Sub-Saharan Africa, home to more than 1 billion people, half of whom will be under 25 years old by 2050, is a diverse continent offering human and natural resources that have the potential to yield inclusive growth and eradicate poverty in the region. Economic growth in Sub-Saharan Africa (SSA) slowed to 3.6% in 2022, from 4.1% in 2021; and economic activity in the region is projected to further slow down to 3.1% in 2023.
MIGA is committed to its support to Sub-Saharan Africa and helping promote sustainable development across the region.
In FY24, MIGA supported 26 projects in the region across 16 countries and issued guarantees totaling $2.7 billion. This included the first trade finance guarantees in Cote d'Ivoire and Senegal, marking a significant milestone for the Agency. The region also saw the implementation of several key projects, including telecommunication projects in Guinea and Liberia, mini-grid solar power projects in Congo DRC and Uganda, and hotel tourism projects in Cote d'Ivoire, Nigeria, Rwanda, and Senegal.
EXAMPLES OF MIGA-SUPPORTED PROJECTS IN Sub-Saharan Africa
Senegal
In 2023, MIGA issued guarantees of up to €516 million (about $550 million) to Standard Chartered Bank of the United Kingdom, Crédit Agricole Corporate and Investment Bank of France, and JPMorgan Chase Bank N.A., London Branch of the United States to cover their loans to the government of Senegal, for a period of up to 18 years, against the risk of non-payment.
Press Release
MIGA Signs 1,000th Project
The signing of this 1,000th project demonstrates MIGA’s commitment to its mission of supporting economic growth, reducing poverty, and improving people’s lives by mobilizing cross-border private investment into developing countries.
Somalia
In 2023, MIGA issued a guarantee of $5.67 million to cover Kube Energy’s equity and debt investments in Kube Energy Somalia LLC for a period of up to 15 years against the risks of expropriation and war and civil disturbance. This is MIGA’s first project in Somalia, which became a MIGA member country in March 2020.
MIGA’s first project in Somalia shows that renewable energy investment can be achieved in challenging environments.
Story
Changing Minds about Working in the Most Difficult Situations
Multiple Countries
In FY22, MIGA issued guarantees covering a $200 million investment into companies providing digital financial services under the Airtel Money brand in 12 African countries. MIGA’s guarantees will enhance access to mobile money services in 12 SSA countries, increasing financial inclusion for lower-income, rural, and female consumers.
Press Release
MIGA Bolsters Digital Economy in Sub-Saharan Africa
Multiple Countries
The Silverlands Fund, backed by MIGA, has been supporting agribusiness investments in 13 countries throughout Sub-Saharan Africa. Over the past few years, the Silverlands Fund has reached half a million farmers by investing in agribusinesses that work in fruit, soy, poultry and other value chains, contributing to improved food security and self-sustainability for agricultural production in the region.