2009年-世界发展银行全球_MIGA_Annual_Report_2009_124页_2mb

2009 MIGA Annual Report Summary

Core Content

MIGA, the Multilateral Investment Guarantee Agency, is part of the World Bank Group and focuses on promoting foreign direct investment (FDI) into developing countries to support economic growth, reduce poverty, and improve people's lives. In 2009, MIGA issued $1.4 billion in guarantees, a decrease from $2.1 billion in 2008, but the decline in cancellations highlighted the value of its coverage during the global economic crisis.

Main Points

• Mission: MIGA's mission is to facilitate FDI by offering protection against non-commercial risks such as currency inconvertibility, expropriation, war and civil disturbance, breach of contract, and non-honoring of sovereign financial obligations.
• Guarantees:
  • MIGA issued $1.4 billion in guarantees in 2009.
  • The outstanding portfolio increased by $800 million to $7.3 billion due to low portfolio run-off.
  • The financial sector received the largest share of guarantees, totaling $1.2 billion.
• Technical Assistance:
  • MIGA provides technical assistance through the World Bank Group's Foreign Investment Advisory Services (FIAS).
  • This helps countries develop and implement investment strategies.
• Online Knowledge Services:
  • MIGA offers online investment information services like FDI.net and PRI-Center.
  • These services help investors identify opportunities and manage risks.
• Partnerships:
  • MIGA partnered with the World Bank, IFC, EBRD, and EIB to launch a €24.5 billion facility for the financial sector in Eastern and Central Europe.
  • It also entered into a treaty agreement with Hannover Re for reinsurance.
• New Coverage:
  • Expanded coverage to include non-honoring of sovereign financial obligations.
  • Enhanced breach of contract and war and civil disturbance coverages.
• Projects Supported:
  • MIGA supported 26 projects in 2009, including 10 in sub-Saharan Africa through its Small Investment Program.
  • The agency also facilitated amicable resolutions in 15 countries and paid two claims under war and civil disturbance coverage.
• Membership:
  • MIGA's total membership reached 174, with Iraq and Kosovo joining in 2009.
  • Mexico was expected to become a full member in early 2010.

Key Information

• Operational Highlights:
  • MIGA's operating income was $50.6 million in 2009, down from $55.0 million in 2008.
  • The decrease was mainly due to lower investment income and currency translation losses.
• Regional Activities:
  • Asia and the Pacific: $77.1 million in guarantees.
  • Europe and Central Asia: $1,215.9 million in guarantees.
  • Sub-Saharan Africa: $50.1 million in guarantees.
• Sectoral Focus:
  • Financial sector: $1,230.5 million in guarantees.
  • Agribusiness, manufacturing, and services: $38.3 million.
• Strategic Initiatives:
  • Launched an initiative to support financial flows from banks to their subsidiaries in crisis-affected countries.
  • Introduced an innovative umbrella contract for SMEs in sub-Saharan Africa.
• Internal Reforms:
  • The Board of Directors approved significant changes to the Operational Regulations, marking the most extensive upgrade in 21 years.
  • These changes aim to increase operational flexibility and responsiveness to market needs.

Development Impact

• Global Economic Crisis Response:
  • MIGA played a key role in the World Bank Group's efforts to support developing countries during the economic downturn.
  • It helped countries in need by providing guarantees and working with other institutions to mobilize resources.
• FDI Decline:
  • The global economic crisis led to a 30% decline in FDI to developing countries, from $583 billion in 2008 to an estimated $385 billion in 2009.
  • FDI is crucial for job creation, infrastructure development, and bringing in global knowledge and best practices.

Leadership and Governance

• Board Activities:
  • The Board reviewed 28 projects and approved changes to MIGA's Operational Regulations.
  • The Board also discussed reports from the Independent Evaluation Group (IEG) and participated in the drafting of country assistance strategies.
• Executive Vice President:
  • Izumi Kobayashi, who became Executive Vice President in November 2008, emphasized the importance of innovation and flexibility in addressing the challenges of the crisis.
  • She highlighted MIGA's efforts to strengthen the financial sector and SMEs in various regions.
• Management Structure:
  • MIGA's leadership includes key officers such as James P. Bond (Chief Operating Officer), Edith P. Quintrell (Director, Operations), Peter D. Cleary (Director and General Counsel), Frank J. Lysy (Chief Economist), Kevin W. Lu (Chief Financial Officer), Christine I. Wallich (Director, IEG), Marcus S. D. Williams (Adviser, Strategy and Operations), and Kristalina Georgieva (Vice President and Corporate Secretary).

Conclusion

MIGA's 2009 annual report underscores its critical role in supporting FDI in developing countries, especially during the global economic crisis. Despite a decline in new business, the agency maintained a strong portfolio and continued to innovate in its services and partnerships. The report also highlights the importance of multilateral cooperation and the need for a flexible and responsive approach to political risk insurance in a challenging global environment.