MIGA & ADB Strengthen Commitment to Cooperation | Multilateral Investment Guarantee Agency

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class="container"> <div class="row header-section"> <div class="col-sm-12 layout__region"> <div><div class="block-region-top"><section class="block block-ctools block-entity-viewnode clearfix"> <div data-history-node-id="4246" role="article" about="/press-release/miga-adb-strengthen-commitment-cooperation" typeof="schema:WebPage" class="page featured-story-press-release-news clearfix"> <div class="basic-page-header basic-page-header-without-image basic-page-header-"> <div class="page-type page-type-">Press Release</div> <h2> <span property="schema:name">MIGA & ADB Strengthen Commitment to Cooperation</span> </h2> <div class="page-subtitle"> </div> <div class="post-date">May 29, 2019</div> </div> </div> </section> </div></div> </div> </div> <div class="row main-content basic-page-grid"> <div class="layout__region_first">  <div><div class="block-region-first"><section class="block block-addtoany block-addtoany-block clearfix"> <span class="a2a_kit a2a_kit_size_32 addtoany_list" data-a2a-url="https://www.miga.org/press-release/miga-adb-strengthen-commitment-cooperation" data-a2a-title="MIGA & ADB Strengthen Commitment to Cooperation"><a class="a2a_button_twitter" aria-label="Twitter"><i class="fa fa-twitter"></i></a><a class="a2a_button_linkedin" aria-label="LinkedIn"><i class="fa fa-linkedin" aria-hidden="true"></i></a><a class="a2a_button_facebook" aria-label="Facebook"><i class="fa fa-facebook" aria-hidden="true"></i></a><a class="a2a_button_email" aria-label="Share via Email"><img src="/web/20190813090613im_/https://www.miga.org/themes/custom/miga/images/email.svg"></a></span> </section> </div></div> </div> <div class="layout__region_second">  <div><div class="block-region-second"><section class="block block-ctools block-entity-viewnode clearfix"> <div data-history-node-id="4246" class="layout layout--onecol"> <div class="layout__region layout__region--content"> <div class="field field--name-field-body-paragraphs field--type-entity-reference-revisions field--label-hidden field--items"> <div class="field--item"> <div class="paragraph paragraph--type--content paragraph--view-mode--default paragraph--id--11066"> <div class="paragraph__column"> <div class="field field--name-field-title field--type-string field--label-hidden field--item"><h4>New Cooperation Agreement paves the way for greater private investment among ADB member countries.</h4></div> <div class="field field--name-field-body field--type-text-long field--label-hidden clearfix field--item"><p><span><span><strong><span><span>WASHINGTON DC, May <span>29</span>, 2019</span></span></strong><span><span> – MIGA, the political risk insurance arm of the World Bank Group, and the Asian Development Bank, have agreed to cooperate more closely to increase the flow of private sector investment into emerging economies in Asia and the Pacific, in line with the 2030 development goals.</span></span></span></span></p> <p><span><span><span><span>The two institutions signed a Cooperation Agreement today that envisages greater use of the institutions’ respective financial products in joint projects. </span></span></span></span></p> <p><span><span><em><span><span>“I am pleased to renew our commitment to greater cooperation with the ADB,”</span></span></em><span><span> said <strong>Keiko Honda, CEO of MIGA</strong>. <em>“This agreement charts a course for more private capital and investment across ADB member countries.”</em></span></span></span></span></p> <p><span><span><span><span>The Cooperation Agreement replaces a previous agreement and will be effective for three years from signing. It lays out a commitment to stronger collaboration on identifying new projects, while deepening ties between the two institutions and potential private sector investors. The agreement further calls for greater coordination on all stages of a project, from consultations and marketing, to underwriting and implementation.</span></span></span></span></p> <p><span><span><span><span><span>“<em>This agreement will enable both organizations to leverage additional private capital for development purposes</em>,” said <strong>ADB </strong></span></span></span><strong><span><span>Vice-President for Private Sector Operations and Public-Private Partnerships Diwakar Gupta</span></span></strong><span><span><span>. “<em>It is an important force multiplier of multilateral development financing that will help the region manage challenges to its inclusive and sustainable growth</em>.”</span></span></span></span></span></p> <p><span><span><span><span>To help encourage more private investment in developing countries, the Eminent Persons Group established by the G20 advised that MIGA and other Multilateral Development Banks collaborate more closely, and this Cooperation Agreement contributes toward that agenda.</span></span></span></span></p> <p> </p> <p class="text-align-center"><span><span><span><span>###</span></span></span></span></p> <p> </p> <p><span><span><span><span>ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.</span></span></span></span></p> <p><span><span><strong><span><span>MIGA</span></span></strong><span><span> was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war & civil disturbance; and offering credit enhancement to private investors and lenders.</span></span></span></span></p> <p><span><span><span><span>Since its creation, MIGA has directly supported over $52 billion in investments in 111 developing countries.</span></span></span></span></p> <p> </p> <p><span><span><strong><span><span><span>Contacts:</span></span></span></strong></span></span></p> <p><span><span><em><span><span><span>In Washington: </span></span></span></em><span><span><span> Vamsee Krishna Kanchi, (202) 458-9771, </span></span></span><span class="MsoHyperlink"><span><span><span><a href="https://web.archive.org/web/20190813090613/mailto:vkanchi@worldbank.org">vkanchi@worldbank.org</a></span></span></span></span></span></span></p> <p><span><span><span><span><span>For more information, please visit: </span></span></span><span class="MsoHyperlink"><span><span><span><a href="https://web.archive.org/web/20190813090613/http://www.miga.org/">http://www.miga.org</a></span></span></span></span> </span></span></p> <p><span><span><span><span><span>Stay updated via Twitter: </span></span></span><span class="MsoHyperlink"><span><span><span><a href="https://web.archive.org/web/20190813090613/https://twitter.com/MIGA">https://twitter.com/MIGA</a></span></span></span></span></span></span></p> <p><span><span><span><span><span>Follow us on LinkedIn: </span></span></span><a 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