In 2014, the World BankGroup adopted a jointstrategy for dealingwith impedimentsto ending extremepoverty and boostingshared prosperity. Oneof the strategy’s keyelements underscoresthe essential roleprivate sectorinvestment can playworking alongsidepublic sector support to bear down on the most challengingdevelopment issues client countries face, such as job creation,infrastructure deficits, and climate change.MIGA’s role has become increasingly valuable in deliveringresults to achieve these twin goals as demonstrated by theincreased demand for our political risk insurance and creditenhancement products that facilitate the expansion of privateinvestment into emerging markets. In fiscal year 2014, MIGAissued a record $3.2 billion in new guarantees while ourgross exposure reached $12.4 billion. MIGA’s added valuestems from our ability to mobilize private sector investmentin environments that are often beyond the risk tolerance ofcommercial sources of capital.This past fiscal year, MIGA worked with various stakeholdersto develop our own strategy that aligns our objectives with theWorld Bank Group’s twin goals and underscores our aspirationto achieve significant development impact beyond what wecan do alone. To achieve this, MIGA will need to be financiallysustainable by prudently managing our risks, coveringoperating costs, and creating financial latitude by growing theAgency’s capital base.
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