History
The idea for a multilateral political risk insurance provider was floated long before MIGA’s establishment—in fact as far back as 1948. But it was not until September 1985 that this idea started to become a reality. At that time the World Bank’s Board of Governors began the process of creating a new investment insurance affiliate by endorsing the MIGA convention that defined its core mission: "to enhance the flow to developing countries of capital and technology for productive purposes under conditions consistent with their developmental needs, policies and objectives, on the basis of fair and stable standards to the treatment of foreign investment."
On April 12, 1988 an international convention established MIGA as the newest member of the World Bank Group. The agency opened for business as a legally separate and financially independent entity. Membership was open to all IBRD members, and the agency began with capital stock of $1 billion. MIGA’s original 29 members were: Bahrain, Bangladesh, Barbados, Canada, Chile, Cyprus, Denmark, Ecuador, Egypt, Germany, Grenada, Indonesia, Jamaica, Japan, Jordan, Korea, Kuwait, Lesotho, Malawi, Netherlands, Nigeria, Pakistan, Samoa, Saudi Arabia, Senegal, Sweden, Switzerland, United Kingdom, and United States.
MIGA was created to complement public and private sources of investment insurance against non-commercial risks in developing countries. MIGA’s multilateral character and joint sponsorship by developed and developing countries were seen as significantly enhancing confidence among cross-border investors.
Today, MIGA’s mission is straightforward: To promote foreign direct investment into developing countries to support economic growth, reduce poverty and improve people’s lives.
What follows are some highlights of our story by fiscal year (July 1-June 30).
Timeline
1988
MIGA is established.
Mr. Yoshio Terasawa appointed the first Executive Vice President.
Foreign Investment Advisory Services (FIAS) established as a joint venture of MIGA and IFC.
1990
MIGA issues its first investment guarantee contracts supporting four projects representing a total of $1.04 billion in direct investment.
First reinsurance contracts signed with national agencies: the Export Credit Agency of Canada and the Overseas Private Investment Corporation of the United States.
MIGA holds its first investment promotion conference— in Ghana.
1991
Membership tops 100 countries.
1992
Mr. Akira Iida appointed Executive Vice President.
1994
MIGA joins the Berne Union.
MIGA focuses its technical assistance activities exclusively on investment promotion.
1996
MIGA launches IPAnet—a global internet-based information exchange, communications network, and marketplace.
1997
First contract issued under MIGA’s Cooperative Underwriting Program (CUP) for a power project in Indonesia.
EU Investment Trust Fund for Bosnia and Herzegovina: $12 million investment guarantee fund established in partnership with MIGA; fully utilized.
The West Bank and Gaza Investment Guarantee Trust Fund: $20 million in capacity established in 1997.
1998
Mr. Motomichi Ikawa takes office as Executive Vice President.
MIGA marks its 10th anniversary.
The Council of Governors adopts a resolution for a general capital increase of approximately $850 million, accompanied by a grant of $150 million transferred from the World Bank’s IBRD to MIGA. The doubling of MIGA’s capital resources to $2 billion enables the agency to deliver and expand its services to developing-member countries.
MIGA holds first symposium with Georgetown University on international political risk—the symposium remains an influential, biannual event.
1999
MIGA for the first time issues guarantees exceeding $1 billion in a single year, reaching a total of 1.3 billion.
MIGA approves Environmental Assessment and Disclosure Policy and implements environmental standards for all new MIGA-insured projects.
2000
First MIGA/IFC Compliance Advisor/Ombudsman appointed.
The Government of Ethiopia appoints MIGA as mediator for the resolution of the disputes between the Ethiopian government and foreign investors for projects not guaranteed by MIGA.
Country membership tops 150.
MIGA pays first claim.
2001
New issuance reaches $ 2 billion.
Four MIGA-supported projects, including a telecommunications project in Brazil and a mining project in Russia, receive industry awards from major publications.
Investment Promotion Toolkit launched.
2002
MIGA conducts investor survey in the wake of September 11, 2001 attacks.
Project Finance Magazine names the MIGA-supported Manila North Tollways Corporation project the "Asia-Pacific Transport Deal of the Year 2001".
2003
Two MIGA-supported projects, a power project in Turkey and hospital renovation project in Romania financed by Volksbank Romania S.A., receive “Deal of the Year” awards.
2004
Ms.Yukiko Omura takes office as Executive Vice President.
2005
MIGA launches Small Investment Program to encourage investment in small and medium-size enterprises.
MIGA launches Afghanistan Investment Guarantee Facility to support foreign direct investment into that country.
MIGA-backed projects receive five “Deal of the Year'” awards.
2006
MIGA supports project in El Salvador that sells carbon credits gained by reducing greenhouse gas emissions.
MIGA supports first project under the new facility for Afghanistan to promote development in the cotton sector.
2007
MIGA supports its first project funded through an Islamic financing structure, issuing guarantees for a port in Djibouti.
MIGA launches PRI-Center.com, a political risk management and insurance portal, and consolidates its existing investor information services into FDI.net, providing a single entry point for investors seeking information on foreign direct investment.
2008
MIGA celebrates 20th anniversary.
Issued guarantees reach historic $2.1 billion.
Four MIGA-supported projects—in Uganda, Djibouti, Costa Rica, and Kazakhstan—win top industry honors.
MIGA’s technical assistance services integrated with FIAS, a multi-donor funding platform for World Bank Group investment climate reform programs.
Ms. Izumi Kobayashi named Executive Vice President.
2009
MIGA’s Board of Directors approves substantial changes to the agency’s operational regulations encompassing a number of measures including one new type of coverage: non-honoring of sovereign financial obligations. The changes represent the largest and most significant expansion of MIGA’s business toolkit since 1988.
MIGA’s support to investors this year includes $1.2 billion in guarantees to support the real economy in the Europe and Central Asia region, which was hit particularly hard by the financial crisis.
MIGA launches World Investment and Political Risk as an annual "flagship" publication.
2010
Basel Committee on Banking Supervision classifies MIGA as a "highly-rated multilateral," a treatment that recognizes the special value of MIGA’s insurance to banks MIGA launches Asia hub to expand physical presence in the region.
2011
Council of Governors approves amendments to MIGA’s convention to enhance MIGA’s effectiveness as a multilateral provider of political risk insurance.
2013
MIGA celebrates 25th anniversary.
Ms. Keiko Honda named Executive Vice President.
MIGA extends non-honoring of financial obligations cover to include financial obligations from state-owned enterprises.
2014
MIGA issues a record $3.2 billion in new guarantees while gross exposure reaches $12.4 billion.
2015
MIGA introduces a new model for blended financing in Brazil.
MIGA provides its first guarantee in support of the pension funds sector in El Salvador.
2016
Of a record $4.3 billion in guarantees issued, 53 percent of investments insured by MIGA are in poverty-afflicted areas.
MIGA launches its first Gender CEO Award.
MIGA opens its first Africa regional hub in Dakar, Senegal.
2017
MIGA issues a record $4.8b in guarantees to private sector investors and lenders.
MIGA brings to the market an innovative project bond, in support of Turkey’s ambitious 'Health Public-Private Partnership’ program, that segregates project risk from sovereign risk. A 20-year MIGA guarantee and an EBRD liquidity facility allow an infrastructure bond to obtain a credit rating two notches above the sovereign rating.
2018
MIGA issues guarantees for the largest wind energy farm in West Africa.
MIGA supports Egyptian effort to build world’s largest solar generation park of 250MW capacity.
2019
In fiscal year 2019, MIGA issues a record $5.5 billion in guarantees to private investors
MIGA issues its first Capital Optimization Guarantee in the MENA region.
Mr. Hiroshi Matano named MIGA Executive Vice President
2020
In fiscal year 2020, MIGA issues nearly $4 billion in new guarantees to support 47 projects.
2021
In fiscal year 2021, MIGA issues $5.2 billion in new guarantees for 40 projects.
MIGA launches its first Sustainability Report.
2022
In fiscal year 2022, MIGA issues $4.9 billion in guarantees across a record 54 projects.
2023
MIGA celebrates 35 years and signs its 1,000th project in Dakar, Senegal
MIGA issues record $6.4 billion guarantees in fiscal year 2023 across 40 projects in 29 countries. The volume of guarantees is the highest in the 35 years since the founding of MIGA.
MIGA signs $1.85 billion, its largest guarantee to date, to support financing of climate-related projects in Mexico.
In line with the Joint Multilateral Development Banks (MDBs) Methodological Principles for assessing Paris Alignment, MIGA commits to aligning 85% of its new projects with the objectives of the Paris Agreement starting July 1, 2023, and 100% of these projects starting July 1, 2025.
MIGA launches the Support for Ukraine’s Reconstruction and Economy Trust Fund to provide trade finance guarantees, insurance on bank reserves during the conflict, and political risk insurance to support reconstruction after the war.
2024
World Bank Group Guarantee Platform is launched, bringing together guarantee products from the World Bank and IFC to MIGA with the goal of boosting annual guarantee issuance to $20 billion by 2030.
In fiscal year 2024, the World Bank Group issues $10.3 billion in guarantees—including $8.2 billion from MIGA, $1.4 billion from IFC, and $0.7 billion from the World Bank.