MULTILATERAL INVESTMENT GUARANTEE AGENCY (MIGA)
The mission of Multilateral Investment Guarantee Agency (MIGA) is to promote foreign direct investment (FDI) into developing countries to help support economic growth, reduce poverty, and improve people's lives. On April 12, 1988 an international convention established MIGA as the newest member of the World Bank Group. The agency opened for business as a legally separate and financially independent entity. The Compliance Advisor Ombudsman (CAO) is the independent recourse mechanism for MIGA, that responds to complaints from project-affected communities with the goal of enhancing social and environmental outcomes on the ground. MIGA was created to complement public and private sources of investment insurance against non-commercial risks in developing countries. MIGA’s multilateral character and joint sponsorship by developed and developing countries were seen as significantly enhancing confidence among cross-border investors.
The idea for a multilateral political risk insurance provider was floated long before MIGA’s establishment, in fact as far back as 1948. But it was not until September 1985 that this idea started to become a reality. At that time the World Bank’s Board of Governors began the process of creating a new investment insurance affiliate by endorsing the MIGA convention that defined its core mission: "to enhance the flow to developing countries of capital and technology for productive purposes under conditions consistent with their developmental needs, policies and objectives, on the basis of fair and stable standards to the treatment of foreign investment."
Today, MIGA’s mission is straightforward: To promote foreign direct investment into developing countries to support economic growth, reduce poverty and improve people’s lives.
Editor: Giovanni AVERSA