WASHINGTON DC, April 23, 2018—The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group, has announced the appointment of Subramaniam Vishwanathan ('Vijay') Iyer as Vice President and Chief Operating Officer.
Mr. Iyer, an Indian national, served at the World Bank between 1993 and 2015. He held various positions of increasing responsibility, including Sector Manager, Africa Energy; Director of Sustainable Energy and Extractives; and Senior Adviser, Infrastructure, South Asia Region.
Iyer joins MIGA from Rio Tinto, a leading global metals and mining company, where he served as Managing Director in India for the past three years. During his tenure, he repositioned the company's India strategy, expanded its technology and global shared services, and advanced the company's sustainability agenda and employee safety.
In this new position, Iyer's top three priorities will be to: (i) drive further business growth, especially in IDA partner countries, and increasing collaboration with the World Bank -- including the implementation of the Maximizing Finance for Development initiative and strengthening MIGA's partnerships with IFC, ii) build purposeful coalitions with member host governments; and (iii) drive superior team performance and results through a values-based, empowering, learning and growth oriented culture.
"At a time when MIGA is growing from strength to strength, Vijay brings to MIGA a formidable set of skills, experience and creativity," MIGA Executive Vice President and CEO Keiko Honda said. "I am tremendously pleased to welcome him to the MIGA family."
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 $45 billion in investments for 830 projects in 111 developing countries.
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