MIGA CEO Keiko Honda in Spain to Strengthen Ties with Investors

WASHINGTON DC, May 24, 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 Madrid on May 29 to meet with private sector investors and government officials.

While in Spain, Honda will take stock of progress on MIGA's support for Spanish firms, and explore opportunities for supporting further private sector activity.

"Spanish investors are playing a crucial role in driving investment to developing countries in key sectors such as energy and infrastructure," said Honda."We are pleased to be helping mitigate their risks, and are committed to doing more in the future."

MIGA currently guarantees eight projects financed by Spanish firms, amounting to some $2.1 billion in political risk insurance and credit enhancement. Recent projects MIGA has worked on with Spanish firms include solar power in Egypt, and the metro system in Panama.

As a member of the World Bank Group, MIGA is focused on development impact by helping mobilize private capital. Projects financed by Spanish investors and lenders that MIGA is working with are expected to provide over 195,000 people with access to power, generate $115 million annually in host government revenues, provide $1.8 billion in loans per annum, and support the creation of approximately 1,700 direct jobs.

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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.

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.

Contacts:

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

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

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