Reflecting the fact that Africa is now the fastest growing region for the Multilateral Investment Guarantee Agency or MIGA, the member of the World Bank Group is opening a new regional hub in Dakar, the capital of Senegal.
“There is no question that Africa is the region with the most potential for growth,” said Keiko Honda, Executive Vice President and CEO of MIGA. “And in support of a global bid to unlock trillions of dollars towards development efforts, MIGA stands ready to strengthen private sector and foreign investor efforts in Africa.”
During the agency’s last fiscal year, more than 40% of the investment guarantees issued related to investors in Africa. Today, almost a third of the agency’s global portfolio of 48 projects spread across 26 countries are located on the continent. These include power generation, urban transportation and agriculture projects in several countries in sub-Saharan Africa.
According to the statement announcing the opening, the Regional Hub will be focused on underwriting projects in fragile states and low-income countries, with renewable energy and other climate change-reversing projects having a priority. So far, MIGA has supported $1.04 billion of investments in fragile states and $3.1 billion low-income countries.
MIGA, which is headquartered in Washington, DC, provides private sector investors and lenders with political risk insurance guarantees, protects investments against non-commercial risks as well as helping investors obtain access to funding sources.