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

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OUR IMPACT

Working with Investors

Overview

 

MIGA insures cross-border investments made by investors in a member country into a developing member country. This includes new investments as well as investments associated with the expansion, modernization, improvement, or enhancement of existing projects, or where the investor demonstrates both the development benefits of, and a long-term commitment to, the project.

In keeping with MIGA’s objective of promoting economic growth and development, projects supported must be financially and economically viable, environmentally sound, and consistent with the labor standards and development objectives of the country.

Through our regional hubs and country offices, we actively engage with investors and lenders around the world. As the world’s largest multilateral political risk insurance provider, we are often able to step into environments where private insurers may not be willing to go alone, or are unable to offer longer tenors. With MIGA’s backing, investors can more confidently enter high-risk environments, particularly those low-income and fragile economies.

 

MIGA's Top Investor Countries by Gross Exposure

 

Country

Gross Exposure  ($ Million)

Country

Gross Exposure  ($ Million)

France 3,280.4 South Africa 1,207.0
United Kingdom 2,652.2 China 1,054.8
Spain 2,511.1 Luxembourg 984.4
United States 1,946.1 Austria 939.1
Germany 1,908.7 Singapore 457.1
Japan 1,713.4 Canada 424.2

 

 

MIGA Top Investor Countries v3

(As of July 31, 2021; $ Million)

Japanese Investors

 

MIGA’s support for Japanese companies represents the sixth highest among all its investor countries, with the Agency currently providing over $1.7 billion in guarantees for Japanese investments across the globe. We have worked together to channel sizeable investments to help promote economic growth and job creation, as well as improve local people’s lives in a number of developing countries, including Ghana, Indonesia, Mongolia, Pakistan, Panama, South Africa, Turkey, Vietnam, and Zambia.

In addition to private investors from Japan, MIGA also collaborates regularly with Nippon Export Investment and Insurance (NEXI) and the Japan Bank for International Cooperation (JBIC) to support private cross-border investors around the world.

In recent years, MIGA has been steadily increasing its support for Japanese clients and is ready to further ramp up the role of Japanese investors in helping meet various development challenges in emerging markets and developing economies.

 

Outstanding Gross Exposure by Sector and Region

Investor Country: Japan

WWI Japan Pie Charts

                                                                                                                                                      (As of July 31, 2021)

                                                                                                                                                     

 

Selected MIGA Projects with Japanese Investors

Project Name

Guarantee  Holder

Host Country

Sector

Year

 Cambodian Transmission Limited  Mizuho Bank Cambodia Power 2020
 Hyundai Motor Pakistan Project  Sojitz Corporation Pakistan Manufacturing 2018
 KDDI Summit Global Myanmar Company  Sumitomo Corporation Myanmar Telecommunications 2017
 Seawater Desalination Project  Daye Water Investment Ghana Water & Wastewater 2013
 Hitachi Construction Machinery Zambia  Hitachi Construction Machinery Zambia Manufacturing 2011

 

Examples of Impactful Projects Involving Japanese Investors

Cambodia

In August 2019, MIGA issued a guarantee for $74 million to cover a non-shareholder loan from Mizuho Bank of Japan and ING Bank of the Netherlands, to Cambodian Transmission Limited (CTL) for its refinancing of a transmission project in Cambodia. CTL will finance, construct and operate two substations and a 110km high voltage transmission line between the two substations that feed into the 230kV transmission network that connects the Phnom Penh region with power generators in the east and northeast of the country. The network also provides interconnection to the Cambodia-Vietnam and Cambodia-Thailand borders in the south and northwest of the country respectively.

Pakistan

In June 2018, MIGA issued guarantees of up to $66 million covering Japan’s Sojitz Corporation’s equity investments in Hyundai Nishat Motor’s project in Pakistan, and its loan guarantees to commercial lenders to the project. The project involves the design, construction, and operation of a greenfield motor vehicle assembly plant with a maximum annual production capacity of 30,000 units, located within the M3 Industrial City in Faisalabad of Punjab. The project will establish flagship dealerships, bring new technologies to improve production efficiencies, as well as increase competition within the domestic automobile sector of the country.

auto manufacturing
Project
Pakistan

The project involves the design, construction, and operation of a greenfield motor vehicle plant with an annual production capacity of 30,000 units.

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Sierra Leone

In 2019, MIGA issued $36 million in guarantees for the design, construction, and operation of a facility in southern Sierra Leone that will cultivate, harvest and process pineapples and other tropical fruit for export. The Agency is providing protection from Expropriation and Breach of Contract for up to 10 years to Dole Asia Holdings, a subsidiary of ITOCHU Corporation, for its investments into the facility.

Nippon Export and Investment Insurance (NEXI), the Japanese Export Credit Agency, is reinsuring a portion of MIGA’s exposure, in addition to providing its own insurance to Dole International Holdings. This is NEXI’s first reinsurance arrangement in Africa with MIGA, following an MOU signed between the two institutions in May 2018.

 

MIGA and NEXI Facilitate Japanese Investment in Developing Countries

In December 2020, MIGA and Nippon Export and Investment Insurance (NEXI), the official export credit agency of Japan, signed a Cooperative Agreement to strengthen collaboration in support of foreign direct investment from Japanese investors in developing countries by providing coinsurance and reinsurance for projects in which MIGA or NEXI provide investment guarantees, insurance or other forms of investment.

 

 

Contact Us:

  • Shuichi Hayashida   Head, Japan and Vice Head, Southeast Asia

         shayashida@worldbank.org

  • Ai Koide   Analyst

         akoide@worldbank.org

 

(Last Updated: September 1, 2021)

French Investors

 

MIGA has a long track record of working with French companies, and it is a key partner for them in middle-income countries, as well as regions where France has maintained historical ties, such as Africa and the Middle East. Currently, France is MIGA’s largest investor country, as French investors held $3.28 billion (14%) of MIGA’s total outstanding gross exposure as of July 31, 2021.

In September 2011, MIGA opened its Europe Hub in Paris, located in the World Bank’s European Headquarters, to focus on marketing MIGA’s programs to investors in Europe, build partnerships, as well as strengthen cooperation with French and other European investors. The office covers business outreach to the Middle East and North Africa, Central and Eastern Europe, and Central Asia. While the team’s main focus is business origination and development, it is also actively involved in underwriting, working closely with MIGA staff based in Washington, D.C.

 

Outstanding Gross Exposure by Sector and Region

Investor Country: France

WWI France Pie Charts v3

                                                                                                                                                     (As of July 31, 2021)

 

 

Selected MIGA Projects with French Investors

Project Name

Guarantee Holder

Host Country

Sector

Fiscal Year

 Tulu Moye Geothermal   Tulu Moye Ethiopia Renewable Energy 2021
 Banco Nacional de Panama  Société Générale Panama Financial Markets 2021
 Ouagadougou-Ziniare Solar  GreenYellow Burkina Faso Power 2020
 Kael Solaire  Meridiam Senegal Power 2020
 Kahone Solaire  Meridiam Senegal Power 2020
 Beo Cista Energija  Suez Serbia Services 2019
 Nachtigal Hydro Power  EDF International, Stoa Cameroon Power 2018
 Queen Alia Airport  Meridiam Jordan Infrastructure 2018
 Ravinala Airports  Meridiam, et al. Madagascar Infrastructure 2017
 Üsküdar Metro  BNP Paribas Turkey Transportation 2015

 

Examples of Impactful Projects Involving French Investors

Jordan

In March 2018, MIGA issued guarantees of up to $195 million to Meridiam of France for its equity/ quasi-equity investment into Airport International Group (AIG), the current concessionaire of the Queen Alia International Airport (QAIA) in Jordan. The guarantees were issued for a period of up to 15 years against the risks of Transfer Restriction, Expropriation, War and Civil Disturbance, and Breach of Contract. 

QAIA is Jordan’s key gateway to the world. The proposed investment by Meridiam will help optimize the commercial activities of the airport, thereby generating additional revenues for Jordan while enhancing passengers’ travel and retail shopping experience.

airport
Project
Jordan

MIGA has agreed to issue guarantees of up to $195.15 million to Meridiam Eastern Europe Investments 2 SAS of France for its equity/quasi-equity investment into Queen Alia International Airport in Jordan.

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Madagascar

In May 2017, MIGA issued an $85 million guarantee covering equity and shareholder loan investments by Aéroports de Paris Management, Bouygues Bâtiment International, Colas, and Meridiam into Ravinala Airports in Madagascar. The coverage is for a period of up to 15 years against the risks of Transfer Restriction, Expropriation, War and Civil Disturbance, and Breach of Contract. The project consists of the financing, rehabilitation/expansion, operation, and maintenance of the Ivato airport in Antananarivo and the Fascene airport in Nosy Be, currently being managed by the state-owned enterprise Aéroports De Madagascar (ADEMA).

Turkey

In February 2015, MIGA issued a guarantee of €170.1 million ($192.9 million) covering a non-shareholder loan from BNP Paribas of France—acting as agent on behalf of itself and Crédit Agricole—for the Üsküdar-Ümraniye-Çekmeköy (UUC) Metro Line in Turkey. The coverage is for a period of up to 13 years against the risk of Non-Honoring of Financial Obligations by a Sub-Sovereign. The project consists of the procurement of rolling stock of 21 driverless trains of six metro cars each, as part of the commissioning of the UUC Metro Line. This new, 17-kilometer metro line will include 16 stations and one depot, and connect the inland residential area of Çekmeköy with the Üsküdar coastal area, enabling passengers to transit conveniently and reducing traffic congestion.

Izmir Metro
Project
Turkey

On February 12, 2015, MIGA issued a guarantee of €170.1 million ($192.9 million equivalent) covering a non-shareholder loan from BNP Paribas of France—acting as agent on behalf of itself

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Côte d’Ivoire

In June 2012, MIGA issued $145 million in guarantees covering equity investments and subordinated loans from Bouygues Travaux Publics of France and Pan African Infrastructure Development Fund of South Africa, subordinated and senior loans from Africa Finance Corporation of Nigeria, and senior loans from BMCE Bank International Plc of the United Kingdom and FMO of the Netherlands for the Henri Konan Bédié (HKB) Bridge in Côte d’Ivoire. MIGA’s coverage is for a period of 15 years against the risks of Transfer Restriction, Expropriation, War and Civil Disturbance, and Breach of Contract.

The investments support the design, construction, and operation of the HKB Bridge, which is expected to reduce congestion and pollution in Abidjan and will result in a reduction of carbon dioxide emissions due to lower fuel consumption.

 

 

Contact Us:

  • Olga Sclovscaia   Regional Head, Europe and Central Asia

         osclovscaia@worldbank.org

  • Yann Burtin   Senior Underwriter

         yburtin@worldbank.org

  • Roxana Liciu   Underwriter

         rliciu@worldbank.org

  • Zakia Louiza   Business Inquiries and Communications

         zlouiza@worldbank.org

 

(Last Updated: September 1, 2021)

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