MIGA Issues $1.75 Billion in Guarantees to Expand Credit Access in Argentina, Peru, and Türkiye

WASHINGTON, May 20, 2025 – The Multilateral Investment Guarantee Agency (MIGA), which houses the World Bank Group Guarantee Platform, issued three guarantees totaling $1.75 billion to Banco Bilbao Vizcaya Argentaria, S.A. of Spain (BBVA). The guarantees cover the risk of expropriation of the mandatory reserves held by BBVA’s subsidiaries in Argentina, Peru, and Türkiye at their respective central banks for up to three years.    

MIGA’s guarantee de-risks a portion of BBVA’s balance sheet and frees up its risk capacity allocated to these countries, enabling Banco BBVA Argentina S.A. ($450 million), Banco BBVA Perú S.A. ($300 million), and Türkiye Garanti Bankası A.Ş. ($1 billion) to create capacity for new loans. The freed-up capital will be used to support the subsidiaries’ lending operations in green retail mortgages in Peru, and micro, small, and medium-sized enterprises (MSMEs) in Argentina and Türkiye.  

MIGA’s guarantees will enable new loan capacity totaling $2.14 billion. This will include targets on a best-efforts basis for new lending to women-owned MSMEs of $50 million in Argentina, $150 million in Peru, and $250 million in Türkiye. 

“Our guarantees play an important role in de-risking investments and enabling financial institutions like BBVA to expand their lending capacity,” said Hiroshi Matano, MIGA Executive Vice President. “We hope to enhance financial access, particularly for women-owned businesses, and mobilize climate finance to support sustainable development and economic growth in Argentina, Peru, and Türkiye.”  

In Argentina, the guarantees are part of a $12 billion, three-year World Bank Group package to support reform and help the country unlock long-term growth and job opportunities. 

This is MIGA’s first capital optimization guarantee with BBVA in Türkiye, and its second in Argentina and Peru. The project aims to enhance financial access, especially for women, mobilize climate finance, and expand private sector credit to MSMEs. In Türkiye, it will support credit growth in economically underdeveloped areas and earthquake-impacted provinces. In Argentina, it will facilitate rapid credit expansion by a leading private sector bank, while in Peru, it will bolster credit growth by a systemic bank, as the economy recovers from recent shocks. 

“We are proud to partner with MIGA to enable new lending opportunities that will drive economic growth, empower small businesses, and support the green transition in Argentina, Peru, and Türkiye," said Luisa Gómez Bravo, CFO, BBVA Group

The project will significantly enhance MIGA’s relationship with BBVA and extend MIGA’s capital optimization footprint in the ECA and LAC regions. The project also has the potential to support job creation in Argentina, Peru and Türkiye, as access to finance enables MSMEs to invest, scale up their operations, improve productivity, and enhance competitiveness, contributing to economic growth and job creation.  

About BBVA 

BBVA is a global financial services group founded in Spain in 1857, headquartered in Madrid, and ranks among Europe’s 20 largest banks, with total assets amounting to €772.40 billion ($795.39 billion, as of December 2024). The Group is present in more than 25 countries, and its business model is increasingly reliant on overseas franchises, with over 48 percent of assets held outside of Spain and 70 percent of net income generated outside of Europe (as of December 2024). It has a strong market share in Spain (3rd largest bank, 14.1 percent of market share in terms of loans), Mexico (1st largest bank, 25.4 percent) and Türkiye (2nd largest bank, 18.9 percent), BBVA’s three core markets. The franchises in South America are also sector leaders (2nd largest bank in Peru, 22.1 percent of market share; 4th in Argentina, 9.7 percent). The Group is rated BBB+ (Positive) by Fitch, A3 (Positive) by Moody’s and A (Stable) by S&P and reported a capital adequacy ratio of 16.9 percent and common equity tier 1 ratio of 12.9 percent, as of end FY24. 

About the World Bank Group Guarantee Platform    

Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.     

For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees  

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Contact:    

In Washington: Elizabeth Howton, (202) 458-5922 or ehowton@worldbankgroup.org