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MIGA's Financial Sector Guarantees in a Strategic Context

Abstract: This report aims to to inform the design and the implementation of MIGA's new Strategic Directions FY12–14 by drawing lessons from recent experience with one of MIGA's main pillars, financial sector guarantees. The new strategy coincides with the beginning of the post-Convention change era. Its key challenge will be to enable the Agency to better exploit its original mandate and take full advantage of the new opportunities opened up by the changes to MIGA's Convention. The report begins by looking at the implementation of MIGA's current strategy, Operational Directions FY09–11, and assesses MIGA's performance over the strategy period in relation to the strategy's objectives. MIGA's ability to monitor strategy implementation is assessed in light of MIGA's efforts to introduce key performance indicators over the last three years. The report also presents a conceptual framework for assessing the design of MIGA's upcoming FY12–14 strategy – its completeness, its internal consistency and logic for achieving its strategic objectives, based on IEG's report Evaluating MIGA's FY05–08 Strategic Directions. The evaluation provides then an in-depth assessment of MIGA's financial sector guarantees. Financial sector guarantees have the potential to play an important role in development. They may contribute positively to the deepening and broadening of financial markets. Positive development impacts can also ensue from MIGA's support for the entry of foreign banks into developing country financial systems that accelerate the introduction of new technologies and management approaches. With financial sector guarantees being MIGA's most important business segment in terms of volume of newly issued guarantees and their role in the World Bank Group's response to the global financial crisis, they are at the center stage of MIGA's strategy and operations. The evaluation distills findings about the development effectiveness of projects in this sector and MIGA's effectiveness in underwriting them, and considers issues of financial sector guarantees' alignment with MIGA's strategic priorities. The report concludes by discussing possible factors for strategy implementation, and identifies issues aimed at strengthening MIGA's ability to implement its new strategy going forward.

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PDF MIGA's Financial Sector Guarantees in a Strategic Context 2.1MB

Report Type:
Annual Report
Date:
07/22/2011
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Language:
English
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