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2009 Annual Report MIGA’S Mission

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2009 Annual Report MIGA’S Mission 2009 ANNUAL REPORT MIGA’s MISSION To promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives. Guarantees Through its investment guarantees, MIGA offers protection for new cross-border investments, as well as expansions and privatizations of existing projects, against the following types of non-commercial risks:* r Currency inconvertibility and transfer restriction r Expropriation r War and civil disturbance r Breach of contract r Non-honoring of sovereign financial obligations As part of its guarantees program, MIGA provides dispute resolution services for guaranteed investments to prevent disruptions to developmentally beneficial projects. Technical Assistance MIGA helps countries define and implement strategies to promote investment through technical assistance services managed by the World Bank Group’s Foreign Investment Advisory Services (FIAS). Online Knowledge Services MIGA helps investors identify investment opportunities and manage risks through online investment information services—FDI.net and PRI-Center—offering infor- mation on investment opportunities, business operating conditions, and political risk insurance. * This report uses the terms “guarantees” and “insurance” interchangeably. The terms “non- commercial risk” and “political risk” are also used interchangeably throughout the report. CONTENTS MIGA’s Mission Summary of World Bank Group Activities ................................................... 2 Fiscal Year 2009 Highlights ............................................................................. 4 Letter from the President to the Council of Governors ......................7 Board Activities Highlights ............................................................................. 9 Message from the Executive Vice President .............................................. 10 Development Impact MIGA Responds to Global Economic Crisis .................................................12 Operational Overview Guarantees........................................................................................................21 Online Investment Information and Knowledge Services ...........................33 Technical Assistance ....................................................................................... 36 Regional Activities Asia and the Pacific ..........................................................................................38 Europe and Central Asia ..................................................................................41 Latin America and the Caribbean .................................................................. 48 Middle East and North Africa ........................................................................ 50 Sub-Saharan Africa .......................................................................................... 51 Independent Evaluation Group .....................................................................58 Compliance Advisor/Ombudsman ................................................................60 Management’s Discussion and Analysis (FY09) and Financial Statements ................................................................................ 62 Appendices ......................................................................................................... 104 Abbreviations .....................................................................................................119 HIGHLIGHTS MIGA ANNUAL REPORT 09 | 1 SUMMARY OF WORLD BANK GROUP ACTIVITIES The World Bank Group, one of the world’s largest development institutions, is a major source of financial and technical assistance to developing countries around the world. Its member institutions work together and complement each other’s activities to achieve their shared goals of reducing poverty and improving lives. The Bank Group shares knowledge and supports projects in trade, finance, health, poverty, education, infrastructure, governance, climate change, and in other areas to benefit people in developing countries. The World Bank Group committed World Bank Group $58.8 billion in fiscal year 2009 to help Cooperation countries struggling amid the global economic crisis, a 54 percent increase Joint projects and programs of the over the previous fiscal year and a Bank Group’s institutions focus on record high for the global development promoting sustainable development institution. by expanding financial markets, issuing guarantees to investors and The World Bank, comprising IDA commercial lenders, and providing and IBRD, committed $46.9 billion advisory services to create better in loans and grants to its member investment conditions in developing countries. IDA commitments to the countries. Working together, the World world’s poorest countries were $14.0 Bank, IFC, and MIGA catalyze projects billion, $2.8 billion higher than the that make resources available to ONAL CE TI NT previous year. IBRD commitments clientsA throughR greater innovation and N E R E F T O N R I • • in fiscal 2009 totaled $32.9 billion, responsiveness.S Highlights of fiscal S E I E T C T T S L I U D P E an increase of $19.4 billion from the yearM 2009 WorldS Bank, IFC, and MIGA I E D N T T N O E F M previous year. collaboration I N V E S T include: IFC committed $10.5 billion and r A financial sector recapitalization mobilized an additional $4.5 billion program for Eastern and Central for private sector development in Europe under which the largest developing countries. $4.4 billion of multilateral investors and lenders the total went to IDA countries. in the region—the European Bank for Reconstruction and MIGA issued $1.4 billion in guarantees Development (EBRD), the in support of investments in the European Investment Bank (EIB) developing world. Of the total, $1.2 Group, and the World Bank billion was in the financial sector in Group—pledged to provide up light of the need to support continued to e24.5 billion ($31 billion) to lending by banks. support the banking sector and to fund lending to businesses hit by the global economic crisis r A joint initiative for Africa under which the World Bank Group, 2 | MIGA ANNUAL REPORT 09 HIGHLIGHTS The World Bank Group comprises five closely associated institutions: IONAL B AT AN International Bank for Reconstruction K RN E F T O N R I WORLD BANK and Development (IBRD), which lends R T E C N O E N M S P T O R L to governments of middle-income and U E C V TI E O N A N D D creditworthy low-income countries International Development Association E L O P M E V E D N T L A A N S O S (IDA), which provides interest-free I O T C A I A N T R I E O T loans, or credits, and grants to gov- N N the African Development Bank I (AfDB), EIB, and the Agence ernments of the poorest countries Française de Développement (AFD) pledged to support the private sector in the region I I International Finance Corporation N N N N T T O O E E I I T T R and to fund lending to the real R A A N N (IFC), which provides loans, equity, R R A economy T O I P O R N O and technical assistance to stimulate A C L F C E r An initiative to spur economic I N A N private sector investment in growth in Latin American and developing countries Caribbean countries under which IBRD, IFC, and MIGA are coordi- nating a crisis response in part- Multilateral Investment Guarantee nership with the Inter-American A L I R N E V T E A S L T I M T Development Bank and the Inter- E Agency (MIGA), which provides L N U T M • American Investment Corporation • G political risk insurance or guarantees U Y A C (IDB/IIC), Corporación Andina R N A E N G de Fomento (CAF), the Caribbean T E E A against losses caused by noncom- Development Bank (CBD), and mercial risks to facilitate foreign the Central American Bank for direct investment (FDI) in developing Economic Integration (CABEI) countries r Representatives of the World Bank Group’s board and senior management from IBRD, IFC, International Centre for Settlement of ONAL CE TI N A TR N E R E F T O and MIGA visited Iraq in April to R N I Investment Disputes (ICSID), which • • S S E I E T C T discuss the country’s investment T S L I U D P E S provides international facilities for con- M I E D potential and underscore the N T T N O E F M Bank Group’s commitment I N V E S T ciliation and arbitration of investment to assisting in its sustainable disputes. economic recovery r Country partnership strategies and interim strategy notes across all regions that support growth and development HIGHLIGHTS MIGA ANNUAL REPORT 09 | 3 FISCAL YEAR 2009 HIGHLIGHTS In fiscal year 2009, the total amount of guarantees issued for projects in MIGA’s developing member countries reached $1.4 billion, representing a decline from 2008 when the agency issued a record amount of new gross exposure. The decline in new business resulted from the reduced investment flows stemming from the global economic crisis. At the same time, the particularly low cancellation of existing business underscored the importance clients placed on MIGA’s coverage, especially in these difficult times. As a result of low run-off, MIGA’s outstanding portfolio grew by a significant $800 million last year to $7.3 billion. T ABLE 1 Guarantees Issued 2005 2006 2007 2008 2009 FY90-09 Number of Guarantee Contracts Issued 62 66 45 38 30 952 Number of Projects Supported 41 41 29 24 26 600 New Projects1 33 34 26 23 20 - Projects Previously Supported2 8 7 3 1 6 - Amount of New Issuance, Gross ($B) 1.2 1.3 1.4 2.1 1.4 20.2 Amount of New Issuance, Total ($B)3 1.2 1.3 1.4 2.1 1.4
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