The Multilateral Investment Guarantee Agency’s Experience with Non-Honoring of Sovereign, Sub-Sovereign, and State-Owned Enterprise Financial Obligation Guarantees : Meso-Evaluation
The Multilateral Investment Guarantee Agency (MIGA) introduced its Non-Honoring (NH) products - the Non-Honoring of Sovereign and Sub-Sovereign Financial Obligations and the Non-Honoring of Financial Obligations by a State-Owned Enterprise - in 200...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English en_US |
| Published: |
Washington, DC : World Bank
2022
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/099520405192237959/IDU0691f02b70733a04ac90967e060232ead5fa1 http://hdl.handle.net/10986/37674 |
| Summary: | The Multilateral Investment Guarantee
Agency (MIGA) introduced its Non-Honoring (NH) products -
the Non-Honoring of Sovereign and Sub-Sovereign Financial
Obligations and the Non-Honoring of Financial Obligations by
a State-Owned Enterprise - in 2009. The objective of these
products was to crowd-in private insurance capacity to
support investments in International Development Association
and Fragile and Conflict-Affected Situation countries, and
to encourage state-owned enterprises to adopt good corporate
governance, environmental and social sustainability
practices. These products were expected to benefit
guaranteed lenders through lower cost of financing and
public sector borrowers through increased and more
diversified funding sources. Since their introduction, the
NH products have gained a substantial share of MIGA’s
overall business. This report provides the first independent
evaluation of MIGA’s experience with its NH products and
aims to offer feedback and lessons to inform future
strategies. The report reviewed all 34 NH projects
implemented by MIGA between 2009 and 2019 to assess the
extent to which they met their objectives and contributed to
enhancing MIGA’s development effectiveness and
additionality. The report invites MIGA to address questions
related to the suitability of these products for IDA and FCS
countries and on the methodology for evaluating their
development impact. |
|---|