木瓜影院

Reinsurance 

Since 1997, MIGA has successfully used reinsurance to leverage its investment guarantee capacity, manage the risk profile of its portfolio, and foster the growth of the private political risk insurance market. Significant benefits have accrued both to MIGA's investors, who have gained access to larger levels of coverage for projects in developing countries, and to the host countries that have benefited from much higher levels of productive foreign investment.

MIGA ceded $7.1 billion of new business to the reinsurance market during fiscal 2025. MIGA’s objective in using reinsurance is to support its growth while managing portfolio concentration and ensuring efficient capital utilization. The increased use of reinsurance is also in line with the World Bank Group goal of leveraging the private sector into financing development as well as with MIGA’s strategy of preserving capital to fund future growth, primarily in priority areas. As of June 30, 2025, $24.9 billion or 68 percent of the outstanding gross portfolio was reinsured, up from 66 percent last fiscal year.

PORTFOLIO REINSURANCE (BILLIONS OF DOLLARS) AND RATE (%)

MIGA Financial Highlights

Financial Results

Capital Measures

Noteworthy in Fiscal 2025

One Year of the World Bank Group Guarantee Platform

As part of the effort to address the need for increased private capital mobilization, the World Bank Group established the World Bank Group Guarantee Platform, overhauling its guarantee business to deliver simplicity, improved access, and faster execution. Loan and investment guarantees are powerful catalysts to attract private sector investments and commercial financing, fueling economic growth and improved public services in developing countries. The guarantee products are housed at MIGA, making it easier for clients to do business with the World Bank Group.

In its first fiscal year, the World Bank Group Guarantee Platform issued $12.3 billion in guarantees to 77 projects in 40 countries—a 19 percent increase over the previous fiscal year. MIGA issued $9.5 billion, IFC issued $1.2 billion, and the World Bank issued $1.6 billion in guarantees.

10^th Annual MIGA Gender Leadership Award

This fiscal year marked the 10^th year of the MIGA Gender Leadership Award, which recognizes senior managers with a proven track record of furthering the cause of women’s advancement and gender equality in business while contributing to the mission of the World Bank Group to end extreme poverty and boost prosperity on a livable planet. The award is presented annually on International Women’s Day.

This year’s award recipient was Loubna Ghaleb, Board Member at Tanger Med Group. Ms. Ghaleb has over 20 years of experience in Tanger Med Group, having risen through the ranks from head of partnerships to her current role as a member of the Board of Directors and head of projects and financing. She drives gender and other sustainability initiatives at Tanger Med Group. Ms. Ghaleb played a key role in the development of Tanger Med and has been instrumental in financing different projects of the Group, including expanding the Tanger Med Port Complex and enhancing Morocco’s position as a global logistics hub. She led the team that recently negotiated a partnership with the World Bank Group to expand the truck and passenger terminal. Through this initiative, Tanger Med aims to promote women’s participation in the maritime and port sectors by expanding access to jobs and leadership positions.

Building a Global Network for Sustainable Partnerships

MIGA has broadened its network of partnerships to extend its operational reach in emerging markets while supporting sustainable and inclusive growth. MIGA has formalized key Memoranda of Understanding and Cooperation Agreements with several partners—including the African Trade and Development Investment Insurance, the Arab Fund for Economic and Social Development, UAE’s Etihad Credit Insurance, the Saudi Fund for Development, and the OPEC Fund—to expand its coverage in Africa and the MENA region and enhance business origination, co-insurance, and reinsurance opportunities. Complementing these efforts, a landmark agreement with the reinsurance leader Lloyd’s has paved the way for advanced knowledge-sharing on critical issues such as carbon credit insurance and gender inclusion. Further underscoring its commitment to fostering long-term relationships, MIGA has also established a robust cooperation framework with NOVA University Lisbon, which is set to leverage academic excellence in building capacity through certification programs, scholarships, and targeted sustainable diplomacy initiatives.

Driving Strategic Outreach for Innovative De-risking Initiatives

MIGA has actively engaged a diverse array of stakeholders to deepen their understanding of the World Bank Group Guarantee Platform’s de-risking instruments and explore future collaboration opportunities. Through a series of high-impact events—including an inaugural Guarantee Platform webinar, a collaborative United Nations side event briefing vulnerable countries on risk mitigation, and targeted capacity-building sessions with government and institutional investors—MIGA has effectively showcased a wide range of the de-risking solutions the platform offers.  These engagements have not only informed participants across multilateral and bilateral finance institutions, the most vulnerable economies, and private investors about innovative financing tools, but have also reinforced the World Bank Group’s commitment to empowering stakeholders in addressing critical development challenges and fostering sustainable economic growth.

MIGA strategically enhanced its global profile by facilitating dialogue at the Insurance Development Forum Summit in Italy. MIGA representatives also delivered a presentation on the World Bank Group Guarantee Platform to the World Bank Group Academy, a new initiative offering programs for government officials, civil society, private sector participants, and development professionals. The presentation was delivered as part of a course, “Insuring Against Disaster Risk,” organized in partnership with the Turkish Catastrophe Insurance Pool, the Insurance Development Forum, and academia.

Africa's Visionaries: MIGA and the Financial Times Ignite Sustainable Change

In a strategic move to galvanize transformative development across the continent, MIGA, in partnership with the Financial Times, inaugurated the Africa Sustainable Futures Awards on October 30, 2024, to spotlight innovative, long-term solutions addressing critical development challenges in Africa. The Awards event, attended by a broad spectrum of public and private sector leaders and industry partners, also showcased several exemplary MIGA client initiatives. Building on this momentum, the second annual edition opened for submissions in April 2025—now a joint World Bank Group and Financial Times program—with a focused theme on private sector-led solutions that drive job creation and economic growth, further reinforcing the World Bank Group’s commitment to fostering sustainable and inclusive development throughout Africa.

Launch of a New Solution to De-risk Carbon Markets

While carbon markets have the potential to mobilize transformative private capital in support of climate action, these markets are challenged by inadequate legal and regulatory frameworks and environmental integrity issues. In response to resounding market demand, MIGA launched a Letter of Authorization Template (LOA) at the COP29 Conference to clarify carbon ownership rights for private investors. The LOA creates an enforceable host government commitment, including compensation and dispute resolution procedures, and unlocks MIGA’s ability to offer its Breach of Contract cover to protect carbon market participants against, for example, the host government’s double-counting risk. It serves as an instrumental basis for voluntary and compliance markets, including the Carbon Offsetting and Reduction Scheme for International Aviation.