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Press Release

MIGA CEO Keiko Honda in Solomon Islands to Encourage Private Sector Investment

Keiko Honda will visit Honiara, Solomon Islands on August 22 to meet with government officials and private sector investors.

WASHINGTON DC, Aug 14, 2019 – Keiko Honda, CEO of the Multilateral Investment Guarantee Agency (MIGA) - the political risk insurance arm of the World Bank Group - will visit Honiara, Solomon Islands on August 22 to meet with government officials and private sector investors.

Honda will meet with government ministries and private sector entities to discuss strengthening cooperation to better support foreign direct investment into the country. She will highlight ways MIGA's political risk insurance can offer potential investors protection to overcome constraints that may hinder investment.

"What's often missing is not financing, but rather investable projects. Solomon Islands has strong needs for improved infrastructure and can leverage cross-border investors to help meet this need," said Honda. "I look forward to learning how MIGA can help draw private capital to meet the country's development goals."

In FY 2019, MIGA mobilized $9.3 billion in development financing by issuing $5.5 billion in guarantees, double that from six years ago. The Agency’s gross guarantee exposure was a record $23.3 billion, also over double that from six years ago. The guarantees MIGA extended globally over the last six years are expected to help provide access to power to 50 million people, generate $3.9 billion in taxes and fees paid annually to host governments, and avoid an estimated 7.4 million tons of CO2 equivalent emissions.

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MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war & civil disturbance; and offering credit enhancement to private investors and lenders.

Since its creation, MIGA has issued over $55 billion in guarantees across 111 developing countries.

Contacts:

In Washington: Vamsee Krishna Kanchi, +1(202) 458-9771, vkanchi@worldbank.org

For more information, please visit: http://www.miga.org

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