Development impact

Members

Principles

Mission

The Multilateral Investment Guarantee Agency (MIGA) was cre­ated in 1988 as a member of the World Bank Group to promote foreign direct investment into emerging economies to improve people's lives and reduce poverty. MIGA fulfills this mandate and contributes to develop­ment by offering political risk insurance (guarantees) to investors and lenders, and by helping developing countries attract and retain private in­vestment.

MIGA is led in its mission by four guiding principles: focusing on clients — serving investors, lenders, and host country governments by supporting private enterprise a"nd promoting foreign investment; engag­ing in partnerships — working with other insurers, government agencies, and international organizations to ensure complementarity of services and approach; promoting developmental impact — striving to improve the lives of people in emerging economies, consistent with the goals of host countries and sound business, environmental, and social principles; en­suring financial soundness — balancing developmental goals and financial objectives through prudent underwriting and sound risk management.

¹ http://lnwebl8.worldbank.org/ECA/rus.

² http://www.miga.org.

3.3. Всемирный банк и его институты 189

MIGA membership, which currently stands at 163, is open to all World Bank members. The agency began operations in 1988 with a capi­tal base of $1 billion. In 1999, the MIGA Council of Governors approved a resolution for a capital increase of $850 million. Members have since contributed $655 million (or 77 percent) of this amount; when further pledges are converted, this should rise to $824 million, or 97 percent. In addition, the agency received a $ 150 million contribution to its recapital­ization from the World Bank.

Projects supported by MIGA have widespread benefits: local jobs are created, tax revenue is generated, skills and technological know-how are transferred. Local communities often receive significant secondary benefits through improved infrastructure, including roads, electricity, hospitals, schools, and clean water. Foreign direct investment supported by MIGA also encourages similar local investments and spurs the growth of local businesses that supply related goods and services. As a result, de­veloping countries have a greater chance to break the cycle of poverty.

MIGA's guarantee coverage requires investors to adhere to social and environmental standards that are considered to be the world's best. Without World Bank Group involvement, projects often go ahead with­out adequate safeguards.

Дата добавления: 2015-07-02