WASHINGTON DC, April 30, 2018— Keiko Honda, Executive Vice President and CEO of the Multilateral Investment Guarantee Agency (MIGA) - the political risk insurance arm of the World Bank Group – is in Johannesburg from May 3-4 to meet with private sector investors and government officials.
While in South Africa, Honda will take stock of progress on MIGA-backed projects and explore opportunities for supporting further private sector activity.
"The Government has set an ambitious plan for drawing in private sector investment," said Honda. "We are committed to supporting this ambition by helping reduce risk for investors and lenders."
MIGA currently supports eight projects in South Africa, amounting to some $1.56 billion in political risk insurance and credit enhancement. MIGA also provides guarantees amounting to over $630m for outward investment from South Africa to other parts of Africa. MIGA's current support to the continent as a whole is $4.9 billion.
Recent projects MIGA has supported in South Africa include three wind power farms to be built and run by Lekela Power in Khobab, Loeriesfontein, and Noupoort. Once operational, these farms will have a generation capacity of 360 MW. MIGA has also recently supported first-time investments by CIGenCo SA in two solar power plants in neighboring Namibia.
As a member of the World Bank Group, MIGA is focused on development impact by helping mobilize private capital. Clients with whom MIGA works in the country are expected to provide over 57,000 people with access to power, generate $546 million annually in government revenues, provide $1.6 billion in loans per annum, and avoid 1.4 million metric tons of greenhouse gases.
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.
This year marks MIGA's 30th Anniversary. Over the last three decades, MIGA has directly supported almost $47 billion in investments for over 830 projects in 111 developing countries.
In Washington: Vamsee Krishna Kanchi, (202) 458-9771, firstname.lastname@example.org
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