MIGA and TMNF to Increase FDI in Developing Countries

WASHINGTON, June 1 -- The Multilateral Investment Guarantee Agency, a member of the World Bank Group, issued the following news release:

The Multilateral Investment Guarantee Agency of the World Bank Group (MIGA) and Tokio Marine Nichido & Fire Insurance Co., Ltd. (TMNF), the largest non-mutual private insurance company in Japan, signed a cooperation agreement to promote foreign direct investment in developing countries. The three-year strategic partnership will leverage the expertise of both organizations to catalyze sustainable economic growth and development.

The agreement will facilitate investment by providing guarantees, co-insurance, and reinsurance for projects in developing countries. MIGA and TMNF will collaborate to identify and support joint projects and combine their respective expertise to provide comprehensive support for investments.

"The strategic partnership with TMNF reinforces our commitment to drive sustainable growth and prosperity in developing countries," said Hiroshi Matano, MIGA Executive Vice President. "This agreement reflects our shared vision of creating lasting impact by catalyzing investment and fostering inclusive development."

The agreement outlines guiding principles for mutual accountability and scalability of partnership formats and focuses on an impact-driven approach. Both organizations will hold consultations, conduct joint due diligence, and project preparation activities, and create innovative guarantee products in sustainable financing, such as carbon credits, trade finance, and projects involving Japanese financial institutions, to increase accessibility of political risk insurance and other guarantee solutions for developing countries.

"Tokio Marine & Nichido Fire is committed to the creation of a safe, secure, and sustainable future for all and is very pleased to partner with MIGA to promote sustainable development around the world," said Eiichi Hosojima, Senior Managing Executive Officer, TMNF. "Our partnership is going to be around the co-creation of innovative financial solutions to address social issues such as strengthening climate resilience, the acceleration of our transition to a decarbonized society in the future, and so on."

The strategic partnership underscores the commitment of MIGA and TMNF to create a world free of poverty on a livable planet. By bringing together expertise and resources, the two organizations seek to promote access to finance and mitigate investment risks, accelerating growth opportunities in emerging markets.

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About TMNF

Tokio Marine & Nichido Fire is a member of Tokio Marine Group, a leading global insurance group founded in 1879. Headquartered in Tokyo, Japan, Tokio Marine & Nichido Fire is a core operating entity within the Tokio Marine Group. Tokio Marine & Nichido Fire has financial strength ratings of 'A+' (Strong) from S&P Global Ratings, 'A++' (Superior) from A.M. Best, and 'Aa3' (Very Strong) from Moody's. For more information about Tokio Marine & Nichido Fire, please visit www.tokiomarine-nichido.co.jp/en/.

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About MIGA

MIGA was created in 1988 as a member of the World Bank to promote foreign direct investment in emerging economies by helping to mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance; and offering credit enhancement to private investors and lenders. Since its creation, MIGA has issued over $81 billion in guarantees across 123 developing countries, supporting more than 1,000 projects. Over the past decade, MIGA's guarantees have helped provide new or improved electricity services to more than 78 million people.

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Original text here: https://www.miga.org/press-release/miga-and-tmnf-increase-fdi-developing-countries