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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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Press Release

World Bank Group, NEXI to Bolster Investments in Developing Countries

Also available in: Japanese
twitteremail

WASHINGTON, May 28, 2024 – The World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) and International Finance Corporation (IFC) today signed three-year cooperation agreements with Nippon Export and Investment Insurance (NEXI), the official export credit agency of Japan, to promote foreign direct investment in developing countries. The agreements underscore the organizations’ shared commitment to expanding investment opportunities and mitigating risks in developing countries.    

The cooperation between MIGA and NEXI builds on a 2020 agreement aimed at facilitating Japanese investment in developing countries through co-insurance and reinsurance instruments. The two organizations hosted a joint workshop in Tokyo in March 2024. They will combine MIGA’s expertise in guarantees with NEXI’s proficiency in the Japanese corporate sector to replicate and scale the successes of previous partnerships. The agreement aims to maximize cost efficiency, eliminate duplication during project due diligence, and leverage their respective development mandates efficiently.  

"We are excited to expand our longstanding partnership with NEXI to increase FDI in our member countries," said Hiroshi Matano, MIGA Executive Vice President. "The collaborative due diligence processes and shared operational standards will maximize efficiency and deliver tangible results in supporting investments in developing countries." 

IFC's renewal is based on an agreement originally signed in September 2020, which facilitated the successful closing of two co-financing renewable energy transactions in Egypt and Uzbekistan. The renewed agreement aims to enhance initiatives supporting Ukraine's reconstruction and strengthen collaboration by facilitating information sharing on related projects.   

"This is an important partnership that will continue to advance private sector development in emerging markets. I welcome this renewed collaboration with NEXI, as it will further encourage investment and financing for new development projects and enable us to support Ukraine's reconstruction efforts alongside Japanese companies," said Riccardo Puliti, IFC's Regional Vice President for Asia and the Pacific. 

The organizations will pool their expertise and resources to identify prospects for joint projects, including conducting joint due diligence missions, marketing efforts, and training programs to enhance efficiency, impact, and speed. The partnership will unlock opportunities to provide comprehensive coverage for projects eligible for investment guarantees or insurance, including loans, equity, and trade finance.  

"The collaboration between the World Bank Group and NEXI has developed multilayered over the past few years. We are delighted to confirm today the further deepening of cooperation between the institutions," said Atsuo Kuroda, Chairman and CEO, NEXI. “This cooperation agreement commits to strengthen collaboration in a wide range of areas, including foreign direct investment by Japanese companies, infrastructure financing, and trade finance. Moving forward, NEXI aims to further contribute to the overseas expansion of Japanese companies and the sustainable development of emerging and developing economies, together with MIGA and IFC." 

With a shared vision, the World Bank Group and NEXI will catalyze investments in developing countries to foster inclusive growth and prosperity. The World Bank Group will continue to expand its cooperation with the government of Japan and Japanese government-owned financial entities to provide financing and guarantees, bolstering investment by Japanese companies in developing countries.  

 

About NEXI 

NEXI — the export credit agency of Japan, wholly owned by the Government of Japan — was established on April 1, 2017, under the Trade and Investment Insurance Act, which came into effect on March 31, 1950, by official proclamation. NEXI conducts insurance business, providing coverage for risks associated with international transactions of Japanese companies, which are not covered by private insurers. For more information, visit nexi.go.jp/en    

About IFC 

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. It works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org. 

Stay Connected with IFC on social media.  

About MIGA 

MIGA was created in 1988 as a member of the World Bank Group 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 $81 billion in guarantees across 123 developing countries, supporting more than 1,000 projects. Over the past decade, MIGA’s guarantees have helped provide new or improved electricity services to more than 78 million people. 

  

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

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

Contact: 

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

In Tokyo: Sumiko Fujii, +81-3-3597-6657 or sfujii1@ifc.org  

In Tokyo: Susumu Takahashi, miga_tokyo@worldbank.org  

Also available in: Japanese
twitteremail