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Press Release

MIGA & EBRD Strengthen Commitment to Cooperation

WASHINGTON DC, May 1, 2019 – MIGA, the political risk insurance arm of the World Bank Group, and the multilateral development bank, EBRD, have agreed to cooperate more closely with an aim of increasing the flow of private sector investment into emerging economies, in line with the 2030 development goals.

The two institutions signed a Memorandum of Understanding (MOU) today that envisages greater cooperation and the use of the institutions’ respective financial products in joint projects. Such products may include political risk insurance and credit enhancement, as well as debt, equity, guarantees and risk sharing products.

The MoU also lays out a commitment to stronger cooperation on identifying new projects, while deepening ties between the two institutions and potential private sector investors. The MoU further calls for greater coordination on all stages of a project, from marketing to underwriting and implementation.

“I am delighted to renew our commitment to greater cooperation with the EBRD,” said Keiko Honda, CEO of MIGA. “This MoU charts a course for more private capital and investment across EBRD member countries.”

To help encourage more private investment in developing countries, the Eminent Persons Group established by the G20 advised that MIGA collaborate more closely with other MDBs, and this MoU contributes toward that agenda.

“MIGA and EBRD have worked together in the past to use guarantees and financial products in innovative ways,” said Suma Chakrabarti, President of the European Bank for Reconstruction and Development. “We believe that our two institutions are complementary, and today’s MoU will reinforce our cooperation and provide additional impetus”

A successful example of cooperation between the two institutions is the Elazig Hospital PPP in eastern Turkey: a MIGA guarantee in support of a €288 million corporate bond helped separate project and sovereign risk, and in so doing, attracted a group of investors to finance the construction and operation of a new hospital. The 20-year guarantee, along with a liquidity facility provided by the EBRD, led Moody’s to assign an investment grade rating of Baa2 to the bond, surpassing the host government’s sovereign rating. The new rating led to lower financing costs for project investors. Support from MIGA and EBRD was critical to attracting long-term investors.



The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The Bank is owned by 67 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. Follow us on the web, Facebook, LinkedIn, Instagram, Twitter and YouTube.

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 directly supported over $52 billion in investments in 111 developing countries.



In Washington:  Vamsee Krishna Kanchi, (202) 458-9771,

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