Annual Reports

In fiscal 2025, MIGA became the home of the new World Bank Group Guarantee Platform. In its first year, the platform issued $12.3 billion in guarantees to 77 projects in 40 countries and one regional development bank.

The Multilateral Investment Guarantee Agency (MIGA) provides guarantees against non-commercial risks to facilitate the flow of foreign investment in developing countries and lift people out of poverty. Our mandate is to encourage foreign direct investment to developing member countries by providing non-commercial risk guarantees (that is, political risk insurance, credit enhancement products, and trade finance guarantees) to investors and lenders.

In fiscal 2025, MIGA became the home of the new World Bank Group Guarantee Platform. In its first year, the platform issued $12.3 billion in guarantees to 77 projects in 40 countries and one regional development bank. The platform brings together development experts and products from across the organization, making it easier for clients to do business with the World Bank Group.

MIGA alone issued a record $9.5 billion in new guarantees across 44 projects in fiscal 2025. Through these projects, MIGA remained focused on encouraging private investment to facilitate economic development in host countries by helping clients manage and mitigate noncommercial risks. In fiscal 2025, 75 percent of the 44 projects supported at least one of MIGA’s strategic priority areas. Its commitment to IDA–eligible countries was substantial, supporting 15 projects. MIGA’s engagement in fragile and conflict-affected situations was also notable, supporting eight projects, representing 18 percent of the total projects supported. And climate finance initiatives were a significant focus this year, with MIGA issuing guarantees for 25 projects (representing 57 percent of the total projects).

As a result, the fiscal 2025 issuances are expected to:

• Provide 1.2 million people and businesses with access to finance
• Mobilize $9.8 billion in private capital
• Strengthen food and nutrition security for 1.5 million people
• Provide 4.4 million people with access to electricity
• Avoid more than 1.7 million metric tons of carbon dioxide gas emissions annually 

An institution of the World Bank Group, MIGA is committed to creating strong development impact and supporting projects that are economically, environmentally, and socially sustainable.

MIGA is committed to sustainable development. Our third Sustainability Report explores how this commit­ment has been fulfilled in 2023. We provided $1.5 billion in guarantees for climate adaptation and climate mitigation finance. In total, climate finance represented 28 percent of MIGA’s guaranteed investments in FY23.

It is my privilege to introduce MIGA’s Sustainability Report 2023, which comes at a decisive juncture for the global community, the World Bank, IFC and MIGA. In September, the United Nations published its first official assessment of the collective progress on addressing climate change since the 2015 groundbreaking Paris Agreement, in which virtually every country agreed to pursue efforts to hold global warming to 1.5 degrees Celsius above pre-industrial levels.

The stocktake does not mince words: "The window to keep limiting warming to 1.5 °C within reach is closing rapidly, and progress is still inadequate based on the best available science." In fact, we can see and feel the impact of climate change in our own lives and on people and our planet in the multiplying examples of extreme heat, wildfires, droughts and flooding. The report’s technical findings clearly set out the urgent need for more to be done by all actors, as well as the dire consequences if we fail to act boldly now.

The World Bank has been doing its own stocktake to assess our contribution to tackling the many global challenges facing our clients and client countries, including climate change and sustainability. The World Bank can count many areas of progress and impact, starting with its role as the leading provider of climate-related development finance; the launch of groundbreaking individual Country Climate and Development Reports that recommend critical actions to tackle climate change and, since July 1st, 2023, alignment of new projects with the goals of the Paris Agreement.

Celebrating 35 years since its founding, in FY23 MIGA issued a record $6.4 billion in new guarantees across 40 projects. Through these projects, the Agency remained focused on encouraging private investors to help host governments manage and mitigate political risks. Working with clients and partners, MIGA supported $8.6 billion in total financing (from private and public sources). Almost all of the Agency’s projects supported at least one of its three priority areas: 27 percent of gross issuances went to IDA-eligible (lower-income) countries, 19 percent went to fragile and conflict-affected countries, and 28 percent of the total guaranteed investment of the projects contributed to climate finance.

As a result, our FY23 issuances are expected to help create 8,774 jobs and enable $2.6 billion in loans, including for small and medium enterprises and climate-related activities. In addition, MIGA projects connected 55 million people to mobile telephone networks and 40 million to the internet.

In FY23, as it did during the COVID-19 pandemic, MIGA demonstrated its agility to respond to crisis, employing multiple products during the year to assist the embattled people of Ukraine following Russia’s invasion.

An institution of the World Bank Group, MIGA is committed to strong development impact and supporting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance. It also offers trade finance guarantees, as well as credit enhancement on obligations of sovereigns, sub-sovereigns, state-owned enterprises, and regional development banks.

MIGA is committed to sustainable development. Our second Sustainability Report explores how this commit­ment has been fulfilled in 2022. We provided $1.14 billion in guarantees for climate adaptation and climate mitigation finance. In total, climate finance represented 28 percent of MIGA’s guaranteed investments in FY22, the highest percentage in MIGA’s history.

In FY22, MIGA issued $4.9 billion in new guarantees across a record 54 projects. Through the projects we supported, we remained focused on encouraging private investors to work with host governments by helping manage and mitigate political risks. Working with our clients and partners, we supported $6.5 billion in total financing (from private and public sources). Almost a third of our gross issuances supported projects in IDA (lower-income) countries; 12 percent went to fragile and conflict-affected countries; and 28 percent of the total guaranteed investment of the projects supported contributed to climate finance.

As a result, our FY22 issuances are expected to help provide access to power to some 15 million people, support nearly 20,000 jobs, and enable $1.9 billion in loans, including those for small and medium enterprises and climate-related activities. Since its inception in April 2020, the Agency has also issued $7.64 billion of guarantees through its COVID-19 Response Program, a testament to the countercyclical role that MIGA can play in mobilizing private investment in the face of the pandemic.

An institution of the World Bank Group, MIGA is committed to strong development impact and promotion of projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance, as well as offering credit enhancement on sovereign obligations.

MIGA is committed to sustainable development. Our first Sustainability Report explores how this commit­ment has been fulfilled in 2021. Working with our private sector clients and our public sector partners, MIGA has worked to support green, resilient, and inclusive solutions to development challenges across the globe. We continue to expand our ambitions to achieve sustainable and green solutions—work that we believe is all the more important given the challenges of the COVID-19 pandemic and the expanding number of conflicts that disproportionally impact the poorest.

In FY21, MIGA issued US$5.2 billion in new guarantees across 40 projects. These projects are expected to provide 784,000 people with new or improved electricity service, create over 14,000 jobs, generate over US$362 million in taxes for the host countries, and enable about US$1.3 billion in loans to businesses—critical as countries around the world work to keep their economies afloat. Of the 40 projects supported during FY21, 85 percent addressed at least one of the strategic priority areas, namely, IDA-eligible countries (lower-income), fragile and conflictaffected situations (FCS), and climate finance.

As of June 2021, we have also issued US$5.6 billion of guarantees through our COVID-19 Response Program and anticipate an expansion to US$10–$12 billion over the coming years, a testament to the countercyclical role that MIGA can play in mobilizing private investment in the face of the pandemic.

A member of the World Bank Group, MIGA is committed to strong development impact and promoting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance, as well as offering credit enhancement on sovereign obligations.

Our mandate is to promote cross-border private investment in developing countries by providing guarantees (political risk insurance and credit enhancement) to investors and lenders.

The COVID-19 pandemic is expected to decrease global foreign direct investment (FDI) by up to 40 percent in 2020, and the World Bank Group forecasts that the global economy will experience the worst recession since World War II. Developing countries are at risk of wiping out critical development gains, and millions might be pushed into extreme poverty.

Against the backdrop of these challenges, MIGA’s role and mission remain more essential than ever. In FY20, MIGA issued nearly US$4 billion in new guarantees, helping mobilize over US$7 billion in total financing. FY20 projects will provide access to power to some 12.4 million people, procure US$4.3 million in goods locally each year, and avoid approximately 3 million tons of carbon dioxide equivalent (tCO₂e) emissions per year.

A member of the World Bank Group, MIGA is committed to strong development impact and promoting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, war and civil disturbance, as well as offering credit enhancement on sovereign obligations.

Private investors provide not just financing, but also solutions, for projects in developing countries. Yet, non-commercial risks can make them hesitant to invest in developing countries.

A member of the World Bank Group, MIGA is committed to strong development impact and promoting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance, and also offers credit enhancement.

Over the last six years, MIGA has doubled its portfolio, resulting in approximately 50 million people gaining access to power, and $3.9 billion in annual taxes and fees paid to host governments through MIGA-supported projects.