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Featured Projects
Egypt, Arab Republic of
Al Ahli Bank of Kuwait Egypt - Capital Optimization
December 23, 2025
Kazakhstan
Almaty Railway Bypass Project
August 4, 2025
Côte d'Ivoire
Sustainability Linked Loan project
June 6, 2025
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IMPACT BY DEVELOPMENT TOPIC
Energy and Mission 300
Climate Change
Fragile and Conflict-Affected Situations (FCS)
Low-Income (IDA) Countries
Water
Gender
IMPACT BY REGION
Asia and the Pacific
Europe and Central Asia
Latin America and the Caribbean
Middle East and North Africa
Sub-Saharan Africa
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788 million people live below the $3-per-day poverty line
Non-honoring of Public Debt
Non-honoring of Public Debt
Protection against losses from a failure by a sovereign, sub-sovereign, or state-owned enterprise to make a payment when due
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Discover how MIGA’s Non-honoring of Public Debt product helps banks free up trapped capital and expand lending in emerging markets through risk mitigation.
MIGA’s Non-honoring of Public Debt coverage provides credit enhancement in transactions involving sovereign and sub-sovereign entities, as well as state-owned enterprises (SOEs). The primary beneficiaries that can benefit from this cover are commercial lenders that provide loans to these public sector entities for infrastructure and other productive investments.
Non-honoring of Sovereign Financial Obligations
Non-honoring of Sovereign Financial Obligations coverage protects against losses resulting from a government's failure to make a payment when due under an unconditional and irrevocable financial payment obligation or guarantee given in favor of a project that otherwise meets all of MIGA’s normal requirements. It does not require the investor to obtain an arbitral award. This coverage is applicable in situations when a sovereign’s financial payment obligation is unconditional and not subject to defenses. Compensation is based on the amount that the guarantee holder is entitled to recover from the host government pursuant to the terms of the obligation.
Non-honoring of Financial Obligations by a State-Owned Enterprise
Non-honoring of Financial Obligations by a State-Owned Enterprise coverage protects against losses resulting from a state-owned enterprise’s failure to make a payment when due under an unconditional and irrevocable financial payment obligation or guarantee given in favor of a project that otherwise meets all of MIGA’s normal requirements. It does not require the investor to obtain an arbitral award. This coverage is applicable in situations where the financial payment obligation is unconditional and not subject to defenses. Compensation is based on the amount that the guarantee holder is entitled to recover from the state-owned enterprise pursuant to the terms of the obligation.
Case Studies:
Case Study
Building Health Resilience: How MIGA Enabled Turkey's Elâzığ Hospital PPP
In Turkey's eastern region of Elâzığ, accessing quality health care has historically been a significant challenge for local communities. The region's health care infrastructure struggled to meet growing demand, with facilities operating below international standards and insufficient capacity to serve the population effectively.
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Case Study
Bridging Regions, Building Futures: Catalyzing Kazakhstan's Railway Sector Modernization
Kazakhstan, the world's largest landlocked country, relies heavily on its extensive railway network for economic growth and connectivity. KTZ, the national railway company, faced significant challenges in modernizing its aging Soviet-era infrastructure and improving operational efficiency. The railway system plays a vital role in connecting Kazakhstan's 17 regions and three major cities, making efficient rail infrastructure essential for economic development.
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Case Study
India's largest state bank refinances an IBRD loan via private lenders, with MIGA guarantee
A team comprising MIGA, Energy GP and WB Treasury approached SBI with the proposal of refinancing a portion of IBRD’s existing $500 million loan with a MIGA guarantee. However, SBI would have to pay a prepayment premium of $8.5M2 to IBRD, making the transaction not financially viable for them.
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