Guarantee Platform

In 2025, as foreign investment into developing economies stalled and finance gaps widened, MIGA helped de-risk private capital at scale so it could flow where it is needed most. In a year marked by flat FDI and mounting climate and trade shocks, MIGA and the World Bank Group Guarantee Platform used guarantees more strategically to narrow the finance gap and support climate, trade, and gender goals.Steep finance gaps, rising needs Businesses and individuals in emerging markets and developing economies (EMDEs) continued to struggle in 2025 to gain access to the finance they need to grow, flourish, create jobs, and reduce poverty.  Foreign direct investment into developing economies was broadly flat in the first half of 2025, though trends diverged by region. Inflows grew slightly in the Asia and Latin American and Caribbean regions, but fell 42 percent in Africa from the previous year. The latest IFC–World Bank MSME Finance Gap Report (March 2025) estimated that across 119 EMDEs, there is a finance gap of about $5.7 trillion, equivalent to 19 percent of GDP and 20 percent of total private sector credit.Against this backdrop, the Multilateral Investment Guarantee Agency (MIGA) continued to unlock much needed private capital and cross-border investment into EMDEs to provide financing to small businesses and individuals.The year brought $6.5 billion in new MIGA guarantees and another $2 billion in guarantees issued by other World Bank Group institutions through the World Bank Group Guarantee Platform, which is housed at and overseen by MIGA. These guarantees enabled private investment into countries and regions that might otherwise be unable to attract it.Narrowing the Finance Gap MIGA’s capital optimization guarantees helped banks expand lending without taking on more risk. A $1.75 billion MIGA guarantee issued to Banco Bilbao Vizcaya Argentaria (BBVA) in 2025 will unlock $2.14 billion in new loans by the Spanish bank’s subsidiaries in Argentina, Peru, and Türkiye. MIGA’s guarantee de-risks a portion of BBVA’s balance sheet and frees up risk capacity allocated to these countries. The freed-up capital will be used to support the subsidiaries’ lending operations in green retail mortgages in Peru, and to micro, small, and medium-sized enterprises (MSMEs) – including women-owned MSMEs – in Argentina, Peru, and Türkiye. Two other MIGA guarantees to two banks with subsidiaries in Ukraine will increase lending to 34,000 clients and 2,000 small businesses, farmers, and women in a country severely affected by conflict.Similar guarantees, which work by covering the risk of expropriation of mandatory reserves at a lender’s subsidiaries in developing economies, were issued in Argentina, Cambodia, and Serbia, helping de-risk private capital so it can reach underserved clients in challenging markets.Supporting Trade This year, rising trade volatility driven by policy uncertainty, growing protectionism, geopolitical tensions, and shifting inflation and interest rate policies threatened access to critical imports in many EMDEs. In response, MIGA guarantees supported and facilitated trade finance around the globe, helping countries safeguard flows of essential goods. A €207 million MIGA guarantee to Deutsche Bank for its trade loan facility to the government of Angola supported trade-related payments for food, agriculture and healthcare imports in a country where heavy dependence on the oil sector has strained the economy and made it harder to secure access to critical imports. A $700 million trade finance guarantee program for Banco do Brasil enabled exporting enterprises in Brazil to purchase equipment and inputs related to renewable energy, including biofuels, solar power, and wind power in the agricultural sector, supporting greener agribusiness value chains.Several other MIGA guarantees centered on trade support and exporting enterprises during the year, sustaining jobs and incomes in sectors heavily exposed to global demand.Climate Adaptation and Mitigation Meanwhile, climate impacts continued to grow in EMDEs, yet adaptation financing needs in these countries is estimated to be 12 to 14 times greater than current flows. To help counter the shortfall, multiple MIGA guarantees freed up lending for climate finance – from green mortgages and urban flood infrastructure to distributed renewable energy and climate-smart agriculture – in Colombia, Türkiye, Peru, and Argentina, among other nations. These operations are helping countries boost resilience while accelerating low-carbon growth.Overall, guarantees issued by MIGA connected more people to electricity, helped build and improve infrastructure, empowered women, and supported agribusiness, among other development goals. They spanned sectors and geographies, supporting investments in Asia, the Middle East, Africa, Latin America and the Caribbean, and Europe, and reinforcing MIGA’s role in mobilizing guarantees for impact in some of the world’s most challenging markets.The One World Bank Group Approach In 2025, the World Bank Group made it easier for governments and investors to access guarantees through a single platform – and used them more strategically in the countries that need them most. The World Bank Group Guarantee Platform offers a single entry point for WBG guarantees, whether they’re issued by MIGA, IBRD/IDA, or IFC. This shift is helping put the institution on a solid path towards an ambitious goal: deploying $20 billion in guarantees  by 2030, unlocking much larger flows of private investment for development. In September 2025 the Guarantee Platform enabled the first-ever combination of a MIGA political risk guarantee and an IBRD policy-based guarantee. Together the two 15-year guarantees unlocked a €433.3 million (approximately $505 million) sustainability-linked loan from Standard Chartered Bank to the government of Côte d’Ivoire. The financing will support investments in renewable energy, forest protection, and reforestation, while helping the country keep its public debt on a sustainable path – and it provides a model for how guarantees can be combined to tackle complex climate and development challenges.A Change of Leadership Near the end of 2025 the MIGA family and the broader World Bank Group bid a fond farewell to Hiroshi Matano, who served as MIGA’s Executive Vice President for six years, during which MIGA reached record guarantee volumes and helped launch the World Bank Group Guarantee Platform. MIGA also welcomed Tsutomu Yamamoto as its new Managing Director. MIGA looks ahead to 2026 with confidence that a new era under Tsutomu’s guidance will further the goals of both MIGA and the broader World Bank Group and continue to de‑risk private capital at scale for development impact.  

The US$758 million guarantee will help BancoEstado scale lending for climate action, women entrepreneurs, and low income households.

Tsutomu Yamamoto takes the helm at MIGA at a critical juncture.HighlightsYamamoto’s arrival marks the next phase in the WBG’s efforts to scale up guarantees to mobilize private capital for developmentYamamoto brings more than three decades of international banking experience to MIGAHe sees the One World Bank Group strategy as a huge opportunityThis week Tsutomu Yamamoto became the new Managing Director of MIGA, succeeding Hiroshi Matano.Yamamoto arrives at a critical juncture for MIGA and the World Bank, as this leadership transition at the Agency marks the next phase in the World Bank Group’s efforts to scale up guarantees as a core instrument for mobilizing private capital in developing countries. That begins with the WBG’s Guarantee Platform. Initiated in June 2024, the Platform consolidates guarantee products and experts from across the Bank at MIGA. It provides a simplified and comprehensive menu of guarantee solutions that enable clients to select the instruments that best suit their needs, and it streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. The goal for the Platform – which World Bank President Ajay Banga announced at its launch 18 months ago – is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030. Issuance through the Platform grew robustly under Hiroshi Matano, reaching $12.3 billion in fiscal year 2025, $9.5 billion of which was in MIGA guarantees. But there is much work to be done to reach the 2030 goal. That’s where Yamamoto, who will oversee the World Bank Group Guarantee Platform in addition to his top leadership role at MIGA, comes in. Three Decades of Investment ExperienceA Japanese national, Yamamoto arrives at MIGA with 35 years of experience in international banking and finance in both developing and advanced markets with Mizuho Bank, a global financial and investment firm. He most recently served as Senior Managing Executive Officer and Head of Global Transaction Banking at Mizuho Financial Group, helping to lead operations in the Americas, Asia, and Europe and overseeing a portfolio focused on cross‑border investment, risk mitigation, and trade finance – skills and experience tailor made for this moment in development. Yamamoto also has extensive experience in building relationships with key stakeholders and leading complex global projects. Notably, he partnered with Japan International Cooperation Agency on the co-financing of infrastructure projects in emerging markets. He also led an expansion of financial services in India and promoted the digitalization of electronic bank guarantees. His deep expertise in cross-border investment, risk mitigation, and private sector financing uniquely positions him to lead MIGA and further strengthen the Guarantee Platform, a cornerstone of the World Bank Group’s evolution agenda. A Career Turning PointAfter a 35-year career at Mizuho, Yamamoto was looking for a change. “I seriously thought about what I should do for the rest of my life, the rest of my career,” he says. “And a clear message came to me, which is that I really would like to become of help of others who are in need of support, especially those who are in a difficult situation irrespective of their efforts.” Yamamoto says his global experience in both advanced and developing economies taught him that people cannot always choose their circumstances and often require assistance to better their lives. That realization is what drew him to MIGA and to the World Bank Group's mission.The One Bank MindsetThe evolving One World Bank Group strategy is nothing new to Yamamoto. Mizuho was created via a 2000 merger between three major Japanese banks. For years the entities operated independently until leadership realized what clients had known all along: they didn't care which door they walked through. They just wanted solutions."By combining strengths together, we can resolve clients' issues in a much better way," Yamamoto explains. That "One Bank" thinking became so embedded at Mizuho that they eventually stopped emphasizing it because it was simply how they worked.He sees the same opportunity at the World Bank Group. With clients eager to deepen relationships across the institution, why limit activities to any single entity? "It makes more sense to widen the relationship," he says. "And MIGA can be of help to other institutions within the group which is very, very important."His track record speaks to this collaborative instinct. Whether architecting fintech partnerships, negotiating correspondent banking networks, or co-financing with development agencies like JICA, Yamamoto has consistently built platforms that multiply impact through partnership.Passing the TorchThis leadership transition from Hiroshi Matano to Yamamoto will ensure continuity of MIGA’s mission and alignment with the World Bank Group’s strategic priorities. MIGA is committed to supporting sustainable development by leveraging private capital to address global challenges – from climate change to fragility – while creating opportunities for communities around the world. As MIGA bids farewell to Hiroshi Matano, whose visionary leadership has left an enduring legacy, the organization looks ahead with confidence to a new era under Tsutomu Yamamoto’s guidance.   For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees.  Stay updated and follow us at https://x.com/MIGA and https://www.linkedin.com/company/wb-miga