Yemisi Izuora
MIGA has substantially increased guarantees to private investors with the aim to drive down poverty.
The MIGA, was established as a member of the World Bank Group by an international convention in April 1988, with 29 original member countries sharing the goal of accelerating the flow of private investment into developing countries by insuring against political risks.
Its mission, consistent with the World Bank Group’s goals, was straightforward:
“To promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives.”
With just $366 million of paid-in capital from member countries, MIGA has steadily pursued that mission for nearly four decades by providing guarantees to private investors, paving the way for private funds to flow to emerging and developing economies, enabling job creation.
A framework agreement for a portfolio of guarantees of up to $1.48 billion, issued in March to AMEA Power Limited, pushed MIGA’s cumulative guarantee issuance past the $100 billion mark, a major milestone for the institution