Foreign investors have become willing to commit capital beyond their borders in recent years, but investment remains scarce in countries affected by fragility, conflict and violence (FCV). These fragile and conflict-affected situations (FCS) struggle to attract foreign capital because investors fear the worst: civil war, expropriation of assets, breach of contract, currency restrictions, etc.
MIGA’s mission is to get investment capital flowing into fragile countries so they, too, can benefit from the local industries that spring up when investors look abroad. MIGA does that by providing insurance against risks that are unique to FCS. Like investors, many private sector insurers are unwilling to underwrite projects in unstable places. Guided by expert, experienced staff, MIGA can cover these risks at reasonable cost.
MIGA at Work
MIGA’s underwriters are at work all over the globe. In FY24, MIGA’s support to FCS totaled $945 million or 12% of the gross issuance, in respect of eight projects across five countries including Congo DRC, Ethiopia, Kosovo, Somalia and Ukraine. MIGA’s support in Ukraine includes the Agency’s first trade finance transaction, a $10 million first loss guarantee with EBRD, and two capital optimization guarantees that provided the necessary capital relief to financial institutions in their continued operations in the country.
Leveraging a Unique Role Within the World Bank Group
MIGA is stepping up its focus on FCV countries, guided by the World Bank Group Strategy for Fragility, Conflict and Violence 2020-2025. This extensive strategy, created through an inclusive stakeholder process, systematically brings a full suite of financing and expertise to address challenges in both low- and middle-income fragile countries.
The Agency’s efforts have been further boosted by the introduction of the $2.5 billion International Development Association (IDA) IFC-MIGA Private Sector Window (PSW) in IDA18. The IDA PSW extends credit to private companies that want to invest in fragile and conflict-affected situations (FCS). MIGA provides insurance to investors through the PSW, bolstering IDA’s offering there.
The World Bank Group’s aim is to make the window a one-stop shop for investors in FCS, and it’s just one of the ways that MIGA is helping the Bank Group do more each year to eliminate extreme poverty across the globe. Together with IFC, MIGA plays an important role in the PSW facility.
Examples of MIGA-Supported Projects in Fragile Countries
Mozambique
On December 19, 2025, the Multilateral Investment Guarantee Agency (MIGA), home of the World Bank Group Guarantee Platform, issued a 20‑year guarantee of $7.96 million to Globeleq Africa Limited of the United Kingdom to support its investment in Central Eléctrica de Tetereane, S.A. (CET) in the Republic of Mozambique. The guarantee covers the risk of breach of contract related to a 25‑year power purchase agreement (PPA) with Electricidade de Moçambique (EDM), Mozambique’s state‑owned electricity utility.
The CET Project is a solar power facility in Cuamba, Northern Mozambique, that combines an 18.75 MWp solar PV plant with a battery storage system to deliver clean, reliable electricity. It is located in a region with low electricity access and is intended to support households and businesses.
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