Industry Overview - The Multilateral Investment Guarantee Agency (MIGA) has issued $84.5 billion in guarantees since its inception in 1988, supporting over 1,030 projects across 123 host countries [1] - In fiscal year 2024 (FY24), MIGA issued a record $8.2 billion in new guarantees across 40 projects, with 95% of these projects supporting at least one of MIGA's strategic priority areas [2] - MIGA's strategic priorities include increasing engagement in International Development Association (IDA)-eligible countries, fragile and conflict-affected situations (FCS), and climate finance initiatives [2][20] Regional and Sectoral Impact - MIGA issued $2.9 billion in guarantees in Europe and Central Asia, $2.7 billion in Sub-Saharan Africa, $1.9 billion in Latin America and the Caribbean, and $449 million in South Asia in FY24 [21] - 65% of MIGA's projects in FY24 were in IDA-eligible countries, totaling $3.1 billion in guarantees, while 25% were in FCS, amounting to $945 million [21] - Climate finance was a significant focus, with 75% of projects contributing to climate mitigation or adaptation efforts, totaling $2.5 billion in guarantees [21] Climate and Sustainability Initiatives - MIGA surpassed its commitment to align 85% of its operations with the Paris Agreement, achieving 100% alignment in FY24 [26] - Notable climate projects included supporting Chile's largest state-owned enterprise in transitioning to renewable energy and Senegal's first 100% electric bus rapid transit system [27][78] - MIGA's guarantees are expected to prevent over 600,000 metric tons of CO₂ emissions annually and provide new or improved electricity services to 280,000 people [21] Gender and Social Impact - MIGA launched the World Bank Group Gender Strategy 2024-2030, focusing on gender equality and poverty reduction [28] - In FY24, MIGA supported projects that increased women's employment in technical and digital roles, enhanced women's leadership in the hospitality sector, and promoted gender equality in renewable energy projects [28][140][141] - MIGA's gender-flagged projects included increasing women's access to mobile internet and mobile money services, benefiting 2.2 million people and adding 12.2 million new subscribers to mobile money services [2][21] Financial and Operational Performance - MIGA's gross guarantee portfolio exposure stood at $31.5 billion as of June 30, 2024, with net guarantee exposure at $10.3 billion [74] - The World Bank Group committed $117.5 billion in FY24, including $8.2 billion from MIGA, to address global development challenges [14] - MIGA's net income in FY24 was $179.5 million, with gross premium income reaching $272.3 million [153] Innovation and Partnerships - MIGA launched the World Bank Group Guarantee Platform, aiming to boost annual guarantee issuance to $20 billion by 2030 [29][30] - The platform simplifies processes and provides a unified product menu, making it easier for clients to access guarantees [30] - MIGA partnered with the International Solar Alliance (ISA) and the International Renewable Energy Agency (IRENA) to scale up renewable energy projects [106][108]
MIGA Annual Report 2024
Shi Jie Yin Hang·2024-10-31 23:03