MIGA's 35th Anniversary
MIGA recently celebrated a significant milestone by issuing its 1,000th project guarantee, highlighting its 35-year history of supporting critical initiatives in emerging markets. For its 1,000th project, MIGA provided up to $550 million guarantees to international lenders to cover loans for the government of Senegal.
MIGA's ongoing commitment to Senegal and the Dakar Port includes previous guarantees totaling $99 million, which facilitated modernization efforts, doubled container-handling capacity, and improved operational efficiency. This transformation of Dakar Port has strengthened Senegal's connection to the global economy, boosting imports and exports, creating local jobs, and supporting economic growth.
Over its 35-year history, MIGA has provided over $76 billion in guarantees across 123 countries, generating over 156,000 jobs in the past decade. MIGA continuously innovates its product line to address changing global needs and align with the UN Sustainable Development Goals. Recent priorities include the poorest countries, fragile and conflict-affected situations, gender equality, and climate mitigation and adaptation projects. MIGA's guarantees have consistently enabled investments that stimulate economic growth, create jobs, and alleviate poverty in emerging markets, with Senegal's thriving port serving as a testament to their impact.
In FY23, MIGA achieved a record-breaking milestone by issuing $6.4 billion in new guarantees across 40 projects in 29 countries, marking the highest volume of guarantees in its 35-year history. Most of these projects were directed toward low-income countries, fragile and conflict-affected regions, and climate finance initiatives, underlining MIGA's commitment to its strategic priorities.
These guarantees are expected to create a significant impact, including providing millions of people with the internet and mobile network access, generating significant tax revenue for host governments, creating thousands of jobs, and reducing CO2 emissions.