The aim of this report is to inform thedesign and the implementation of Multilateral InvestmentGuarantee Agency (MIGA's) new Strategic DirectionsFY12-14 by drawing lessons from recent experience with oneof the main pillars of the MIGA, financial sectorguarantees, the fastest growing business area for MIGA. Thereport presents a forward-looking analysis aimed to informthe development and implementation of MIGA's newstrategic direction framework for FY12-14. It looks at theimplementation of the current strategy, OperationalDirections FY09-11, and assesses performance over thestrategy period with respect to its Key PerformanceIndicators (KPIs) and other indicators. It also includes anupdated assessment of MIGA's institutional andoperational effectiveness in those areas that are mostrelevant to strategy implementation.