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MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

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Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

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Explore different types of political risk insurance guarantees provided to investors and lenders.

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Press Release

United Kingdom Provides £20 Million to MIGA’s Ukraine Trust Fund

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WASHINGTON, November 30, 2023 – The United Kingdom today announced a contribution of £20 million to the Support to Ukraine’s Reconstruction and Economy (SURE) Trust Fund, launched by the Multilateral Investment Guarantee Agency of the World Bank (MIGA) in February 2023.

Russia’s invasion of Ukraine has caused damage estimated by the World Bank at $411 billion. Rebuilding on such scale requires private investments and solutions that facilitate private sector investment, key among them mitigation of war risk. MIGA can provide meaningful contribution to offering such solutions to the private sector.

The support from the United Kingdom will be crucial in continuing our support to Ukraine, and help keep the economic engine humming,” said Hiroshi Matano, Executive Vice President of MIGA.The SURE Trust Fund has already supported several projects in Ukraine. We are committed to help Ukraine and its people during this difficult time.” 

MIGA has been a proactive provider of insurance in Ukraine, issuing more than $215 million in political risk insurance guarantees since the Russian invasion began in February 2022. MIGA’s guarantees serve as a key risk mitigation tool, ensuring the continuity of private sector operations and investments for the country’s recovery and reconstruction.

Due to the ongoing war, private insurers have been unable to provide political risk insurance in Ukraine. SURE TF allows MIGA to continue supporting FDI into Ukraine during this challenging period for the country.

“Today’s signing gives businesses and investors the fundamental tools they need to get directly involved in Ukraine’s recovery from this horrific war,” said Nusrat Ghani, the UK's Minister for Industry & Economic Security. “As co-chair of the UK-Ukraine Infrastructure Taskforce, I and the UK Government are committed to supporting Ukraine’s long-term reconstruction needs. Our £20m contribution into the MIGA insurance trust fund will de-risk projects and attract much-needed private investment into Ukraine to support economic recovery now and into the future."

After the fighting ends reconstruction at scale begins, the SURE Trust Fund will provide political risk insurance to international lenders and sponsors for reconstruction efforts in critical sectors including transport, housing, and energy. FCDO’s contribution will allow MIGA to issue guarantees for projects in the Agency's pipeline.

The fund is expected to grow to $300 million through contributions from additional donors, which will allow MIGA to provide trade finance guarantees, insurance on bank reserves during the conflict, and political risk insurance to support reconstruction after the war. Norway and Belgium have contributed to the fund, following the founding contribution from Japan, which recently increased its donation.

 

About MIGA

MIGA was created in 1988 as a member of the World Bank to promote foreign direct investment in emerging economies by helping to mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance; and offering credit enhancement to private investors and lenders. Since its creation, MIGA has issued over $76 billion in guarantees across 123 developing countries, supporting more than 1,000 projects. Over the past decade, MIGA’s guarantees have generated more than 156,000 jobs in developing countries.

 

Contact:

In Washington: 

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

For more information on MIGA’s Ukraine Response, please visit: https://www.miga.org/migas-ukraine-response 

Support to Ukraine’s Reconstruction and Economy Trust Fund (SURE TF)

https://www.miga.org/support-ukraines-reconstruction-and-economy-trust-fund-sure-tf

Stay updated and follow us at https://twitter.com/MIGA and https://www.linkedin.com/company/wb-miga

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