosovo at a time of continued pressure and uncertainty due to the ongoing COVID-19 crisis.
MIGA’s guarantees will reduce the regulatory risk weighting applied to excess reserves on an NLB-wide consolidated basis, freeing up capital to provide financing to MSMEs as well as support for climate finance initiatives.


Banco Santander S.A./ Banco Santander Argentina S.A.

MIGA’s issued guarantee to Banco Santander S.A. will support the operations of its subsidiary in Argentina, increasing the lending capacity of Banco Santander Argentina S.A.
At a time of significant domestic economic stress, compounded by uncertainties due to the ongoing effects of the COVID-19 crisis. MIGA’s guarantee will support Banco Santander Argentina in enhancing economic activity through lending to SMEs (particularly WSMEs) and corporates in key sectors of the economy, including exporters.

Noteworthy Events

Global virtual Event

December 2021

Driving Foreign Direct Investment to Africa – Global Virtual Event

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FDI in Africa, already ebbing before the COVID-19 struck, tumbled during the pandemic as investors became more cautious. On December 9, MIGA hosted a virtual event that included MIGA staff and FDI experts from other agencies and governments to collaborate on ways to broaden efforts to turn the tide and unlock FDI in emerging markets. Speakers and panelists included David R. Malpass, President, World Bank Group; Amadou Hott, Minister of Economy, Planning and Cooperation, Senegal; Cheryl Buss, CEO, Absa International; David Damiba, Managing Partner and Chief Investment Officer, Kasada Capital Management; Hiroshi Matano, Executive Vice President, MIGA; Ethiopis Tafara, Vice President and Chief Risk, Legal and Administrative Officer, MIGA; Indermit Gill, Vice President, Equitable Growth, Finance, and Institutions Global Practice, World Bank; James Zhan, Senior Director of Investment and Enterprise, United Nations Conference on Trade and Development (UNCTAD); Nkem Onwuamaegbu, Acting Regional Head, Africa, MIGA; and business journalist Esther Awoniyi, Master of Ceremonies. https://live.worldbank.org/driving-foreign-direct-investment-to-africa
Clean Energy

March 2022

Seventh Annual MIGA Gender Leadership Award: Clean Energy for All

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MIGA hosted its seventh Annual Gender Leadership Award, titled “Clean Energy for All,” on March 8 to coincide with International Women's Day. The award was presented to Lucy Heintz, Partner and Head of Energy Infrastructure at Actis. Speakers included David R. Malpass, President, World Bank Group; Rania Al-Mashat, Minister of International Cooperation, Arab Republic of Egypt; Hiroshi Matano, Executive Vice President, MIGA; Lucy Heintz, Partner, Head of Energy Infrastructure, Actis; Ousmane Diagana, Vice President, Western and Central Africa, World Bank; Emmanuel Nyirinkindi, Vice President, Cross-Cutting Solutions, IFC; and Hana Brixi, Global Director, Gender, World Bank. https://live.worldbank.org/events/miga-gender-leadership-award-2022

March 2022

MIGA FDI Roundtable Dialogue in Togo

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In West Africa, development projects are often financed by government and led by public sector experts, but public money is in short supply because the pandemic has strained state coffers. In a collaboration with the government of Togo, MIGA hosted a two-day event that included key stakeholders from the private sector and government representatives to hold candid discussions about optimizing investment conditions to draw more FDI into the region. Participants included MIGA Vice President Ethiopis Tafara; Ministers from Gabon and Togo; directors and senior advisers from Côte d'Ivoire, Guinea, and Senegal; and private sector participants from Axian, Bechtel Africa, Engie, Infinity Power, Meridiam, Mota-Engil, Qair, Sonatel, Themis, VINCI Highways, and Africa50. https://www.miga.org/video/miga-fdi-roundtable-dialogue-togo


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