MIGA is a member of the World Bank Group mandated with bringing in foreign direct investment (FDI) to developing countries. In FY21, MIGA issued $5.2 billion in guarantees for projects across the globe.
Currently, MIGA focuses on Africa because it has been hit particularly hard as a result of the COVID-19 pandemic. FDI flows to Sub-Saharan Africa decreased in 2020 by 12% to $30 billion, and greenfield project announcements, key to industrialization prospects in the region, dropped by 62% to $29 billion, while international project finance plummeted by 74% to $32 billion.
In the face of these big challenges, MIGA has been stepping up its efforts to facilitate a green, resilient, and inclusive recovery and help achieve the twin goals of the World Bank Group-ending extreme poverty and boosting shared prosperity.