As part of the World Bank Group, the Multilateral Investment Guarantee Agency (MIGA), a publicly funded, political-risk insurance provider, is supposed to share the Bank’s overarching goal of poverty alleviation and environmentally sustainable development. However, middle-income countries and multinational banks and corporations tend to be MIGA‘s largest beneficiaries. Environmental Defense has compiled a listing of recent MIGA guarantees including a spa in a five star hotel, a tourist marina and a shopping mall. They conclude that MIGA‘s development benefits are “largely illusory”.
13 September 2011