Partnering with others in insurance and development finance is essential for delivering results on the ground. MIGA’s Executive Vice President serves as co-chair of the steering committee of the Insurance Development Forum, a public-private partnership that brings together private and public insurance companies to optimize the use of insurance to build greater resilience. MIGA is also a member of the Berne Union of global export credit and investment insurance providers. The Berne Union actively facilitates cross-border trade by supporting international acceptance of sound principles in export credits and foreign investments.
In July 2023, MIGA signed a memorandum of understanding with the International Solar Alliance (ISA). ISA is a treaty-based collaborative platform that allies more than 100 signatory countries for increased deployment of solar energy technologies as a means for bringing energy access, ensuring energy security, and driving energy transition globally. The agreement paves the way for MIGA to help ISA deliver its three strategic pillars of programmatic support, analytics and advocacy, and capacity building, recognizing that promoting the expansion of renewable energy is a strategic priority for MIGA and an area where MIGA has long-standing experience.
In December 2023, MIGA and the International Renewable Energy Agency (IRENA) signed a collaborative partnership agreement to enhance capital mobilization to scale up the implementation of renewable energy and energy transition projects. MIGA is now a partner of the Energy Transition Accelerator Financing (ETAF) platform, a climate finance mechanism managed by IRENA. ETAF facilitates climate finance projects that advance global energy transition in IRENA member countries.
In March 2024, MIGA, with the International Law Institute (ILI), delivered capacity-building workshops in Kigali, Rwanda, and Dodoma, Tanzania, focused on political risk insurance in the context of public-private partnerships. Government officials participating in these workshops enhanced their understanding of the insurance and its role in attracting private capital for infrastructure development.
In May 2024, MIGA and Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF), the largest non-mutual private insurance company in Japan, signed a cooperation agreement to promote FDI in developing countries. The three-year strategic partnership leverages the expertise of both organizations to catalyze sustainable economic growth and development. The agreement facilitates investment by providing guarantees, co-insurance, and reinsurance for projects in developing countries. MIGA and TMNF will collaborate to identify and support joint projects and combine their respective expertise, providing comprehensive support for investments.
In June 2024, at the Ukraine Recovery Conference 2024, MIGA signed a memorandum of understanding with KUKE, the official export credit agency of Poland, to support and encourage trade and FDI by Polish companies in Ukraine and other countries. The agreement provides a framework for cooperation on projects through joint insurance, parallel insurance, and reinsurance arrangements. This agreement reflects Poland’s strong desire to support Ukraine’s reconstruction and MIGA’s strategy of partnering with public sector insurers given the lack of private market insurance for war risks. The cooperation builds on the agreement between the U.S. International Development Finance Corporation (DFC) and MIGA to collaborate on insuring projects in Ukraine. DFC and MIGA have partnered to co-insure a manufacturing project in Ukraine, each entity covering approximately $25 million against political risks, including war and civil disturbance.
This year, MIGA and IFC signed three-year cooperation agreements with Nippon Export and Investment Insurance (NEXI), the official export credit agency of Japan, to promote FDI in developing countries. The organizations share expertise and resources to identify prospects for joint projects, including conducting joint due diligence missions, marketing efforts, and training programs to enhance efficiency, impact, and speed.