Financial performance




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

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Multilateral Investment Guarantee Agency

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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.
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History

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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 ...
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