2004年-世界发展银行全球_2004_Annual_Report_108页_2mb

2004 MIGA Annual Report Summary

Core Content

The 2004 Annual Report of the Multilateral Investment Guarantee Agency (MIGA) outlines the organization's mission, operational highlights, financial performance, membership changes, and strategic initiatives aimed at promoting foreign direct investment (FDI) into developing countries to support economic growth, reduce poverty, and improve people's lives.

Main Points

MIGA's Mission

• MIGA's mission is to promote FDI into developing countries by providing political risk insurance and technical assistance.
• This supports the World Bank Group's strategic goals of poverty reduction and sustainable development.

Types of Risks Covered

• MIGA offers guarantees against:
  • Currency inconvertibility and transfer restrictions
  • Expropriation
  • War and civil disturbance
  • Breach of contract, including wrongful call of performance instruments

Key Operational Highlights

• Guarantees Issued: 55 guarantees were issued in 2004, supporting 35 projects, with a total new issuance of $1.1 billion.
• Technical Assistance: 65 activities were conducted in 29 countries, with 28 in sub-Saharan Africa.
• New Member Countries: The Islamic Republic of Iran and Suriname joined MIGA, increasing the membership to 164.
• Projects in Priority Areas:
  • 20 projects and 35 technical assistance activities in IDA-eligible countries
  • 14 SME-focused projects
  • 8 "South-South" projects
  • 4 projects and 28 technical assistance activities in sub-Saharan Africa
• Conflict-Affected Countries: 16 projects were supported in conflict-affected regions.
• Water Projects: 3 water projects were supported, 2 in China and 1 in Russia, aligning with the Millennium Development Goals.
• Leadership Change: Mr. Motomichi Ikawa, who led MIGA for six years, was succeeded by Ms. Yukiko Omura, who brings experience in investment banking and development issues.

Financial Overview

• Earned Premium, Fee and Investment Income: Financial performance is highlighted in Figure 1, though exact figures are not provided in the text.
• Gross Exposure: Increased to $5.2 billion.
• Net Exposure: Increased to $3.3 billion.
• Cooperative Underwriting Program (CUP): Leveraged to increase the total new issuance to $13.5 billion.

Strategic Initiatives

• FDI Promotion Center: Launched to provide online tools for investment promotion.
• European Investor Outreach Program: Launched to increase awareness of the Western Balkans.
• Joint Guarantee Facility: Established with IDA, the Agence Française de Développement, and BOAD to support smaller infrastructure projects in West Africa.

Partnerships

• New Partners: MIGA signed MOUs with five new partners, including the African Trade Insurance Agency (ATI), Banque de Développement des États de l'Afrique Centrale (BDEAC), Export Guarantee Fund of Iran (EGFI), Jordan Loan Guarantee Corporation (JLGC), and Servizi Assicurativi del Commercio Estero of Italy (SACE).
• Reinsurance and Coinsurance: Facultative reinsurance provided for $238 million for seven projects and $4 million for one project.
• Training Programs: Conducted for partners in Europe and Canada, and a regional training program in Iran.

Collaboration with World Bank Group

• Worked with the World Bank on investment promotion in Armenia, Honduras, Iraq, and Mozambique.
• Supported the Sasol oil and gas project in Mozambique with IFC and the World Bank.
• Engaged in technical assistance projects in China and Panama with IFC.

Claims Resolution

• Resolved six disputes involving MIGA-insured investors to the satisfaction of all parties.

Key Information

Leadership

• President: James D. Wolfensohn
• Executive Vice President: Yukiko Omura (newly appointed in May 2004)
• Management Team: Includes Luis Dodero (General Counsel), Frank Lysy (Chief Economist), Moina Varkie (Chief, External Outreach and Partners), Tessie San Martin (Director, Operations), Amédée Prouvost (CFO), and Marcus Williams (Special Assistant to the EVP)

Regional Activities

• Asia and the Pacific: Highlighted through technical assistance and partnerships.
• Europe and Central Asia: Continued focus on SMEs and conflict-affected countries.
• Latin America and the Caribbean: Supported through investment promotion and technical assistance.
• Middle East and North Africa: Emphasis on FDI and technical assistance.
• Sub-Saharan Africa: 28 technical assistance activities and 4 projects.

Strategic Goals

• Increase FDI in difficult and frontier markets.
• Ensure projects contribute to sustainable development.
• Enhance the relevance of MIGA's services to changing market conditions.

Conclusion

MIGA played a crucial role in supporting FDI in developing countries during fiscal 2004, particularly in poorer and conflict-affected regions. The Agency continued to expand its technical assistance and online services, strengthened its partnerships, and adapted its operations to better serve its clients. With a new leadership team and strategic focus, MIGA aims to enhance its development impact and promote FDI more effectively in the future.