We support private sector investment to help developing countries build stronger economies, support sustainability, and improve social outcomes.
35+ YEARS ADVANCING GLOBAL INVESTMENT
Since its inception in 1988, MIGA has issued $94.0 billion of guarantees in support of over 1,060 projects in 124 host countries. As the volume of guarantees issued continues to grow year-over-year, so does MIGA’s development impact.
What We Expect to Achieve
projected 2025 Fiscal year Impact
MIGA estimates the following development impact from its 2025 fiscal year guarantee portfolio.
FOOD AND NUTRITION
25 million
people with strengthened food and nutrition security
ELECTRICITY
43.5 million
people provided with access to electricity
INVESTMENT
38.3 billion
private capital mobilized
FINANCIAL SERVICES
29.8 million
people and businesses using financial services
MIGA’s PRIORITY AREAS
Rarely in our history has our work been more urgent. The world faces an existential climate crisis, mounting public debt, an unequal pandemic recovery, and the effects of geopolitical conflict.
In response, MIGA issued a record $9.5 billion in new guarantees across 44 projects in fiscal year 2025. Seventy-five percent of these projects supported at least one of MIGA’s strategic priority areas below.
Low-Income (IDA) Countries
Fragile and Conflict-Affected Situations (FCS)
Improving Access to Water
Gender
Climate Change
MIGA operates in more than 180 countries around the world. Each region faces its own unique development challenges and opportunities. Explore our impact by region.
OUR IMPACT
Asia and the Pacific
OUR IMPACT
Europe and Central Asia
OUR IMPACT
Latin America and the Caribbean
OUR IMPACT
Middle East and North Africa
OUR IMPACT
Sub-Saharan Africa
The Impact Measurement and Project Assessment Comparison Tool (IMPACT) is a structured methodological framework used to define and measure the potential development impact of MIGA projects.
MIGA has developed 16 sector frameworks to assess projects across all its business lines and sectors which MIGA is typically active in, providing a step-by-step guide for facilitating the assessment of a project’s expected outcomes and foreign investment effects.
The sector frameworks help assess desired outcomes by assigning ratings in four key areas:
- Gap: How significant is the problem MIGA is seeking to address?
- Intensity: What is the extent to which the project contributes to the solution?
- Impact Potential: The combination of the intensity and gap ratings yields the Project’s Potential, in the Project Outcome dimension as well as in the Foreign Investment Effects dimension.
- Likelihood: How likely is it that the project's potential impact will materialize
The two dimension ratings and their respective likelihood adjustments are combined to produce an overall quantitative IMPACT score from 0 to 100 and an associated qualitative IMPACT rating of Low, Good, Satisfactory, or Excellent.
MIGA aims to support projects that have the potential to yield strong project outcomes, as well as to create positive development effects by addressing market and non-market frictions in the host countries (e.g., barriers to entry, information asymmetries, regulatory gaps) that may be holding back foreign investment. This is reflected in the structure of the IMPACT framework, which separately measures the expected potential to achieve impact across 2 dimensions, Project Outcomes (PO) and Foreign Investment Effects (FIE).
The IMPACT measures a project’s development impact along 2 dimensions — project outcomes and foreign investment effects.
Project Outcomes
MIGA aims to support projects that have the potential to benefit its stakeholders and the host country’s society, environment, and economy. Within the IMPACT framework, this potential is assessed based on an analysis of up to three Project Outcome components:
- Stakeholder Effects: Assesses the project’s effects on stakeholders such as customers, employees, suppliers, the host government, and local communities.
- Economy-Wide Effects: Assesses the project’s upstream and downstream effects on the broader economy, including externalities and spillovers, such as increased value added and indirect job creation.
- Environmental and Social Effects: Assesses the project’s effects on environmental and social (E&S) outcomes, such as a reduction in GHG emissions, improved climate adaptation and resilience, or improvement of community livelihoods beyond Stakeholder Effects. It is important to note that the IMPACT E&S Effects component does not measure a client’s actions to achieve compliance with MIGA’s E&S Performance Standards. Instead, the IMPACT framework assesses the effects of those actions (or additional actions that go beyond mere compliance with E&S Performance Standards) on stakeholders or the environment, as well as climate mitigation and adaptation impacts.
Foreign Investment Effects
Foreign investment projects have the potential to create systemic positive effects by addressing market and non-market frictions and by creating positive demonstration effects that signal opportunities to other market participants or potential capital providers, and thereby crowd in additional private sector investment. This potential is assessed based on the analysis of 1 or 2 core components on which the Project can generate a positive systemic development impact.
Likelihood Adjustment
The IMPACT acknowledges and assesses the degree of uncertainty of realizing and sustaining the desired effects, for both project and foreign investment effects dimensions, over time. The likelihood adjustment for the Project Outcome dimension will be based on the assessed probability of achieving the identified PO potential. Similarly, the likelihood adjustment for the Foreign Investment Effects dimension will be based on the assessed probability of achieving the assessed FIE potential.
MIGA has developed 16 sector frameworks to assess projects across all its business lines and sectors which MIGA is typically active in, providing a step-by-step guide for facilitating the assessment of a project’s expected outcomes and foreign investment effects.
The sector frameworks help assess desired outcomes by assigning ratings in four key areas:
- Gap: How significant is the problem MIGA is seeking to address?
- Intensity: What is the extent to which the project contributes to the solution?
- Impact Potential: The combination of the intensity and gap ratings yields the Project’s Potential, in the Project Outcome dimension as well as in the Foreign Investment Effects dimension.
- Likelihood: How likely is it that the project's potential impact will materialize
The two dimension ratings and their respective likelihood adjustments are combined to produce an overall quantitative IMPACT score from 0 to 100 and an associated qualitative IMPACT rating of Low, Good, Satisfactory, or Excellent.
The project monitoring is a crucial part of the IMPACT system as it connects ex-ante evaluations with the learning, adjustments if required, and accountability function embedded in MIGA’s Results Measurement system. Every development outcome claim in MIGA projects is clearly linked to one or more indicators and regularly followed during project monitoring.
MIGA's Results Measurement system enables regular data collection on development outcome indicators, which can be used for various functions such as reporting, analysis, and self-evaluation. This data can be summed up to assess the overall development outcomes of MIGA’s portfolio and contribution to achieving the World Bank Group’s vision and mission through the WBG Corporate Scorecard.
Moritz Nebe, Sector Manager, Economics Unit
Mnebe [at] worldbank.org (mnebe[at]worldbank[dot]org)
Hiroyuki Hatashima, Chief Evaluation Officer
Hhatashima [at] worldbank.org (hhatashima[at]worldbank[dot]org)