Definitive Application Fee:

$5,000 for cover of less than $25 million and $10,000 for larger amounts. The application fee is applied toward the initial premium or, if MIGA rejects the project for any reason, the fee is refunded. 

Processing Fee:

Additional fees may be required for complex projects. For example, fees may be required to cover the cost of site visits for environmental and social due diligence. 

Syndication Fee:

If applicable, a fee will be applied when MIGA arranges a project’s total insurance requirements through reinsurance.

Definitive Application and Client Documentation

The next step is for the client to submit a Definitive Application (the form will be provided by MIGA’s underwriting team). After receiving the completed Definitive Application, MIGA begins a thorough review of the project. To ensure a quick underwriting process, the project sponsors must submit supporting documentation, which we review to ensure that the project meets MIGA’s policies and guidelines. The supporting documentation we require to begin the formal underwriting process typically may include:

• Feasibility study or a business plan supporting the economic viability and financial soundness of the project
• Financial forecast/ model
• All loan documentation, including shareholder and non-shareholder loans (drafts acceptable during underwriting) and all loan-related documents
• All loan guarantees (including back-stop guarantees from parent companies)
• Financial statements and incorporation documents/by-laws from the investor and the project enterprise in the host country
• Environmental permits/environmental impact assessment if applicable
• Land purchase/lease agreements
• All other applicable project licenses/ permits/ agreements/contracts

The MIGA Exclusion List defines the types of projects that MIGA does not guarantee.

MIGA does not underwrite the following projects:

• Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and agreements, or subject to international bans, such as pharmaceuticals, pesticides/herbicides, ozone depleting substances, PCB, wildlife or products regulated under CITES.
• Production or trade in weapons and munitions.
• Production or trade in alcoholic beverages (excluding beer and wine).
• Production or trade in tobacco.
• Gambling, casinos and equivalent enterprises.
• Production or trade in unbonded asbestos fibers. This does not apply to purchase and use of bonded asbestos cement sheeting where the asbestos content is less than 20 percent.
• Drift net fishing in the marine environment using nets in excess of 2.5 km. in length.

A reasonableness test will be applied when the activities of the project company would have a significant development impact but circumstances of the country require adjustment to the Exclusion List.

All financial intermediaries (FIs), except those engaged in activities specified below*, must apply the following exclusions, in addition to MIGA’s Exclusion List:

• Production or activities involving harmful or exploitative forms of forced labor/harmful child labor.
• Commercial logging operations for use in primary tropical moist forest.
• Production or trade in wood or other forestry products other than from sustainably managed forests.

When investing in microfinance activities, FIs will apply the following items in addition to the MIGA Exclusion List:

• Production or activities involving harmful or exploitative forms of forced labor/harmful child labor.
• Production, trade, storage, or transport of significant volumes of hazardous chemicals, or commercial scale usage of hazardous chemicals. Hazardous chemicals include gasoline, kerosene, and other petroleum products.
• Production or activities that impinge on the lands owned, or claimed under adjudication, by Indigenous Peoples, without full documented consent of such peoples.

Trade finance projects, given the nature of the transactions, FIs will apply the following items in addition to the MIGA Exclusion List:

Production or activities involving harmful or exploitative forms of forced labor/harmful child labor.