Sub-Saharan Africa gets $1.5b MIGA risk insurance in 2013 fiscal year

The Multilateral Investment Guarantee Agency (MIGA) issued political risk insurance worth $2.8 billion in the 2013 fiscal year, the agency has said.

According to the political risk insurance arm of the World Bank Group, it issued $1.5 billion worth of guarantees to support investments in sub-Saharan Africa and these represented more than half of new businesses.

The investments were made to insure projects that were supporting economic growth and poverty reduction during the fiscal year which ended June 30, 2013.

MIGA indicated its insurance covered projects on all sectors, but support to the energy sector was most significant which it believes will address the continent’s power deficit.

A number of the projects MIGA guaranteed during the year also involved the participation of the World Bank and the International Finance Corporation (IFC).

By Ekow Quandzie