Environmental and Social Due Diligence Vis-à-Vis Political Risk Insurance: An Assessment of the Role of the Multilateral Investment Guarantee Agency (MIGA)
Article from: OGEL 1 (2004), in In the Spotlight
Summary
The primary objective of political risk insurance by the Multilateral Investment Guarantee Agency (MIGA), an agency of the World Bank Group (WBG), is the encouragement of foreign direct investment (FDI) and capital flow in developing countries thereby facilitating economic development. This is in keeping with the World Bank's poverty reduction policy. Since the Earth Summit at the 1992 Rio UN Conference on Environment and Development (UNCED), however, economic development must be environmentally sustainable. Hence, it became the responsibility of not only the host government and the ...