MIGA promotes foreign direct investment into developing countries by insuring investors against political risk, advising governments on attracting investment, sharing information through on-line investment information services, and mediating disputes between investors and governments. MIGA's strength compared to private providers of political risk insurance is its membership of the World Bank Group, which allows it to intervene with host governments to resolve claims before they are filed.
MIGA provides guarantees against noncommercial risks to protect cross-border investment in developing member countries. Guarantees protect investors against the risks of Transfer Restriction, Expropriation, War and Civil Disturbance, and Breach of Contract (for contracts between the investor/project enterprise and the authorities of the host country). These coverages may be purchased individually or in combination.
MIGA can cover only new investments. These include:
Unlike other insurers, MIGA is backed by the World Bank Group and its member countries.
MIGA's President is Bob Zoellick, in his capacity as President of the World Bank Group. James Bond occupies the position of Chief Operating Officer; Srilal Perera is the Chief Counsel; Kevin Lu is CFO; Frank Lysy is Director of Economics; and Edie Quintrell is Director of Operations.
MIGA issued $2.1 billion of new investment guarantees in fiscal year 2008, a record.
CONTOURGLOBAL'S LAKE KIVU PROJECT RECEIVES GUARANTEE FROM THE WORLD BANK'S MULTILATERAL INVESTMENT GUARANTEE AGENCY.
May 04, 2011; NEW YORK, N.Y.and WASHINGTON, D.C. -- The following information was released by the Multilateral Investment Guarantee Agency:...