世界发展银行-MIGA-Annual-Report-2019_31页_7mb

2019 MIGA Annual Report Summary

Core Content

MIGA, a member of the World Bank Group, is dedicated to promoting foreign direct investment (FDI) in developing countries by mitigating political and non-commercial risks. It offers political risk insurance and credit enhancement to investors and lenders, helping them navigate challenges such as currency restrictions, breach of contract, expropriation, and war or civil disturbance. MIGA's mission is to create development impact through sustainable projects that are economically, environmentally, and socially beneficial.

Main Points

• Development Impact: Over the past six years, MIGA's portfolio has doubled, contributing to the empowerment of approximately 50 million people with access to power and generating $3.9 billion in annual taxes and fees for host governments.
• Climate Change: Almost two-thirds of MIGA's guarantees in FY19 supported climate change adaptation or mitigation projects, with a total of $2.1 billion in locally procured goods and 7.4 million tons of greenhouse gas emissions prevented annually.
• Fragile Settings: MIGA increased its support for IDA countries and fragile settings, with 30% of its guarantee program focused on these areas. The Agency also doubled its outstanding guarantees to $23.3 billion, despite a weak global investment pipeline.
• Collaboration: MIGA worked closely with the World Bank, IFC, and other institutions to support projects, including joint initiatives in Afghanistan, Cameroon, and Uganda. It also participated in strategic country diagnostics and regional coordination efforts.
• Private Sector Development: MIGA supported the creation of 116,600 direct jobs and enabled $17.3 billion in finance for small and medium enterprises (SMEs), highlighting its role in boosting private sector growth and job creation.

Key Achievements in FY19

• MIGA issued $9.3 billion in financing and extended $5.5 billion in new guarantees, doubling the figures from six years prior.
• MIGA's portfolio in IDA countries and fragile settings doubled, reflecting a strategic shift toward supporting these regions.
• MIGA's climate portfolio doubled, contributing to 62% of the projects supported in FY19, with significant benefits in terms of emissions reduction and sustainable development.
• The Agency supported several high-impact projects, including:
  • A fruit processing facility in Sierra Leone with $36 million in guarantees, expected to create 13,000 jobs.
  • A 60-megawatt solar power plant in Malawi with $58.6 million in equity guarantees, adding a new source of energy in a country with low electrification rates.
  • The Nachtigal Hydropower Plant in Cameroon, supported by $164.5 million in guarantees, contributing to 30% of the country's additional generation capacity and avoiding 41 million tons of CO₂ emissions over 40 years.

MIGA's Role in the World Bank Group

• MIGA is the largest multilateral political risk insurance provider, playing a crucial role in attracting FDI to developing countries.
• In FY19, MIGA's financial commitments were $5.549 billion, with disbursements totaling $2.59 billion.
• The World Bank Group's overall commitments in FY19 were nearly $60 billion, with a focus on improving effectiveness and impact, especially in fragile and low-income countries.
• The Group emphasized the importance of climate co-benefits, gender equality, and human capital development in its strategic goals.

Leadership and Vision

• David Malpass was appointed as the President of the World Bank Group in April 2019, with a focus on advancing shared prosperity and ending extreme poverty.
• MIGA's leadership under Keiko Honda emphasized the need for stronger partnerships and a more strategic approach to development, including a focus on IDA countries and fragile settings.
• The Group is committed to a $200 billion five-year mobilization target to address climate challenges and promote sustainable development.

Strategic Initiatives

• MIGA is working to enhance its development impact by focusing on climate finance, IDA countries, and fragile settings.
• The Agency is implementing a new ex ante development impact system called "IMPACT" and plans for a full launch in FY20.
• MIGA collaborates with other World Bank Group institutions to deliver better development outcomes, including the IBRD-IFC capital package and IDA19 replenishment.

Conclusion

MIGA's FY19 activities reflect a strong commitment to sustainable development and private sector growth in developing countries. Through strategic partnerships and innovative financing tools, MIGA continues to play a vital role in supporting projects that have significant economic, environmental, and social benefits. The Agency's focus on climate change, IDA countries, and fragile settings underscores its role in addressing global development challenges.