OUR IMPACT
Middle East and North Africa
The Middle East and North Africa (MENA) is at a critical crossroads and the World Bank Group, including MIGA, has a vital role to play in helping the region lay the foundation for stability and shared prosperity.
In FY23, MIGA issued one capital optimization guarantee for $193 million covering the guarantee holder’s voluntary reserves held at the Central Bank of Algeria. In FY22, MIGA supported three projects in the region and issued guarantees totaling $716 million. This included an innovative guarantee for the first private green bond issuance in Egypt and a NHSOE guarantee in Morocco.
MIGA’s work in the MENA region covers a wide range of sectors, such as agribusiness, manufacturing, power and water.
EXAMPLES OF MIGA-SUPPORTED PROJECTS IN THE MIDDLE EAST AND NORTH AFRICA
Palestinian Territories
In 2023, MIGA, as administrator for the West Bank and Gaza Investment Trust Fund (WBGTF), is partnering with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to guarantee up to $16.61 million of investments into Nakheel Palestine for Agriculture Investment, a leading producer of dates in the West Bank.
Nakheel specializes in the production and sale of Medjool and Barhi dates. The project includes seven farms, a packaging facility for post-harvest handling of dates, a sorting and grading house, a cold storage facility, and a rooftop solar power plant – all located in the West Bank.
Morocco
In FY22, MIGA issued a guarantee to Credit Agricole Corporate and Investment Bank of France and BNP Paribas of France amounting to EUR570 million to cover loans to OCP Group, a major player in plant nutrition and world leader in the phosphate industry. The guarantee extends for a period of up to 10 years and provides protection from the risk of non-payment by a state-owned enterprise. OCP Group will use the funds to finance the construction of a new university campus for the Mohammed VI Polytechnic University (UM6P) near Morocco’s capital city of Rabat.
Egypt
In FY22, MIGA issued a guarantee of $98.3 million to Virtuo Finance S.a.r.l. (Virtuo), boosting the sustainable refinancing of six operational solar power plants in Egypt’s Benban Solar Park (Power Plants), the largest photovoltaic (PV) solar park in Africa. The refinancing will reduce financial costs, improve overall financial viability, and generate cost savings to be shared with the Government of Egypt.
West Bank and Gaza Investment Guarantee Trust Fund
The West Bank and Gaza Investment Guarantee Trust Fund was established in 1997 by MIGA, the Palestinian Authority, Japan’s Ministry of Finance, and the European Investment Bank. It assists the West Bank and Gaza, a fragile and conflict-affected situation (FCS), in attracting foreign direct investments (FDI), and in turn promoting local private sector investments and contributing to reconstruction and economic growth. The fund offers foreign and local private sector investors insurance that allows them to manage non-commercial risks.
The trust fund has been supporting a number of projects across Palestine, including Nakheel Palestine for Agricultural Investment, Al Haram Modern Plastic Products Industry Company, Al Jebrini Cheese Industry, Beit Jala Pharmaceutical Company, and National Beverage Company (Gaza Branch).