A Major Guarantee Milestone
MIGA surpasses $100 billion in guarantees — using just $366 million in public funds
MIGA was established as a member of the World Bank Group by an international convention in April 1988, with 29 original member countries sharing the goal of accelerating the flow of private investment into developing countries by insuring against political risks.
Its mission, consistent with the World Bank Group’s goals, was straightforward:
“To promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives.”
With just $366 million of paid-in capital from member countries, MIGA has steadily pursued that mission for nearly four decades by providing guarantees to private investors, paving the way for private funds to flow to emerging and developing economies, enabling job creation.
A framework agreement for a portfolio of guarantees of up to $1.48 billion, issued in March to AMEA Power Limited, pushed MIGA’s cumulative guarantee issuance past the $100 billion mark, a major milestone for the institution.
"It is our hope that MIGA will encourage the foreign investment that the developing countries so seriously need by providing guarantees for potential investors; and also, by providing a framework that will improve the investment climate."
1988
Launch
MIGA is established as the newest member of the World Bank Group
1990
First guarantees
MIGA issues its first four guarantees
1999
$1 Billion Milestone
Annual guarantee issuance exceeds $1 billion for the first time
2008
Global Financial Crisis
MIGA guarantees play a critical role in stabilizing emerging markets
2009-2010
Innovation
Non-Honoring of Financial Obligations and Capital Optimization guarantees are introduced
2020
COVID Response
$9.9 billion in guarantees are issued through the COVID-19 Response Program between 2020 and 2023
2023
New Product
Trade Finance Guarantees introduced, and MIGA signs its 1,000th project
2024
New Platform
World Bank Group Guarantee Platform consolidates MIGA, World Bank, and IFC guarantees at MIGA
2026
$100 Billion Milestone
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MIGA’s cumulative guarantee issuance tops $100 billion, a milestone reached through a portfolio of guarantees to AMEA Power Limited
MIGA's guarantee will insure investments by AMEA Power in renewable energy projects in more than eight African, Middle Eastern, and Central Asian countries, broadening access to reliable electricity while enabling the transition to clean energy production. The deal is an example of the portfolio approach — streamlining risk insurance by grouping multiple projects under a single guarantee structure that can efficiently accelerate investment into emerging and developing markets.
Reinsurance means that MIGA cedes part of the risk to private insurance companies. Those companies receive part of the premiums (commensurate with the share of the risk they accept), and MIGA can then redeploy its capital to make other guarantees. Reinsurance is a second way MIGA leverages the private sector for development.
Since 1995, MIGA has successfully relied on reinsurance to leverage its investment guarantee capacity, manage the risk profile of its portfolio, and foster the growth of the private political risk insurance market. MIGA’s use of reinsurance has grown significantly over the years, and today almost 70% of MIGA’s gross outstanding exposure is reinsured.
As a result, MIGA's investors have gained access to larger levels of coverage for projects in emerging and developing economies, while host countries have benefited from much higher levels of productive foreign investment.
Just as MIGA’s annual guarantee volume has risen rapidly in recent years, foreign direct investment in emerging markets and developing economies has been steadily falling.
In addition, official development assistance to developing countries peaked in 2023 and has since been declining. The outlook is not good, either, with the OECD projecting a drop of 10% to 18% for the 2024-2027 period. Least developed countries and Sub-Saharan African nations are likely to be disproportionately affected by the decline.
While capital flows to emerging markets and developing countries have tailed off in recent years, demand for financing has not, and MIGA has responded with guarantees to support impactful investments on five continents — in sectors ranging from agribusiness and manufacturing to tourism and infrastructure.
Funding Modern Infrastructure
in Serbia
Infrastructure – and increasingly, climate-resilient infrastructure – is critical to economic growth and job creation in every country.
In Serbia, an important travel corridor in the West Morava Valley suffered from major flooding that negatively impacted people, roads, and businesses in the region.
Beginning in 2022, MIGA stepped in with guarantees to a group of lenders – eventually totaling €1.4 billion — to support the construction of a highway system better protected from flooding and erosion.
Today, 71 of the planned 112 kilometers of the Morava Corridor Motorway are open to traffic. The motorway connects regional economic centers and improves trade links to Western Europe — reducing journey times, improving road safety, and supporting economic growth. The final project will include 79 bridges, 13 interchanges, and up to 1,000 kilometers of fiber-optic cable to allow smart traffic management.
At a time when cross-border investment is falling, MIGA’s guarantees are more important than ever to ensuring that critical and resilient infrastructure projects can go forward in emerging markets and and developing countries.
Enhancing Affordable Energy Access
in Tunisia
Access to reliable electricity is essential to higher living standards. In Tunisia about 94% of it is produced by gas-powered plants, leaving the African nation exposed to volatile commodity markets and exchange rate fluctuations. But the country has an ambitious goal of making renewable energy — currently just 6% of generation — 35% of its energy mix by 2030 and 50% five years later.
In 2024, MIGA joined the effort. It issued guarantees for a total of $45.5 million to enable the construction and operation of three grid-connected solar photovoltaic power plants in the country.
The three facilities — two 50 MW plants in Tozeur and Sidi Bouzid and a 100 MW plant in Kairouan — will be the first grid-connected renewable energy independent power producers in the country. All three recently entered commercial operation — an important milestone for renewable energy investment and sector sustainability.
In addition to diversifying Tunisia’s energy mix and helping it meet climate commitments, the plants will enhance access to affordable energy at a time when Tunisia’s electricity demand is growing by 5% a year.
Delivering Sustainable Agriculture
in Brazil
Sustainable agriculture is central to feeding the world of the future. And agriculture is a critical industry in emerging and developing countries, where it employs large portions of the population.
In 2024 MIGA issued a $1.2 billion guarantee to four global banks to cover their loans to Banco do Brasil. The state-owned bank in turn is lending the funds to farmers who employ conservation agriculture methods, including no-till farming and other climate-friendly techniques.
The project will finance the cultivation of approximately 978,000 hectares of land and help avoid up to 11.87 million tons of GHG emissions over the 10-year guarantee period.
That means simultaneously feeding the world and caring for the environment.
Supporting Universal Health Care
in Türkiye
Universal access to efficient, affordable health care is a primary goal of every society. Since 2008 legislation established universal healthcare in Türkiye, the government has been working to expand available hospital space.
Funding for such an undertaking can be difficult to obtain, so the Turkish government turned to the World Bank Group to help devise a public private partnership program to support the finance and construction of state-of-the-art facilities.
MIGA was a major participant in the effort. In all, it provided $952 million in guarantees to enable construction of six ultramodern healthcare facilities, all of them designed to withstand violent earthquakes.
In February 2023, when a deadly quake demolished as many as 7,000 buildings across 10 provinces, MIGA-supported hospitals in Adana and Elazığ — both perilously close to the earthquake’s epicenter — sustained minimal damage and remained fully operational to care for thousands of survivors.
Boosting Advanced Manufacturing
in Egypt
Manufacturing is a critical driver of development — it’s essential to creating jobs, reducing poverty, and boosting productivity in emerging and developing economies.
In 2018 MIGA helped Egypt boost its manufacturing sector with a $16.2 million guarantee to Turkish glassware producer Paşabahçe, allowing it to acquire, operate, and expand an existing glass manufacturing plant in Egypt.
The MIGA-backed investment enabled the plant to add three production lines, upgrade production equipment, adopt advanced production processes, and increase quality standards. Output increased from 15 tons of glass per day before the investment to 70 tons afterward.
The plant today employs more than 500 workers — up from about 200 before the investment — who have been trained on new production methods, transferring a new level of knowledge and expertise to the local workforce.
Driving Increased Tourism
in Africa
Tourism and hospitality are a key driver of Sub-Saharan Africa’s economic growth and a major source of foreign reserves and jobs. In Rwanda they’re a cornerstone of the economy, contributing almost 10% of GDP.
In 2020, however, as a result of COVID-19, tourism and hospitality collapsed and revenues in the sector fell more than 80% in a matter of months.
To aid Rwanda’s recovery from the pandemic, in 2023 MIGA issued a $20.6 million guarantee to a global real estate firm to protect its investment in the Umubano Hotel in Kigali, which it wanted to convert to a 124-room, five-star facility hotel with co-working space, conference, leisure, and wellness facilities.
The renovated hotel, renamed the Mövenpick, opened in November 2025 with modern dining, meeting spaces, and leisure facilities — and 170 new employees — supporting Kigali’s position as a destination for business and high-end tourism.
Funding Modern Infrastructure
in Serbia
Infrastructure – and increasingly, climate-resilient infrastructure – is critical to economic growth and job creation in every country.
In Serbia, an important travel corridor in the West Morava Valley suffered from major flooding that negatively impacted people, roads, and businesses in the region.
Beginning in 2022, MIGA stepped in with guarantees to a group of lenders – eventually totaling €1.4 billion — to support the construction of a highway system better protected from flooding and erosion.
Today, 71 of the planned 112 kilometers of the Morava Corridor Motorway are open to traffic. The motorway connects regional economic centers and improves trade links to Western Europe — reducing journey times, improving road safety, and supporting economic growth. The final project will include 79 bridges, 13 interchanges, and up to 1,000 kilometers of fiber-optic cable to allow smart traffic management.
At a time when cross-border investment is falling, MIGA’s guarantees are more important than ever to ensuring that critical and resilient infrastructure projects can go forward in emerging markets and developing countries.
Enhancing Affordable Energy Access
in Tunisia
Access to reliable electricity is essential to higher living standards. In Tunisia about 94% of it is produced by gas-powered plants, leaving the African nation exposed to volatile commodity markets and exchange rate fluctuations. But the country has an ambitious goal of making renewable energy — currently just 6% of generation — 35% of its energy mix by 2030 and 50% five years later.
In 2024, MIGA joined the effort. It issued guarantees for a total of $45.5 million to enable the construction and operation of three grid-connected solar photovoltaic power plants in the country.
The three facilities — two 50 MW plants in Tozeur and Sidi Bouzid and a 100 MW plant in Kairouan — will be the first grid-connected renewable energy independent power producers in the country. All three recently entered commercial operation — an important milestone for renewable energy investment and sector sustainability.
In addition to diversifying Tunisia’s energy mix and helping it meet climate commitments, the plants will enhance access to affordable energy at a time when Tunisia’s electricity demand is growing by 5% a year.
Delivering Sustainable Agriculture
in Brazil
Sustainable agriculture is central to feeding the world of the future. And agriculture is a critical industry in emerging and developing countries, where it employs large portions of the population.
In 2024 MIGA issued a $1.2 billion guarantee to four global banks to cover their loans to Banco do Brasil. The state-owned bank in turn is lending the funds to farmers who employ conservation agriculture methods, including no-till farming and other climate-friendly techniques.
The project will finance the cultivation of approximately 978,000 hectares of land and help avoid up to 11.87 million tons of GHG emissions over the 10-year guarantee period.
That means simultaneously feeding the world and caring for the environment.
Supporting Universal Healthcare
in Türkiye
Universal access to efficient, affordable healthcare is a primary goal of every society. Since 2008 legislation established universal healthcare in Türkiye, the government has been working to expand available hospital space.
Funding for such an undertaking can be difficult to obtain, so the Turkish government turned to the World Bank Group to help devise a public private partnership program to support the finance and construction of state-of-the-art facilities.
MIGA was a major participant in the effort. In all, it provided $952 million in guarantees to enable construction of six ultramodern healthcare facilities, all of them designed to withstand violent earthquakes.
In February 2023, when a deadly quake demolished as many as 7,000 buildings across 10 provinces, MIGA-supported hospitals in Adana and Elazığ — both perilously close to the earthquake’s epicenter — sustained minimal damage and remained fully operational to care for thousands of survivors.
Boosting Advanced Manufacturing in Egypt
in Egypt
Manufacturing is a critical driver of development — it’s essential to creating jobs, reducing poverty, and boosting productivity in emerging and developing economies.
In 2018 MIGA helped Egypt boost its manufacturing sector with a $16.2 million guarantee to Turkish glassware producer Paşabahçe, allowing it to acquire, operate, and expand an existing glass manufacturing plant in Egypt.
The MIGA-backed investment enabled the plant to add three production lines, upgrade production equipment, adopt advanced production processes, and increase quality standards. Output increased from 15 tons of glass per day before the investment to 70 tons afterward.
The plant today employs more than 500 workers — up from about 200 before the investment — who have been trained on new production methods, transferring a new level of knowledge and expertise to the local workforce.
Driving Increased Tourism
in Africa
Tourism and hospitality are a key driver of Sub-Saharan Africa’s economic growth and a major source of foreign reserves and jobs. In Rwanda they’re a cornerstone of the economy, contributing almost 10% of GDP.
In 2020, however, as a result of COVID-19, tourism and hospitality collapsed and revenues in the sector fell more than 80% in a matter of months.
To aid Rwanda’s recovery from the pandemic, in 2023 MIGA issued a $20.6 million guarantee to a global real estate firm to protect its investment in the Umubano Hotel in Kigali, which it wanted to convert to a 124-room, five-star facility hotel with co-working space, conference, leisure, and wellness facilities.
The renovated hotel, renamed the Mövenpick, opened in November 2025 with modern dining, meeting spaces, and leisure facilities — and 170 new employees — supporting Kigali’s position as a destination for business and high-end tourism.
While $100 billion in guarantees issued is a historic milestone, more innovations — and more issuance growth — are already underway.
In 2024, consistent with the One World Bank Group strategy, World Bank Group guarantees were consolidated into a single platform overseen by MIGA, giving clients a streamlined range of products to suit their investment needs.
“Raising the levels of private capital investment in emerging and developing countries is crucial for driving economic growth and job creation, and development organizations such as the World Bank Group must serve as catalysts.”
World Bank Group President Ajay Banga has set a goal of using the platform to boost guarantee issuance to $20 billion per year by 2030.
In order to reach this ambitious goal, MIGA and the Guarantee Platform continue to innovate. New products, approaches, and structures have been developed, including introducing platform guarantees to allow for greater efficiency, combining existing guarantees to yield greater benefits to clients, and improving collaboration with partners to increase marketing of guarantees.
“Raising the levels of private capital investment in emerging and developing countries is crucial for driving economic growth and job creation, and development organizations such as the World Bank Group must serve as catalysts,” said MIGA Managing Director Tsutomu Yamamoto. “I am proud that MIGA has crossed the threshold of $100 billion in total guarantees issued, and we are well-positioned to continue accelerating this growth path under the Guarantee Platform.”
