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MIGA and CAF to Drive Strategic Investments in Latin America and the Caribbean
WASHINGTON, Feb. 5, 2026—The Development Bank of Latin America and the Caribbean (CAF) and the Multilateral Investment Guarantee Agency (MIGA), home of the World Bank Group Guarantee Platform, have signed an agreement to mobilize private capital, manage risks, and promote sustainable development in the countries of Latin America and the Caribbean.
The agreement, signed at MIGA's offices in Washington, D.C., seals the commitment of both multilateral institutions to work together to expand financing for impactful projects in the region, particularly in critical areas such as infrastructure, financial inclusion, urban development, and climate action.
The institutions will work to ensure that World Bank Group guarantee products support risk management initiatives within CAF's loan portfolio, thereby freeing up capital to finance additional operations. Collaboration will focus on three main areas: credit risk management through portfolio or individual guarantees issued by MIGA; capital mobilization through joint participation in the issuance of financial products; and strategic collaboration to foster cooperative efforts in other areas of mutual interest.
This joint approach will enable both institutions to enhance the scope and effectiveness of their operations, strengthening the confidence of investors and creditors, and contributing to sustainable development and regional integration in CAF's shareholder countries.
“MIGA’s agreement with CAF demonstrates our continued commitment to supporting sustainable development in Latin America and the Caribbean,” said Tsutomu Yamamoto, MIGA Managing Director. “We look forward to working with CAF to promote growth and job creation in the region.”
"The signing of this agreement reflects a mutual commitment to work on operations in the region to mobilize resources and support the viability of projects that help countries achieve the Sustainable Development Goals," said Sergio Díaz-Granados, Executive President of CAF.
The relationship between CAF and MIGA dates to 2020, with initial discussions to collaborate on mitigating the economic impact of the pandemic. After a process that included the signing of confidentiality agreements and numerous technical exchanges during 2025 on legal, risk, environmental, and financial aspects, the parties have solidified a strong foundation for this formal alliance.
Tangible Examples and Scope
MIGA has a proven track record in the region, with operations ranging from a $1.2 billion guarantee in Brazil to support smallholder farmers to a $11.7 million guarantee to modernize St. Lucia’s streetlight network, and most recently a $229 million guarantee in Barranquilla, Colombia for social infrastructure and urban sustainability.
The new collaboration framework with CAF will allow for the replication and expansion of the impact of such operations, exploring mechanisms such as joint guarantee operations, co-mobilization of resources, business development, and joint events. A priority area identified is support for subnational projects (municipalities, departments, and cities) and solid public companies, sectors where access to guarantees can be critical.
The agreement, which has an initial term of three years and can be renewed by mutual consent, reinforces the shared mission of both institutions to catalyze investments that generate inclusive economic growth, reduce poverty, and improve people's quality of life. By combining their strengths, CAF and MIGA are positioned to act as a powerful catalyst to close the development financing gap in Latin America and the Caribbean, attracting private capital toward projects that are essential for a more sustainable and resilient future.
About CAF
CAF is a development bank committed to the Latin America and Caribbean region. It aims to become the green and blue bank and the bank for sustainable and inclusive growth in its shareholder countries.
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
Stay updated and follow us at https://x.com/MIGA and https://www.linkedin.com/company/wb-miga
Contact: In Washington: Elizabeth Howton, ehowton [at] worldbankgroup.org (ehowton[at]worldbankgroup[dot]org)
MIGA Expands Support for Bank Lending in Ukraine
WASHINGTON, Feb. 04, 2026—The Multilateral Investment Guarantee Agency (MIGA), home of the World Bank Group Guarantee Platform, has extended and increased guarantees to free up capital linked to two banks’ mandatory reserves, enabling them to expand their operations in Ukraine and maintain continuity amid the ongoing war.
The guarantees cover reserves held at the Central Bank of Ukraine against the risk of expropriation. The guarantee to ProCredit Bank Ukraine, part of ProCredit group based in Germany, increases MIGA’s coverage of the reserves from €41 million to €80 million and extends a prior guarantee for one year and one day.
MIGA also issued a new guarantee to Raiffeisen Bank International of Austria, increasing MIGA’s coverage of the reserves from €100 million to €150 million and extending a prior guarantee for one year and one day.
The guarantee to ProCredit is expected to facilitate up to €171 million of working capital loans to small businesses in critical sectors such as agriculture, industry, and production. The guarantee issued to Raiffeisen is expected to generate up to €225 million in new loans supporting clients in critical sectors such as agriculture, food, and health care.
“By extending and increasing these two guarantees, MIGA reaffirms its strong commitment to supporting the Ukraine banking sector, " said Tsutomu Yamamoto, MIGA Managing Director. “This will strengthen resilience and confidence in the country’s financial system, which works as a conduit to the real sector to promote growth and job creation.”
Russia’s invasion of Ukraine continues to severely impact Ukraine’s economy. Despite their vital role in delivering essential goods, services, and supporting reconstruction, businesses in the country face borrowing constraints. The MIGA guarantee extensions are designed to alleviate such constraints.
MIGA has been supporting Ukraine’s economy with capital optimization guarantees since 2015 and stepped up its support in 2022 after the invasion, which caused a severe GDP contraction of nearly 29 percent.
“The expanded guarantee not only reaffirms international support but also provides a clear operational benefit,” said Hubert Spechtenhauser, Chair of the Management Board of ProCredit Holding AG. “By lowering the risk weight of the mandatory reserve at the National Bank of Ukraine, it releases capital that can be deployed for client-related activities. This strengthens our capacity to serve our clients now and to support the country’s longer-term reconstruction.”
“Increasing MIGA’s guarantee limit to €150 million strengthens the bank’s ability to support Ukrainian businesses during the war by enabling more loans to critical sectors,” said Natalia Gurina, Chairman of the Board of Raiffeisen Bank Ukraine. “This expanded guarantee also helps optimize capital and risk management, ensuring a steady flow of credit when Ukraine’s economy urgently needs support.”
About Raiffeisen Bank
Raiffeisen Bank, Ukraine, is the largest privately owned bank in Ukraine and the fourth largest by total assets. MIGA has cooperated successfully with the Bank since 2022.
About ProCredit Holding AG
ProCredit Holding AG, based in Frankfurt am Main, Germany, is the parent company of the development-oriented ProCredit group, which consists of commercial banks for micro, small, and medium enterprises as well as private individuals, fostering economic, ecological, and social development. In addition to its operational focus on Southeastern and Eastern Europe, the ProCredit group is also active in South America and Germany. The company’s shares are traded on the Prime Standard segment of the Frankfurt Stock Exchange. The main shareholders of ProCredit Holding AG include Zeitinger Invest GmbH, KfW, the Dutch DOEN Participaties BV, the European Bank for Reconstruction and Development and ProCredit Staff Invest GmbH & Co. KG. As the group’s superordinated company according to the German Banking Act and as the parent financial holding company of the ProCredit financial holding group, ProCredit Holding AG is supervised on a consolidated level by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and the German Bundesbank. For additional information, visit: https://www.procredit-holding.com/
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
Stay updated and follow us at https://x.com/MIGA and https://www.linkedin.com/company/wb-miga
Contact: In Washington: Elizabeth Howton, ehowton [at] worldbankgroup.org (ehowton[at]worldbankgroup[dot]org)
MIGA Guarantee to Facilitate Trade in Uzbekistan
WASHINGTON, Jan. 28, 2026—The Multilateral Investment Guarantee Agency (MIGA), which houses the World Bank Group’s Guarantee Platform, and ODDO BHF of Germany have signed a Trade Finance Guarantee Framework Agreement to cover the risk of non-payment of trade finance transactions. The partnership will provide short-term, revolving trade loans to Microcredit bank of Uzbekistan.
The MIGA-covered facility for up to $50 million will enable Microcredit bank (MKB) to make loans to micro, small, and medium enterprises (MSMEs) and corporations engaging in import and export activities. The bank has committed to allocating, on a best-efforts basis, 70 percent of the loans to MSMEs, 50 percent to women-owned businesses, and 21 percent to green products.
“Trade is a crucial ingredient for any economy and trade finance guarantees such as these being provided by the World Bank Group can be a crucial catalyst,” said Tsutomu Yamamoto, MIGA Managing Director. “This collaboration with ODDO can help close the trade finance gap in Uzbekistan and support economic growth and job creation.”
International trade plays a critical role in Uzbekistan’s economic development and contributes significantly to economic growth, employment, and international competitiveness. Yet the country still faces a significant trade finance gap, estimated at as much as $4 billion. The overall financing gap for small firms (for trade and other financing) is estimated at $10.5 billion, or about 16 percent of GDP. Addressing these gaps is crucial to sustaining trade growth and creating jobs.
Florian Witt, Divisional Head International & Corporate Banking, Member of Group Business Executive Committee at ODDO BHF, adds: “Our partnership with MIGA and MKB aims to support importers and exporters also in challenging times, contributing to stability and growth in global trade. This facility is expected to facilitate trade with Uzbekistan and to increase access to trade finance to underserved segments in the Uzbek economy.”
About ODDO BHF
ODDO BHF is an independent European financial group active in the areas of Private Wealth Management, Asset Management, Investment Banking and Corporate Banking, Asset Servicing, and Metals. With its special entrepreneurial spirit, the group currently manages around 156 billion euros in client assets and has equity of more than 1.1 billion euros. With around 3,200 employees in France and Tunisia, Germany and Switzerland, the group pursues a consistent European strategy with a global perspective. The business division International & Corporate Banking combines corporate banking, trade and export finance, strategic international clients, correspondent banking business, and foreign exchange, as well as selected capital market activities. The division covers a wide range of emerging markets in Africa, the Middle East, and Central and Southeast Asia.
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
Stay updated and follow us at https://x.com/MIGA and https://www.linkedin.com/company/wb-miga
Contact:
In Washington: Elizabeth Howton, ehowton [at] worldbankgroup.org
MIGA Continues to Support Renewable Energy in Chile
WASHINGTON, January 28, 2026—The Multilateral Investment Guarantee Agency (MIGA), which houses the World Bank Group Guarantee Platform, has issued a 15-year guarantee to Banco Santander S.A. of Spain and The Hongkong Shanghai Banking Corporation Ltd. (HSBC) to support renewable energy purchases by Corporación Nacional del Cobre de Chile (CODELCO), the world’s largest copper producer and Chile’s biggest electricity consumer.
The $859.14 million guarantee covers the risk of non-honoring of financial obligations by a state-owned enterprise under a $600 million loan from Santander and HSBC to CODELCO. It is the second MIGA-covered loan for CODELCO and will support payments under five long-term renewable energy power purchase agreements (PPAs) that are central to the company’s plan to fully decarbonize its electricity supply and produce cleaner copper for global markets. Together with the first MIGA-backed loan, which financed PPAs between 2023 and 2025, this operation is expected to fund PPA payments from 2025 to 2027, providing continuity for CODELCO’s climate financing program.
As the largest state-owned enterprise in Chile’s strategic copper mining sector, and the country’s largest electricity consumer and most carbon-intensive entity, CODELCO plays a central role in advancing Chile’s sustainability goals and in promoting the clean production of copper. By shifting a growing share of its electricity consumption to renewable sources, CODELCO is reducing its environmental footprint while helping to drive the broader transformation of Chile’s power system and advancing Chile’s goal of carbon neutrality by 2050.
“Chile’s leadership in global copper production matters far beyond its borders," said Tsutomu Yamamoto, MIGA Managing Director. “Supporting CODELCO’s shift to low-cost renewable power helps ensure that the copper needed for grids, renewables, and electric mobility is produced in a financially efficient and sustainable way. This guarantee structure supporting the borrowing of a state-owned enterprise can inform how other resource-rich economies use guarantees to secure competitive financing and increase the competitiveness of core export sectors.”
“The successful completion of this second transaction reflects CODELCO’s commitment to innovation, environmental responsibility, and long-term value creation for Chile, as part of our purpose to serve as a pillar of sustainable development for Chile and the world,” said Rubén Alvarado, Chief Executive Officer of CODELCO.
“We are proud to close this landmark deal with CODELCO, reinforcing Santander’s focus on supporting our customers in their transition to a low-carbon economy and helping them achieve their sustainability goals,” said Álvaro Samaniego, Head of Export Finance LATAM at Santander.
“As Joint Coordinator and Bookrunner, HSBC is proud to have collaborated with MIGA to support Codelco’s efforts to make gains in decarbonizing their electricity supply,” said Sam Lippitt, Head of Export Finance for the Americas at HSBC. “HSBC Export Finance is an active provider of financing to Latin American state-owned entities. We value our close partnership with MIGA and look forward to continuing to work together in the future.”
The clean energy transition is also delivering important benefits for CODELCO's operations. Shifting to renewable electricity improves cost optimization and predictability, as electricity expenses are less exposed to swings in international fuel prices, and it helps mitigate the risk of additional taxes, fees, and regulatory costs associated with greenhouse gas emissions and fossil fuel use. This operation underscores how the World Bank Group can work with resource-rich countries to decarbonize key industrial while maintaining competitiveness and attracting private investment into clean energy.
“This financing is part of the World Bank Group's ongoing support to help Chile harness its enormous renewable energy potential to generate green growth opportunities while achieving its ambitious environmental goals,” said Jean-Marc Arbogast, World Bank Group Country Manager for Chile.
The World Bank Group has 60+ years of experience in mining and mineral development, with more than 40 projects in over 20 countries. Building on this track record and responding to client demand, the WBG is embarking on a new approach to metals and minerals, and its support on metals and minerals in developing countries is expected to grow by five times in the next five years.
About CODELCO
CODELCO is the world’s largest copper producer primarily engaged in the exploration, development, and extraction of copper-bearing ores and byproducts, processing ore into refined copper and international trade of refined copper and byproducts. CODELCO is 100 percent owned by the Republic of Chile and controls approximately 4.7 percent of the world’s proven and probable copper reserves as defined by the U.S. Geological Survey. In 2023, CODELCO had an estimated 6.4% share of the total world copper production.
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
Stay updated and follow us at https://x.com/MIGA and https://www.linkedin.com/company/wb-miga
Contact: In Washington: Elizabeth Howton, ehowton [at] worldbankgroup.org
MIGA Guarantee Supports Increased Lending for Development by AikBank Serbia
WASHINGTON, Jan. 26, 2025—The Multilateral Investment Guarantee Agency (MIGA), which houses the World Bank Group Guarantee Platform, has issued a guarantee to unlock millions in new lending to small businesses, climate and green investments, and underserved populations in Serbia.
The three-year, €344.4 million guarantee to AikGroup of Cyprus will cover the risk of expropriation of mandatory reserves that its subsidiary, AikBank, holds at the National Bank of Serbia. The guarantee would enable approximately €422.1 million in new lending to the targeted groups.
This risk insurance product allows existing capital to be used more efficiently, turning idle reserves into new lending that actively contributes to the development of the local market and communities.
“This guarantee and our partnership with AikGroup demonstrate how MIGA is using our coverage to unlock additional lending capacity that will support private sector growth,” said Tsutomu Yamamoto, MIGA Managing Director.
By building on AikBank’s active role in strengthening the domestic business landscape, this partnership reflects a shared commitment to Serbia’s development agenda and the broader priorities of MIGA and the World Bank Group on financial inclusion, job creation, sustainable growth, and a more resilient banking sector, as well as the World Bank Group Gender Strategy 2024–2030.
“At AikGroup we believe that a strong banking system must actively support economic development. Through this partnership with MIGA, we are able to unlock additional lending capacity and ensure that accessible financing keeps driving sustainable growth,” said Razvan Muneanu, CEO of AikGroup. “At the same time, this partnership reflects the international recognition of AikGroup’s importance and long-term commitment to Serbia’s financial stability.”
About AikGroup
AIKGROUP Limited (formerly Agri Europe Cyprus Limited) is a leading financial holding company operating mainly in Southeast Europe. With a strong presence in Serbia, Slovenia, and other Southeast European markets, the Group employs over 3,000 full-time staff and operates an extensive branch network across the region, offering a full suite of financial services to both retail and corporate clients.
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
Stay updated and follow us at https://x.com/MIGA and https://www.linkedin.com/company/wb-miga
Contact: In Washington: Elizabeth Howton, ehowton [at] worldbankgroup.org (ehowton[at]worldbankgroup[dot]org)
MIGA Guarantees Support Chile’s BancoEstado to Further Financial Inclusion and Climate Finance
Breaking Barriers: Women Leading in Logistics & Infrastructure
2nd Africa Sustainable Futures Awards Winners Announced
