Miga2012

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annual report 2012

InsurIng Investments

r ensurIng opportunItIes

miga’s mission

To promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives.

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MIGA ANNUAL REPORT 2012

contents
2 4 5 10 11 12 18 MIGA Fiscal Year 2012 Highlights World Bank Group Fiscal Year 2012 Highlights Leadership Perspectives MIGA Management Team MIGA Board Development Impact Business Operational Overview Research and Knowledge Regional Activities Technical Assistance Independent Evaluation Group Compliance Advisor/Ombudsman Management’s Discussion and Analysis and Financial Statements Appendices Contact Information

58 104 118

acronyms
BRICS CAO CAR CUP DIFC FDI FIAS FMO IBRD ICSID ICT IDA IEG IFC IPP MD&A MENA MOU NHSFO PRG PRI SIP SSA Brazil, the Russian Federation, India, China, South Africa Compliance Advisor/Ombudsman Capital Adequacy Ratio Cooperative Underwriting Program Dubai International Financial Centre Foreign Direct Investment Facility for Investment Climate Advisory Services Dutch Development Bank International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes Information and Communication Technology International Development Association Independent Evaluation Group International Finance Corporation Independent Power Producer Management’s Discussion and Analysis Middle East and North Africa Memorandum of Understanding Non-Honoring of Sovereign Financial Obligations Partial Risk Guarantee Political Risk Insurance Small Investment Program Sub-Saharan Africa

MIGA ANNUAL REPORT 2012

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1

In fiscal year 2012, we issued a total of $2.7 billion in guarantees for projects in MIGA’s developing member countries and an additional $10.6 million was issued under MIGAadministered trust funds. This is another record high for new issuance by the Agency, the second consecutive year of this trend, and was marked by increased regional and sectoral diversification. Fifty-eight percent of projects guaranteed, accounting for 70 percent of the total volume of new coverage, address at least one of MIGA’s four strategic priority areas. Fiscal year 2012 also marks the fifth consecutive year of record levels in the Agency’s gross portfolio.

FISCAL YEAR 2012 Highlights

Guarantees Issued
Number of Projects Supported New Projects2 Projects Previously Supported3 Number of Guarantee Contracts Issued Amount of New Issuance, Total ($B)4 Gross Exposure ($B)4 Net Exposure (less reinsurance) ($B)5 1.

2008
24 23 1 38 2.1 6.5 3.6

2009
26 20 6 30 1.4 7.3 4.0

2010
19 16 3 28 1.5 7.7 4.3

2011
38 35 3 50 2.1 9.1 5.2

2012
501 38 12 66 2.7 10.3 6.3

FY90-12
701 1,096 27.2 -

4. 5.
2. 3.

TwoadditionalprojectsweresupportedundertheMIGA-administeredWestBankandGazaInvestmentGuaranteeTrustFund ProjectsreceivingMIGAsupportforthefirsttimeinFY12(includingexpansions) ProjectssupportedbyMIGAinFY12aswellasinpreviousyears IncludesamountsleveragedthroughtheCooperativeUnderwritingProgram(CUP) Grossexposureisthemaximumaggregateliability.Netexposureisthegrossexposurelessreinsurance

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MIGA ANNUAL REPORT 2012

Operational Highlights
MIGA provided coverage for projects in the following areas in fiscal year 2012: Number of projects supported Share of projects supported (%) Amount of guarantees issued ($M) Share of projects $ volume (%)

Priority area1
IDA-eligible countries2 “South-South” investments Conflict-affected countries Complex projects 5 3,4

24 11 9 12

48 22 18 24

1,090.5 589.4 340.7 1,581.7

41 22 13 60

Region
Asia and the Pacific Europe and Central Asia Latin America and the Caribbean Middle East and North Africa Sub-Saharan Africa 6

4 20 3 6 17 50

8 40 6 12 34

305.9 928.0 353.6 432.9 636.4 2,656.8

12 35 13 16 24

Total6 Sector
Agribusiness, manufacturing, and services6...
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