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The Multilateral Investment Guarantee Agency ( MIGA ) is an international financial institution which offers political risk insurance and credit enhancement guarantees. These guarantees help investors protect foreign direct investments against political and non-commercial risks in developing countries. MIGA is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States. MIGA was established in 1988 as an investment insurance facility to encourage confident investment in developing countries. MIGA is owned and governed by its member states, but has its own executive leadership and staff which carry out its daily operations. Its shareholders are member governments that provide paid-in capital and have the right to vote on its matters. It insures long-term debt and equity investments as well as other assets and contracts with long-term periods. The agency is assessed by the World Bank's Independent Evaluation Group each year.

In September 1985, the Board of Governors of the World Bank endorsed the Convention establishing the Multilateral Investment Guarantee Agency. MIGA was established and became operational on April 12, 1988 under the leadership of then-Executive Vice President Yoshio Terasawa, becoming the fifth member institution of the World Bank Group. MIGA initially had $1 billion ($1.94 billion in 2012 dollars) in capital and 29 member states. All members of the International Bank for Reconstruction and Development (IBRD) were eligible to become members of the agency. MIGA was established as an effort to complement existing sources of non-commercial risk insurance for investments in developing countries. By serving as a multilateral guarantor, the agency reduces the likelihood of confrontations among the investor's country and the host country. MIGA's inaugural investment guarantees were issued in 1990 to cover $1.04 billion ($1.83 billion in 2012 dollars) worth of foreign direct investment 

MIGA is governed by its Council of Governors which represents its member countries. The Council of Governors holds corporate authority, but primarily delegates such powers to MIGA's Board of Directors. The Board of Directors consists of 25 directors and votes on matters brought before MIGA. Each director's vote is weighted in accordance with the total share capital of the member nations that director represents. MIGA's board is stationed at its Washington, D.C. headquarters where it meets regularly and oversees the agency's activities. The agency's Executive Vice President directs its overall strategy and manages its daily operations. As of 16 December 2019update, Hiroshi Matano serves as Executive Vice President of MIGA.

MIGA is owned by its 181 member governments, consisting of 156 developing and 25 industrialized countries. The members are composed of 180 United Nations member states plus Kosovo. Membership in MIGA is available only to countries who are members of the World Bank, particularly the International Bank for Reconstruction and Development. As of 2015, the seven World Bank member states that are not MIGA members are Brunei, Kiribati, Marshall Islands, San Marino, Somalia, Tonga, and Tuvalu. (The UN states that are non-members of the World Bank, and thus MIGA, are Andorra, Cuba, Liechtenstein, Monaco, Nauru, and North Korea.) The Holy See and Palestine are also non-MIGA members. Bhutan is the most recent country to have joined MIGA, having done so in December 2014.

MIGA offers insurance to cover five types of non-commercial risks: currency inconvertibility and transfer restriction; government expropriation; war, terrorism, and civil disturbance; breaches of contract; and the non-honoring of financial obligations. MIGA will cover investments such as equity, loans, shareholder loans, and shareholder loan guarantees. The agency may also insure investments such as management contracts, asset securitization, bonds, leasing activities, franchise agreements, and license agreements. The agency generally offers insurance coverage lasting up to 15 years with a possible five-year extension depending on a given project's nature and circumstances. When an event occurs that is protected by the insurance, MIGA can exercise the investor's rights against the host country through subrogation to recover expenses associated with covering the claim. However, the agency's convention does not require member governments to treat foreign investments in any sp

MIGA prepares consolidated financial statements in accordance with United States GAAP which are audited by KPMG.