Annual Reports

Every year, MIGA aims to draw cross-border investment to developing countries in support of the World Bank Group’s mission of ending extreme poverty and boosting shared prosperity. In fiscal year 2018, we continued this progress by mobilizing substantial additional capacity for clients and governments, offering innovative products and solutions, and partnering with public and private insurance providers worldwide.

In fact, we issued a record $5.3 billion in guarantees, with nearly 60 percent of projects we issued guarantees for supporting climate change mitigation and adaptation activities.

The projects we supported will help 8 million people gain access to power, avoid 3 million tons of greenhouse gas emissions, and enable 10.3 million patient consultations per year.

Explore our 2018 Annual Report to learn more information on our global commitments, development results, financial highlights, key events and more from July 1, 2017 to June 30, 2018.

Every year, MIGA aims to draw cross-border investment to developing countries in support of the World Bank Group’s mission of ending extreme poverty and boosting shared prosperity. In fiscal year 2017, we continued this progress by mobilizing substantial additional capacity for clients and governments, offering innovative products and solutions, and partnering with public and private insurance providers worldwide.

In fact, we issued a record $4.8 billion in guarantees, with projects spanning across all regions and sectors and 61 percent of projects falling into at least one of our four strategic priority areas (IDA countries, Fragile and Conflict-affected States (FCS), Climate Change, and Innovation).

The projects we supported will help 8.5 million people gain access to power, avoid 1.1 million tons of greenhouse gas emissions, and enable access to healthcare for 8.7 million patients.

Explore our 2017 Annual Report to learn more information on our global commitments, development results, financial highlights, key events and more from July 1, 2016 to June 30, 2017.

In recent years, historic progress has been made to end extreme poverty around the globe. More than 1 billion people lifted themselves out of poverty in the past 15 years alone. In 2015, for the first time ever, the World Bank Group forecast that the global percentage of people living in extreme poverty fell under 10 percent. This is a remarkable milestone.

Yet the world today faces challenges that are as complex and vexing as at any time in recent memory. Strong economic headwinds have slowed global growth; fragility and conflict have displaced tens of millions of people from their homes; countries and their economies are vulnerable to natural disasters and climate change–related shocks; and a pandemic can spread quickly without warning. We are all affected by these challenges, but the stark truth is that people living in extreme poverty are hit first and hardest.

Today, nearly 1 billion people still live on less than $1.25 a day. This is a staggering number, but it is important to remember that over the past 25 years, the world has reduced the rate of extreme poverty by two-thirds. Over that time, many countries have succeeded in making the seemingly impossible possible.

Ending extreme poverty by 2030 will be difficult but entirely possible. For decades, the World Bank Group’s principal institutions—the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA)— have distilled and analyzed our global experience in fighting poverty. We have learned from our experience what has worked for development and what has not in specific contexts, and some clear patterns have emerged.

Evidence shows that great gains can be made through the strategy of “grow, invest, and insure.” We must promote strong, sustainable, and inclusive economic growth; we must invest in people—especially in health and education; and we must build social safety nets and protections against natural disasters and pandemics to prevent people from plunging into extreme poverty

In 2014, the World Bank Group adopted a joint strategy for dealing with impediments to ending extreme poverty and boosting shared prosperity. One of the strategy’s key elements underscores the essential role private sector investment can play working alongside public sector support to bear down on the most challenging development issues client countries face, such as job creation, infrastructure deficits, and climate change.

MIGA’s role has become increasingly valuable in delivering results to achieve these twin goals as demonstrated by the increased demand for our political risk insurance and credit enhancement products that facilitate the expansion of private investment into emerging markets. In fiscal year 2014, MIGA issued a record $3.2 billion in new guarantees while our gross exposure reached $12.4 billion. MIGA’s added value stems from our ability to mobilize private sector investment in environments that are often beyond the risk tolerance of commercial sources of capital.

In fiscal year 2013, MIGA issued $2.8 billion in investment guarantees for projects in our developing member countries. At $1.5 billion, representing more than half of new business, the bulk of MIGA’s guarantees issued support investments in sub-Saharan Africa. Sixty-nine percent of new business volume this year was in complex projects in infrastructure and extractive industries, a strategic priority for the Agency. This year, 82 percent of MIGA’s new volume fell into one or more of our strategic priority areas: investments in the world's poorest countries, "South-South" investments, investments in conflict-affected countries, and investments in complex projects. MIGA also established the Conflict-Affected and Fragile Economies Facility to further deepen our support to this priority area. Read the report's introductory pages for more highlights.

In fiscal year 2012, MIGA issued $2.7 billion in investment guarantees for 52 projects in MIGA’s developing member countries.  This represents a 27 percent increase over last year’s record high issuance. Fifty-eight percent of MIGA’s new business volume this year was in the infrastructure sector, a strategic priority for the Agency. This included power and transportation projects in Albania, Côte d’Ivoire, Ghana, Kenya, Pakistan, Panama, Rwanda, Tunisia, and Senegal. Overall, 70 percent of MIGA’s new volume this year fell into one or more of MIGA's priority areas: investments in the world's poorest countries, "South-South" investments, investments in conflict-affected countries, and investments in complex projects. Read the report's introductory pages for more highlights.

In fiscal year 2011, MIGA issued a total of $2.1 billion in investment guarantees for projects in MIGA's developing member countries. This is a record high for the agency and represents a 43 percent increase from last year's new issuance. We also saw much more diversity across regions and sectors in the new projects we supported this year, including four new host countries: Iraq, Kosovo, Liberia, and the Republic of Congo. Of all contracts signed this year, 72 percent fell into one or more of MIGA's priority areas: investments in the world's poorest countries, "South-South" investments, investments in conflict-affected countries, and investments in complex projects. The agency's total gross exposure was $9.1 billion another historic high for MIGA. Read the report's introductory pages for more highlights.

In fiscal year 2010, we issued a total of $1.5 billion in guarantees for projects in MIGA’s developing-member countries. This represents a slight increase from last year’s new issuance of $1.4 billion. After a year in which MIGA’s support was heavily focused on the financial sector in Europe and Central Asia due to the global economic crisis, we saw a return to a more diversified portfolio. Again this year, MIGA experienced a lower level of contract cancellations, indicating the value that investors place in MIGA’s coverage during difficult times. As a result, MIGA’s outstanding gross exposure grew significantly to $7.7 billion, a record high.

In the fiscal year ending June 30, 2009, MIGA issued $1.4 billion in investment guarantees (insurance) for 26 projects in developing countries. This represented a decline of $700 million from 2008 when the agency issued a record amount of new gross exposure. This was mostly attributable to reduced investment flows stemming from the financial crisis. However, as a result of low run-off, MIGA’s outstanding portfolio grew to $7.3 billion. The highlights section includes messages from World Bank Group President Robert Zoellick and MIGA Executive Vice President, Izumi Kobayashi.

For the fiscal year ending June 30, 2008, MIGA issued $2.1 billion in investment guarantees (insurance) for 24 projects in developing countries. This represents MIGA’s fourth consecutive year of growth and the largest amount of new gross exposure in MIGA’s history. Of the guarantees issued, $690 million went to projects in IDA-eligible (the world’s poorest) countries. The highlights section includes messages from World Bank Group President Robert Zoellick and former MIGA Executive Vice President Yukiko Omura

For the fiscal year ending June 30, 2007, MIGA issued $1.4 billion in investment guarantees (insurance) for 29 projects in developing countries. The Board of Directors approved an additional $500 million in guarantees, for a total commitment of $1.9 billion for the year. This represents the third consecutive year of steady growth in guarantees issued by the agency. Of the guarantees issued, $387 million went to projects in IDA-eligible (the world’s poorest) countries, brining the agency’s outstanding exposure in IDA countries to 41 percent of its portfolio. Another milestone for FY07 was the integration of MIGA’s technical assistance services with the World Bank Group’s Foreign Investment Advisory Services. The integration of these groups creates a more coordinated, single interface for clients, donors, and other partners. The Highlights section includes messages from President Robert Zoellick and Executive Vice President Yukiko Omura.