The Multilateral Investment GuaranteeAgency's (MIGA's) mandate to promote foreigndirect investment into developing countries to improvepeople's lives and create more opportunities remainsmore important than ever. Despite a challenging businessclimate, during the past year MIGA sought out and supportedprojects that contributed to its mission and growth. Infiscal year 2010, MIGA provided $1.5 billion in newguarantee coverage. This amount targeted a wide range ofprojects across all regions from bank liquidity in Serbiaand Latvia to guarantees on complex port projects in Turkey,China, and Senegal. Over the past year MIGA supportedinvestments in frontier markets, such as Sierra Leone andEthiopia. And as was the case last year, MIGA experienced alower-than-usual level of cancellation. MIGA also continuedto support financial flows from banks to their subsidiariesin Europe and Central Asia that were harmed by the financialcrisis. Beyond the financial sector, MIGA supported clientsseeking political risk insurance for energy andinfrastructure investments with a strong development impact.The projects that MIGA supports create jobs; provide water,electricity, and other basic services; strengthen financialsystems; generate tax revenues; transfer skills andtechnological know-how; and help countries tap naturalresources in an environmentally sustainable way. MIGA againdemonstrated thought leadership in the political riskinsurance arena. The report fills an information gap andunderlines that investors view political risk as the mostimportant short- and medium-term obstacle to investing indeveloping countries. MIGA's management continues tofocus on change to increase effectiveness and improveefficiency for investors and lenders. MIGA has also workedmore closely with other units of the World Bank Group toensure the best use of the Bank Group's expertise,products, and services.
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