The Multilateral Investment Guarantee Agency (MIGA) is an international financial institution which offers political risk insurance and credit enhancement guarantees. Such guarantees help investors protect foreign direct investments against political and non-commercial risks in developing countries.[1] MIGA is a member of the World Bank Group and is headquartered in Washington, D.C., United States. It was established in 1988 as an investment insurance facility to encourage confident investment in developing countries.[2] MIGAs stated mission is to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve peoples lives.[1] The agency focuses on member countries of the International Development Association and countries affected by armed conflict.[3][4] It targets projects that endeavor to create new jobs, develop infrastructure, generate new tax revenues, and take advantage of natural resources through sustainable policies and programs.[5] MIGA is owned and governed by its member states, but has its own executive leadership and staff which carry out its daily operations. Its shareholders are member governments which provide paid-in capital and have the right to vote on its matters. It insures long-term debt and equity investments as well as other assets and contracts with long-term periods. The agency is assessed by an independent evaluator each year. Its 2011 evaluation recommended that it utilize its recently expanded investing capacity and closely monitor projects profitability to better understand their impacts on its financial performance. MIGAs total investments amounted to $1.1 billion in 2011. It issued $2.1 billion worth of new investment guarantees in 2011 and held $1.5 billion in total assets.[
Posted on: Wed, 21 Jan 2015 08:42:40 +0000
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