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The World Bank’s Multilateral Investment Guarantee Agency plans to more than double the guarantees it provides annually in Africa to $6.4 billion over the next 3.5 years. The push is aimed at mobilising $23 billion in private capital for projects linked to food security, energy and debt swaps.
MIGA said the expanded programme will build on a stronger role for guarantees since the World Bank Group consolidated its guarantee operations under one umbrella nearly two years ago. Its financing support has already backed debt swaps in Ivory Coast and Angola, food security programmes in Kenya, more than 100 energy projects, and bank lending in Ghana and Zambia.
The agency said its future pipeline will continue to focus on energy grids, trade finance, digital connectivity, food security and support for local banks. It will use tools including political risk insurance, credit enhancement, debt swaps and broader portfolio guarantees across multiple countries.
Managing Director Tsutomu Yamamoto said the larger guarantee effort would play a critical role in attracting investment, creating jobs and helping build more stable economies. The expansion also comes as major economies cut aid budgets while seeking access to Africa’s mineral resources.
MIGA’s broader target is to raise the World Bank Group’s global annual guarantee issuance to $20 billion by 2030. That would make guarantees an even more important tool for de-risking investment in lower-income and frontier markets.
