The World Bank’s Multilateral Investment Guarantee Agency (MIGA) plans to more than double its annual guarantees for African projects to US$6.4 billion (US$6,400 million) over the next three-and-a-half years, as it seeks to unlock private investment across key development sectors.
The expanded guarantee programme aims to mobilise about US$23 billion (US$23,000 million) in private capital for projects spanning energy, food security, debt restructuring and digital infrastructure across the continent.
MIGA, which provides political risk insurance and credit guarantees to reduce investment risk in developing markets, said the increased support would focus on energy grid expansion, trade finance, digital connectivity, food systems and strengthening local banking sectors.
The agency has significantly expanded its use of guarantees since consolidating operations under the World Bank Group nearly two years ago, allowing it to scale up risk-sharing instruments and broaden its development footprint.
Recent operations supported by MIGA include the World Bank Group’s first debt swap initiatives in Ivory Coast and Angola, as well as food security programmes in Kenya, over 100 energy projects, and financial sector support in Ghana and Zambia.
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The agency did not disclose a detailed pipeline of upcoming projects but said future guarantees would continue to include political risk insurance, credit enhancement tools, debt swaps and portfolio-wide risk guarantees across multiple countries.
MIGA Managing Director Tsutomu Yamamoto said the expanded programme would play a “critical role” in attracting investment, creating jobs and strengthening economic stability across developing economies.
Analysts say the move reflects a broader shift among multilateral development banks toward using guarantees and risk mitigation tools rather than direct lending, especially as donor countries tighten aid budgets while maintaining strategic interest in Africa’s critical minerals and energy transition potential.
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The World Bank Group has set a broader target of increasing global guarantee issuance to $20 billion ($20,000 million) annually by 2030, positioning guarantees as a central pillar of its development financing strategy.
The expansion comes amid growing demand for infrastructure investment across Africa, particularly in power generation, transmission networks and logistics systems, where financing gaps remain wide despite rising investor interest.
