Delivering Development Impact

Mobilizing the private sector is at the heart of being able to deliver sustainable and inclusive development. Working with partners, MIGA strives for positive development outcomes in the projects that MIGA guarantees. Environmental and social (E&S) risk management, alongside MIGA’s efforts to foster inclusion and gender equality, is critical to achieving development impact. It is also beneficial to our clients, as MIGA’s sustainability requirements improve performance and create business opportunities by helping clients better assess, manage and mitigate project impacts and strengthen relationships with local communities. In FY23, MIGA further advanced policies, practices and procedures to enhance E&S and gender in our project work.
Guiding clients and partners towards successful E&S outcomes
MIGA’s commitment to sustainability, and that of our clients, is realized through the implementation of the Sustainability Framework (see Figure 1). MIGA’s Policy on Environmental and Social Sustainability sets out MIGA’s roles and responsibilities; and the Environmental and Social Performance Standards set out those of our clients. Complementing this is the Access to Information Policy, which provides the scope of information that MIGA makes publicly available, including information on E&S risks and impacts associated with individual MIGA projects. The objective of the policy is to enhance MIGA’s transparency and accountability.
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Figure 1

Sustainability Framework


A critical element of MIGA’s E&S sustainability architecture is the comprehensive set of E&S Performance Standards (see Figure 2) that set out the E&S responsibilities of our clients and/or project enterprises. The E&S Performance Standards cover eight areas and, together, establish standards that MIGA projects are required to meet throughout the life of the MIGA guarantee. The E&S Performance Standards also reference the World Bank Group’s Environmental, Health, and Safety (EHS) Guidelines, which contain general and industry-specific examples of Good International Industry Practice that are expected to be applied in projects that MIGA guarantees. MIGA’s E&S Performance Standards are also supported by eight detailed Guidance Notes prepared by IFC, corresponding to each of the Performance Standards. These Guidance Notes offer direction for MIGA and its clients to facilitate the implementation of the requirements contained in the E&S Performance Standards. MIGA’s E&S Review Procedures guide the day-to-day operationalization of the Sustainability Framework by setting out the roles and responsibilities of MIGA management and staff during due diligence and monitoring. These procedures are supported by internal guidance documents, tip sheets and tools. For example, MIGA’s E&S specialists use contextual risk, biodiversity and gender-based violence risk screening tools to systematically screen projects for these risks. These tools allow for early identification of risks and include suggested measures to address risks.

Figure 2

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

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Performance Standard 1

Assesment and Management of E&S Risks and Impacts

Underscores the importance of identifying E&S risks and impacts, and 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.

Pollution Prevention

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 negotiated settlements.


Performance Standard 6

Biodiversity Conservation and Sustainable Management of Living Natural Resource

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


Performance Standard 7

Indigenous 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.

The private sector has a crucial role to play in addressing the unprecedented global challenges posed by environmental degradation and biodiversity losses Ethiopis Tafara Vice President and Chief Risk, Legal and Sustainability Officer and Partnerships

MIGA’s Sustainability Framework and MIGA’s approach to working with its clients and partners also provide tangible and intangible benefits to our business partners. Many clients seek to work with MIGA to realize some or all of the benefits listed below:


Creating Value For Business

There is a growing body of evidence that businesses that adopt high standards in their E&S work can save on costs, improve their brand and reputation, and strengthen stakeholder relations. Sustainability has become an important factor in the way businesses articulate their vision and mission.


Improving Financial and Operational Performance

Implementation of the E&S Performance Standards can help optimize inputs, such as water and energy, and help minimize emissions, effluents, and waste, as well as improve the health and safety of employees, leading to a more efficient, cost-effective, and sustainable project.


Realizing Opportunities and Guarding Against Risks

Implementing the Performance Standards can help companies identify and guard against interruptions in project execution, protect the brand, facilitate access to financial markets, and attract quality business partners.


Gaining Community Acceptance to Operate

The Performance Standards help clients maximize local development benefits and encourage the practice of good corporate citizenship, enhancing brand value and reputation.


Achieving an International Stamp Of Approval

MIGA’s E&S Performance Standards are widely considered to be the "market standard" and offer MIGA’s clients an international E&S “stamp of approval." Many clients choose MIGA to ensure that their projects are recognized for the highest E&S design, implementation and management. They can then use this recognition to attract additional financing. The “Equator Principles," which have been adopted by over 140 of the world’s leading financial institutions in developed and developing countries, are based on the IFC/MIGA Performance Standards.

In FY23, MIGA continued to apply its Sustainability Framework across its pipeline of guarantee projects and the projects in its guarantee portfolio. The following project examples demonstrate how MIGA works with clients and project enterprises to deliver E&S value. These projects show the importance of MIGA’s Sustainability Framework and MIGA’s growing team of E&S specialists.

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MIGA’s Gender Strategy Implementation Plan at Work
The foundation of MIGA’s gender and inclusion work is that the private sector has a critical role to play in narrowing gender and inclusion gaps, given its ability to mobilize capital and create jobs and economic opportunities. MIGA’s first ever Gender Strategy Implementation Plan (GSIP), launched in FY21, has guided MIGA’s inclusion and gender work to help support the private sector in delivering more equitable outcomes (See Figure 3). FY23 was the final year of MIGA’s first GSIP, providing an opportunity to assess progress in MIGA’s gender work and to look forward to MIGA’s future ambition as MIGA heads towards the launch of a second three-year implementation plan.
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Figure 3

MIGA Gender Commitments and Strategic Pillars, FY21-23

  • MIGA's first FY21-23 Gender Strategy Implementation Plan (GSIP) stems from a commitment to foster gender equality and narrow gender gaps across MIGA's engagements with staff, clients and partners.
  • MIGA's GSIP prioritizes identification of opportunities for increased gender actions aligned with three strategic pillars: Corporate, Client Engagement and Partnerships.
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E&S engagement is creating value for clients and communities
In FY23, MIGA signed the 1,000th project in its history—a project in Senegal that supported the increased ownership and development of the port sector by the government of Senegal. The port sector is significant not only in Senegal’s economy, but also as a gateway to landlocked countries in Africa. MIGA’s guarantee enabled the government to increase its shareholding interest in DP World Dakar SA, Senegal from 10 percent to 40 percent. DP World Dakar holds a concession agreement with the government of Senegal for the operation of the container terminals at the existing Port of Dakar, and for the development, financing, construction, operation and maintenance of a new terminal container and related port facilities in Ndayane, approximately 50 kilometers from the Port of Dakar.
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The strong E&S standards for the planned port in Ndayane, Senegal, is a win for investors, for the community, and for the people of Senegal Hiroshi Matano Executive Vice President, MIGA

Port operations anywhere in the world can potentially lead to environmental impacts on air, water and land and social impacts related to labor and community health and safety. MIGA worked closely with DP World Dakar SA, Senegal and the government of Senegal, as well as the commercial lenders (Standard Chartered Bank of the United Kingdom, Crédit Agricole Corporate and Investment Bank of France, JPMorgan Chase Bank NA, London Branch of the United States), to align the project with MIGA’s E&S Performance Standards.

DP World Dakar’s operations of the existing port were already well known to MIGA: MIGA had provided guarantees in support of the modernization of the port in 2010, and from 2010 to 2017 (when the guarantees were active), MIGA supported DP World Dakar to develop and implement an E&S Management System (ESMS)—a tool that aids in systematically incorporating E&S objectives in a project by means of a set of well-defined and clear processes and procedures—that was in line with the requirements of the E&S Performance Standards. When the guarantees expired in 2017, the project’s performance was aligned with MIGA’s E&S requirements. (See this video on the original project). MIGA’s review in 2022 confirmed ongoing implementation of the ESMS and satisfactory E&S performance at the existing operations at the Port of Dakar.

Due to the early stage of planning and development of the planned port in Ndayane, confirming the potential for alignment with MIGA’s E&S requirements was challenging. The development of a greenfield port is a complex project, which likely presents the potential for significant adverse E&S risks and impacts. MIGA’s E&S screening indicated that the construction of the port in Ndayane is likely to include land acquisition and resettlement leading to physical and economic displacement, and potential impacts on biodiversity, ecosystem services, and cultural heritage. The new port is still in the planning phase and the feasibility and environmental studies, while well advanced, are not yet complete. MIGA undertook a comprehensive review and confirmed the capacity of DP World Dakar to apply its existing ESMS, which includes application of MIGA’s E&S Performance Standards, to the planning, construction and operation of the new port. MIGA also received a commitment from DP World Dakar that it intends to apply MIGA’s E&S Performance Standards to all activities related to the new port. As a condition of the contract of guarantee, MIGA will also have the opportunity to review and provide comments on the draft Environmental and Social Impact Assessment (ESIA). The additional oversight and guidance that MIGA can provide in the early stages of the project can strengthen identification and management of E&S risks and enhance overall sustainability of the project.

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Saint Lucia
In MIGA’s first ever project supported in Saint Lucia, protecting and enhancing the delicate ecology of the island was a critical element of MIGA’s work. The project involved the installation, operation and maintenance of 2,460 new LED streetlights replacing 22,000 outdated high-pressure sodium lamps. The new LED lights are expected to be less disruptive to some local wildlife populations, including turtles and birds. In addition, the LED streetlights will lead to GHG emissions reductions of an estimated 5,000 tons of CO2e per year while increasing lighting levels by over 30 percent across the road network. The project is a public-private partnership between the government of Saint Lucia and KLED Capital, in which MIGA is providing political risk insurance in support of KLED’s equity investment and debt financing to the project.1 The project is an important component of the government’s efforts to transition to a lower-carbon economy with the co-benefits of reducing the island’s dependence on expensive imported petroleum products as well as the overall cost of operation and maintenance of the streetlights.
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Despite the many benefits, the project also presented E&S risks, including the safe disposal of hazardous material from the decommissioning of the high-pressure sodium lamps. High-pressure sodium lamps contain small amounts of mercury, a hazardous material with potentially adverse impacts on human health and the environment. However, the island does not have an appropriate hazardous waste disposal facility to safely manage the retirement of the old lamps. MIGA and KLED Capital worked together to find a solution that was cost effective and aligned with MIGA’s E&S Performance Standard 3, Resource Efficiency and Pollution Prevention, as well as the World Bank Group’s Environmental, Health, and Safety (EHS) Guidelines. Two important aspects of the disposal plan were: (i) processing procedures to reduce the risk of the breakage of the lamps, as a large portion of the lamp would need to be damaged to release the mercury into the environment; and (ii) shipment of the lamps in their original casings to a certified recycling company located in Florida, United States.

MIGA’s long-term guarantees for the KLED equity investment and our project financing from CIFI LATAM are crucial for the successful delivery of this nationally important project. MIGA’s environmental, social, and health and safety support has also been invaluable. Richard Burdon KLED Group Chief Executive

  1. In FY23, MIGA political risk insurance covered a loan contract of $9.9 million for eight years with CIFI LATAM of Panama. MIGA’s $11.7 million equity contract of guarantee for 15 years with KLED Capital of the British Virgin Islands was executed in FY22.
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Kyrgyz Republic
The agricultural sector faces sector-specific E&S risks that present both challenges and opportunities for projects to contribute to sustainability goals. In the Kyrgyz Republic, MIGA is providing a $4 million political risk insurance guarantee to In Water Solution, Inc. of the Republic of Korea to cover a shareholder loan to its wholly owned subsidiary (In Water Solution (IWS) Agro), which is developing a highly innovative agricultural project. The project includes the construction and operation of a ten-hectare smart farm comprised of hydroponic greenhouses with automated systems that control the growing environment.
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The project, one of the first of its kind in Kyrgyz Republic, introduces advanced farming technology that enables crop cultivation at scale throughout the cold season. Water scarcity is also a growing problem throughout Central Asia, and Krygyz Republic is no exception. Under the project design, the IWS Agro will install a water recycling system, which is expected to allow up to 30 percent of the hydroponic system effluence to be reused as liquid fertilizer, helping to reduce potential pollution, as well as reduce the project’s fresh-water requirements.

MIGA’s support means that the project is required to meet the requirements of MIGA’s E&S Performance Standards. During due diligence, MIGA worked closely with IWS Agro to develop an E&S action plan to bring the project into alignment with the E&S Performance Standards. A key component of the action plan is establishment of an ESMS, which is the bedrock of MIGA’s E&S Performance Standard 1. As part of implementing E&S Performance Standard 1, the project will also engage an E&S officer to effectively oversee the implementation of the ESMS. The E&S officer will also be responsible for the development and implementation of a project-level grievance redress mechanism for the community where people can voice any concerns or complaints related to the project. These building blocks facilitate the early identification and management of E&S risks and adverse impacts.

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Gabon is working to establish itself as a leader in environmental conservation: since 2000, the country has preserved a sizable portion of its rainforests and in the process created 13 national parks, two of which have been inscribed as UNESCO World Heritage Sites. Simultaneously, Gabon has sought to diversify its economy away from oil, in part through development of its mining sector. In FY23, a $66 million MIGA guarantee to cover investment by Meridiam, a French infrastructure and asset management firm, is aiming to support the country’s economic diversification while ensuring its environmental and biodiversity goals remain in the forefront.
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The equity and quasi-equity investment from Meridiam aims to help accelerate the roll-out and delivery of a major rehabilitation and upgrade program of the Transgabonais railway corridor that runs between the Port of Owendo (located outside the capital of Libreville) and Franceville (Gabon’s third largest city and center of the country’s mining region). The objective of the rehabilitation and upgrade program is to improve the reliability, safety and level of service of the railway.

MIGA collaborated closely with IFC, which provided a loan to support the rehabilitation and upgrade program, especially on the E&S aspects of the project. MIGA benefits from a specific arrangement with IFC where due diligence work and E&S monitoring can be shared in joint projects.2 This is an extremely useful agreement, especially for E&S work as IFC and MIGA apply the same standards, as it helps to promote efficiencies of time and money for all parties in a transaction. As IFC had been involved in the project as a lender since 2016, and provided a second loan in 2020, MIGA was able to streamline its own E&S work relying on IFC’s project work and monitoring while also adding value through its partnerships with the project enterprise (SETRAG), Meridiam and IFC.

At the time when MIGA began work on the project in 2021, implementation of the IFC E&S Action Plan had been significantly delayed by the COVID-19 pandemi. Working closely with IFC and MIGA, SETRAG’s shareholders stepped up to implement organizational, budget and staff resourcing changes to speed up the adoption of environmental and social actions, including in the areas of biodiversity, workers accommodations and in emergency-response activities.

  1. See MIGA’s Sustainability Policy, paragraph 6.
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MIGA’s role in protecting biodiversityA Conversation with Sally Johnson

Sally Johnson

Principal Biodiversity Specialist

Sally Johnson is a Principal Biodiversity Specialist with over 30 years of experience working with governments, multilateral financial institutions, the private sector, and non-government organizations. She has written extensively on biodiversity and currently supports MIGA in assessing and monitoring projects with substantial biodiversity risks.

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Sally’s Top Five

To live in harmony in nature will require a range of interventions. My top five are:

  • Allocate more financial resources for conserving and restoring nature to meet the 30 percent target set out in the GBF and increase the use of green infrastructure to help implement sustainable urban development;
  • Apply strong biodiversity safeguards along the lines of MIGA/IFC performance standards to all assets under management ($126 trillion as of 2022) and increase the disclosure of nature-related risks and dependencies;
  • Reject marginally economic projects that result in significant biodiversity impacts but lack the finances to apply the mitigation hierarchy appropriately;
  • Governments should stop approving developments in World Heritage Sites and Intact Forest landscapes and should only allow activities in other protected areas that are not incompatible with the value for which they have been designated. They should make a concerted effort to protect the Great Apes and end the illegal wildlife trade ; and
  • Find ways to produce and consume more sustainably since our food system is one of the biggest causes of biodiversity loss

QThanks for speaking with us. With the adoption of the Kunming-Montreal Global Biodiversity Framework (GBF) at the end of last year, biodiversity is getting a lot of attention. You have been involved in this space for over 30 years. How have you seen it evolve, and where is it headed?

AIt has been incredible watching the issue go from being viewed essentially as a local planning issue to being identified as one of the top three global risks by the World Economic Forum (WEF).

Awareness of the implications of biodiversity and ecosystem services decline has risen dramatically over the last 10-15 years. Alarming statistics from the Millennium Ecosystem Assessment, the Living Planet Index, and the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) back that up. More recently both the Dasgupta Review in 2020 and the WEF pointed out that the global economy was dependent on biodiversity, with the WEF putting the figure at "$44 trillion – over half the world’s total GDP". That has led to stronger ESG requirements for companies. The publication of IFC’s Performance Standards [Biodiversity Conservation and Sustainable Management of Living Natural Resources], including Performance Standard 6 in 2006 and revisions in 2012, was a game changer. The standards required lenders to take account of biodiversity and ecosystems services and ensure that IFC’s projects cause no net loss of natural habitat and create net gain for critical habitat. Financial institutions have extended this requirement through the Equator Principles [voluntary guidelines adopted by 138 participating institutions].

The Kunming-Montreal Global Biodiversity Framework (GBF), agreed by 188 governments in December 2022, sets out ambitious goals and targets to halt and reverse nature loss by 2030 and restore nature’s resilience by 2050. The GBF, which was launched at COP15, calls for better disclosure of nature-related risks. Companies will now need to disclose nature-related impacts and dependencies including supply chain risks under the framework developed by the International Taskforce on Nature-related Financial Disclosures (TNFD). This will hopefully move companies from site-based consideration of biodiversity to fully integrating this into their business strategies and contributing to a nature positive future.

Interesting – why is this important and what does it look like?

TNFD includes a broad range of stakeholders, but importantly the asset owners and managers amount to $20 trillion in assets under management so the expectation is that there will be a large uptake of TNFD. The framework has four pillars: governance, strategy, risk, and impact management, as well as metrics and targets. Companies will assess how they oversee nature related risks, how those risks are integrated into the business strategy and financial planning, and how they are integrated into their risk management systems. It also requires them to develop quantitative and qualitative performance indicators. The EU is incorporating the approach in its Corporate Sustainability Reporting Directive, which will require companies to report on the impact of corporate activities on the environment and society.

Climate change and biodiversity loss are interconnected. What opportunities and challenges do you see in this regard?

You’re right, climate change and biodiversity loss are intimately related. It is predicted that climate change could overtake land-use change as the leading cause of biodiversity loss by 2070 and biodiversity loss will in turn have huge implications for climate change. We are already seeing impacts on marine ecosystems, species ranges are shifting, and climate change is affecting tropical forests that play a huge part in regulating global climate.

I am excited to see the recognition that nature-based solutions can help mitigate climate change. It is particularly important to avoid deforestation. There is also new understanding of the valuable service species such as forest elephants provide in carbon storage; their services could be worth billions. The publication of IUCN’s Global Standard for Nature-based Solutions will ensure that the necessary safeguards and carbon accounting frameworks are used.

Did you say 'forest elephants'? How do they contribute to carbon storage?

It’s extraordinary. Apparently forest elephants contribute to increasing above ground carbon by reducing the density of small trees through trampling and consumption and by dispersing seeds of particularly large trees. Expanding the elephant population could generate a substantial carbon sink in the next 30 years, worth billions of dollars. That’s valuable enough to attract investors.

There is also new understanding of the valuable service species such as forest elephants provide in carbon storage; their services could be worth billions.Sally JohnsonPrincipal Biodiversity Specialist

Forest Elephant

Speaking of investors, at the COP-15 Convention on Biological Diversity (CBD) in December 2022, the private sector was more visible than ever before. What do you think is behind this?

What’s driving this is the recognition that collaboration between governments, business and civil society will be key for the delivery of the GBF. Target 15 of the Framework explicitly references the private sector requiring it to disclose and reduce its impacts on biodiversity, increase positive impacts and promote actions to ensure sustainable patterns of production. The private sector also has a huge role to play in providing additional financial resources. This might be through direct investment in biodiversity-related activities (IFC has recently published a Biodiversity Finance Reference Guide[i]), funding of biodiversity conservation and/or restoration, and other nature-based solutions. The private sector is setting up protected areas to offset their own negative impacts, designed as Public-Private Partnerships.

In addition to working with MIGA, you also support several private sector clients. What are the most exciting things that they’re doing?

I am seeing changes in both processes; more effective application of the mitigation hierarchy and a greater focus on supply chains, but also enhanced understanding and management of risk though the use of innovative technology such as bioacoustics monitoring, eDNA, remote sensing, drones, camera trapping for Great Ape population estimates, and even machine learning to predict the location of unusual habitat types.. It’s also exciting to see the implementation of Nature Based Solutions coming to the fore alongside greater collaboration with other partners to manage risk and contribute to nature positive initiatives.

This sounds great, but it’s been difficult to get the private sector to invest in protected areas and offsets in the past, as these tend not to be revenue generating activities. What is motivating this increase in investment? Is it primarily to maintain primary production or inputs that underpin a project (e.g. water supply) or is it to access financing / regulatory requirements? Or CSR?

Initially it was a combination of regulation and access to finance, whereby companies are offsetting negative impacts either related to biodiversity (i.e. offsets) or carbon emissions (nature-based solutions), through certification or purchasing verified carbon credits. Increasingly, companies will simply want to make investments in nature-positive actions. Biodiversity credits are an emerging market proposition that could accelerate funding for biodiversity conservation while benefiting local communities.

So whether it’s through implementing our requirements or supporting some of these emerging initiatives like biodiversity credits – it sounds like there is a significant role for Multi-lateral Developments Banks, including MIGA in promoting biodiversity finance.

Yes – as I mentioned, the Performance Standards, and similar standards of other DFIs (e.g. WB ESF) have played a significant role in setting the standard for mitigating biodiversity risks. And I know that MDBs are developing a methodology for tracking nature finance. Hopefully this will create more opportunities to minimize impacts and direct financing to conservation, restoration and innovative approaches to impact mitigation. In general, if MDBs are more intentional in incorporating financing for nature into projects, this could increase the overall funding for addressing biodiversity loss.

Still, MDBs need to balance socio-economic development with conservation and restoration of biodiversity. Is that possible?

Yes, but it’s complicated. Poverty is most closely associated with subsistence activities and high birth rates, which are significant drivers of biodiversity loss. MIGA and other MDBs and private providers of finance are instrumental in providing alternative economic opportunities, supported by the right enabling environment. With higher living standards comes improved education and declining birth rates – so biodiversity benefits. However, it’s not always a win-win as some development activities also adversely impact biodiversity in ways that are difficult to mitigate.

So where do you think all of this is heading?

I am an eternal optimist, and the GBF agreement marks an important call to action. However, we have been here before. Rachel Carson rang the alarm bell in the 1960s. The CBD [Convention on Biological Diversity, established at the Rio ‘Earth Summit’ in 1992] set ambitious targets to halt biodiversity loss in 2010. Yet it’s hard to see how statistics on biodiversity decline can get more shocking. The latest Living Planet Index reveals that global wildlife populations have plummeted by 69% on average since 1970 and sadly none of the 20 Aichi Biodiversity Targets agreed by Parties to the CBD in 2010 have been fully achieved.

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Fostering MIGA’s E&S Accountability
E&S accountability remains a strong component of MIGA’s commitment to sustainability. MIGA continues to make significant progress in strengthening its internal systems to facilitate greater accountability and enhanced E&S outcomes of its projects.
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In FY23, MIGA’s E&S specialists completed an internal portfolio-wide review of MIGA’s requirement for projects to have a project-level grievance redress mechanism (GRMs). The review looked at both the capacity of MIGA’s E&S specialists to assess and advise on the effectiveness of GRMs as well as whether there is the capacity at the project level to implement an E&S Performance Standard-aligned GRM. The findings identified strengths, good practice examples, and some areas for enhancement. MIGA is now in the process of adopting the lessons learned from this review in our project due diligence and monitoring. MIGA also worked closely with IFC in FY23 to develop guidance notes, tip sheets and guidance and good practice notes related to emerging E&S risks. The implementation of these new guidance materials has been accompanied by a program of training, capacity-building and knowledge-sharing activities, which will continue in FY24.

MIGA also continued to strengthen implementation of its gender-based violence (GBV) risk management framework by developing guidance materials for monitoring GBV risks and an online training course for the overall implementation of the framework. In FY23, MIGA also established an internal, dedicated team to manage direct complaints from people affected by MIGA projects.

In FY23, IFC and MIGA proposed an Approach to Remedial Action as part of their ongoing efforts to strengthen accountability throughout the project cycle. A draft of the proposed approach was provided for public consultation in February 2023. Public consultations took place between February and April of 2023 to elicit comments and written submissions. A dedicated website was established for the process and IFC and MIGA contracted a team of four independent facilitators to help design, manage, conduct and report on the consultation program, in discussionworking closely with IFC and MIGA. The consultation program included one informational session and a series of consultation meetings, held in several languages and time zones, and open to all stakeholders. Written feedback could also be provided via the website. A Summary of Formal Public Consultations and Feedback on the proposed IFC/MIGA Approach to Remedial Action was shared publicly in May (and can be found on the website referenced above).. The feedback gathered during the consultation process is being considered in the refinement of the IFC and MIGA Approach to Remedial Action.

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Mainstreaming Gender for a Sustainable, Resilient and Inclusive Future
Gender equality is a pressing priority. Global crises—climate change, fragility and pandemics—have disproportionately negative impacts on women, girls, sexual and gender minorities, and marginalized groups. Addressing gender gaps requires a sustained and broad-based commitment, backed by knowledge sharing, evidence-based solutions, and targeted finance and de-risking instruments. The private sector has a leading role to play with its ability to mobilize capital, create jobs and provide economic opportunity.
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Mainstreaming Gender

To deliver on these goals, MIGA works with its clients to "gender flag" projects. To earn a gender flag, a project must take intentional actions to narrow identified gender gaps. The actions agreed form the basis for a Gender Action Plan (GAP). The implementation and impact of these actions is measured as part of the project results framework.

GAPs have been a critical element of a larger undertaking to mainstream gender at MIGA as outlined in MIGA’s first Gender Strategy Implementation Plan (GSIP) for FY21-23. The GSIP is comprised of three strategic pillars: corporate, client engagement, and partnerships (see Figure 3). MIGA is now in the process of drafting its second Gender Strategy Implementation Plan (FY24-26), the development of which coincides with a new World Bank Group Gender Strategy 2024-2030, currently undergoing a formal consultation process.

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Engaging with our clients to address gender gaps
In FY23, MIGA, working with its long-standing client, ProCredit Holding of Germany, signed its first gender-flagged project in a Fragile and Conflict-affected Situation, classified as "in conflict", Ukraine. The commitment of JSC ProCredit Ukraine, Procredit’s Ukraine subsidiary, to gender equality was evidenced by its desire to implement a GAP under the extremely difficult circumstances of Russia’s invasion of the country. The MIGA guarantee is an extension of the 2020 Capital Optimization guarantee that was maturing and now has been extended to December 2025 with the amount increased from €17 million to close to €41 million. The Capital Optimization guarantee will facilitate additional lending in local currency to small and medium-sized enterprises in Ukraine.
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ProCredit Ukraine’s GAP entails implementing a new gender training program for its staff. This training program aims to build gender knowledge, (including the business case for gender equality), gender marketing opportunities, and gender awareness, as well as training for front-line staff in selling to the women’s business segment. It is similar to the training programs that are being implemented through GAPs under implementation by ProCredit in FY23 in several of its other subsidiaries in Eastern Europe.3 These GAPs, given the different country contexts and longer maturity of the guarantees (to 2028 compared with the Ukraine guarantee), will also include the development of a gender strategy for each subsidiary.

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While Colombia has a large and sophisticated financial system that has made progress on financial inclusion, inequalities persist and access to finance remains a constraint for women-owned businesses. For example, 11.8 percent of Colombian female entrepreneurs abandon their businesses because of a lack of finance, compared with just 4.9 percent for male entrepreneurs, while only 14 percent of micro, small, and medium-sized enterprises (MSMEs) are led by women. To help address gender disparities in loan access and conditions for MSMEs, as well as other inclusion and sustainability objectives, MIGA in FY23 issued a guarantee to JPMorgan Chase Bank N.A. of the United States against the risk of non-payment of a Colombian peso-indexed loan of $285 million to Banco de Comercio Exterior de Colombia S.A. (Bancóldex), a state-owned business and export development bank in Colombia.
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As part of MIGA’s engagement , Bancóldex developed a GAP, which calls for improved access to finance for women-owned MSMEs. The plan includes the deployment of new financial and non-financial products and services to address the financial challenges experienced by women entrepreneurs. In addition, the staff of Bancóldex and its partner financial intermediaries will receive gender training. To support this work, MIGA is working to arrange a technical assistance grant to Bancóldex. The technical assistance grant will be funded by MIGA’s Fund for Advancing Sustainability Trust Fund (FASTF)—the first time this source will be tapped in support of a GAP. It is noteworthy that Claudia María González Arteaga, Bancóldex’s Chief Financial Officer, was the recipient of MIGA’s FY23 Annual Gender Leadership Award (see below).

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Gender Equality

MIGA is helping to drive gender equality through its strong partnership with financial intermediaries: lending institutions can play an outsized role in ensuring that money flows into small, medium and micro-enterprises led by women or employing women. Junaid Ahmad Vice President, MIGA, Operations

Mainstreaming gender: MIGA’s Gender Strategy Implementation Plan (GSIP), FY21-FY23
Over the past three years of MIGA’s first Gender Strategy Implementation Plan (FY21-FY23), MIGA has undergone an organizational shift in its approach to gender. Gender equality now is embedded in MIGA’s operations and incorporated into MIGA’s overall strategy and planning process. MIGA’s GSIP for FY21-23 identified opportunities for increased gender actions aligned with three strategic pillars: corporate, client engagement, and partnerships. Highlights of MIGA’s achievements from the implementation of the GSIP in FY23 are summarized in Figure 4.
MIGA's preliminary Gender Strategy Implementation Plan for FY24-26 (GSIP 2.0) builds on the substantial progress achieved during the last three years, laying a foundation for enhancing the quality and reach of its gender interventions. MIGA’s strategy will be centered on two pillars: a corporate pillar that will guide MIGA’s work within the institution; and a Client Engagement pillar that will prioritize MIGA’s ability to deliver impact in support of gender activities through its project guarantees. MIGA will use partnerships as a tool to amplify and scale up delivery of the objectives under the two strategic pillars.
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Figure 4

Mainstreaming Gender: Highlights of MIGA’s FY23 Gender Implementation Plan

Corporate Pillar

Trained each of the Operational sector teams on opportunities to narrow gender gaps in MIGA-supported projects and the Gender Flag approach

Client Engagement Pillar
Client Pillar

Catalyzed over $1.2 billion in Financial Institution lending commitments to women and women-owned businesses through MIGA-supported projects

Partnership Pillar
Partnership Pillar

Partnered with IFC's advisory teams to support technical assistance to MIGA's clients in Paraguay and West Bank and Gaza

Developed and launched a gender-based voilence (GBV) monitoring sheet tip and an e-learning module on GBV risk management

Mainstreamed Gender-based voilence (GBV) risk management into MIGA's E&S processes and procedures, working closely with the E&S unit

Co-developed, with the World Bank and IFC, the upcoming WBG Gender Strategy, 2024-2030, prioritizing innovation and financing, and action to end GBV and to elevate human capital, enable opportunities, and engage women as leaders

The business case for gender equality is overwhelming: correcting gender imbalances can lead to significant economic and business gains in developing countries. This is why MIGA is amplifying its gender commitment with the upcoming launch of its second Gender Strategy Implementation Plan, FY24-26. Ethiopis Tafara Vice President and Chief Risk, Legal and Sustainability Officer and Partnerships

Business Case
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Innovation through Female Entrepreneurship: 8th Annual MIGA Gender Leadership Award

MIGA’s Gender Leadership Award recognizes senior managers with a proven track record of furthering the cause of women’s advancement and gender equality in business, while contributing to the World Bank Group’s Mission to end extreme poverty and boost shared prosperity on a livable planet by amplifying inclusion, resilience, and sustainability.

The eighth annual award recognized Claudia María González Arteaga, Chief Financial Officer at Banco de Desarrollo Empresarial de Colombia (Bancóldex). Her dedication to innovation has boosted access to credit for women-owned MSMEs in Colombia and is helping to build a green economy and support gender equality in the country. Ms. González has a history of leadership in an industry where women make up only 18 percent of all C-suite roles, according to the 2022 Gender Balance Index.

This award incentivizes us to continue having an impact on the Colombian economy and to close gaps and create opportunities for all businesswomen in Colombia. Claudia María González Arteaga Chief Financial Officer, Bancóldex