MIGA and COVID-19
The COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures have severely impacted economic activity. The World Bank Group's latest economic forecast envisions a 5.2 percent contraction in global GDP in 2020—the deepest global recession in decades, despite the extraordinary efforts of governments to counter the downturn. The impact of COVID-19 is also expected to exert downward pressure on FDI flows, whereby FDI is expected to decrease from 30 to 40 percent during 2020-2021. The impact of the crisis on emerging markets and developing economies is expected to be particularly severe.
Given these developments and MIGA’s goal of mobilizing private investment for development, the Agency’s role of supporting investment and job creation are more critical than ever. Responding to the crisis, on April 7th, MIGA launched a $6.5 billion fast-track facility to help investors and lenders tackle COVID-19.
MIGA’s fast-track financing is available to potential clients whose projects demonstrate a clear COVID-19 related development impact. To apply for support under the facility, please contact us at: email@example.com