The world is in the midst of intertwined crises, which are threatening to turn back progress on economic and sustainable development. It’s clear that things must be done differently to change course.
In its continued efforts to work better and more efficiently with member countries and the private sector community, the World Bank Group recently announced a major overhaul of its guarantee business that will deliver simplicity, improved access, and faster execution through a new, convenient marketplace.
These loan and investment guarantees can be powerful catalysts to attract private-sector investments and commercial financing, fueling economic growth and improved public services in developing countries.
Currently the World Bank, International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) offer some 20 guarantee solutions. But they have different processes, rules, and standards. This will change on July 1, with the launch of a new one-stop guarantee platform that will bring together guarantee experts and products from across the organization. The guarantee products will be housed at MIGA, making it easier for clients to do business with the World Bank Group.
We sat down with MIGA’s Executive Vice President Hiroshi Matano to discuss the new guarantee platform.
Right now, the guarantee solutions are scattered across our institutions. They all follow different processes and our clients have to talk to each institution separately. This slows things down, impacting efficiency. We wanted to better streamline our offering to maximize the limited capital available for impactful development in emerging markets and developing economies.
Credit: thenationonlineng.net
