international financial institution offers political risk insurance credit guarantees guarantees help investors protect foreign direct investments political non commercial risks developing countries member headquartered washington united_states established investment insurance facility encourage confident investment developing countries stated mission promote foreign direct investment developing countries support economic growth reduce poverty improve people lives targets projects endeavor create new jobs develop infrastructure generate new tax revenues advantage natural resources sustainable policies programs owned governed member states executive leadership staff carry daily operations shareholders member governments provide paid capital right vote matters long term debt equity investments assets contracts long term periods agency assessed year history september endorsed convention establishing established operational april leadership executive vice president fifth member institution initially billion billion dollars capital member states members eligible members agency established effort complement existing sources non commercial risk insurance investments developing countries improve investor confidence agency mandate said advantage private national risk insurance markets serving agency reduces likelihood confrontations investor country host country inaugural investment guarantees issued cover billion billion dollars worth foreign direct investment comprising individual projects agency issued contracts signed collaboration overseas private investment corporation year held conference promote investment agency joined international community export credit investment insurance providers issued inaugural contract support energy project indonesia collaboration agency set fund investment guarantees amounting million million dollars agency established capacity million million dollars adopted resolution establishing general capital increase million billion dollars transferring grant million million dollars exceeded billion billion dollars investment guarantees single year time agency approved environmental assessment disclosure policy began attempting implement standards new projects paid insurance claim agency founding issuance new investment guarantees grew billion agency launched effort promote investment small medium enterprises year set effort promote afghanistan issued investment guarantees port marking support form islamic finance agency launched portal information political risk management investment insurance contains information services enacted changes operating procedures authorized coverage default sovereign financial obligations agency launched annual publication titled political risk reports trends worldwide investment corporate perceptions prospects risk shifts political risk insurance industry dominated large public private insurance firms accounted approximately half political risk insurance market result paid closer attention exceptionally risky countries little appeal foreign investors projects nations global south conducted survey showed political risk important long term foreign direct investment developing countries economic uncertainty poor public infrastructure amended agency convention attempt improve organization effectiveness expanding range investments eligible political risk insurance governance governed represents member countries holds corporate authority primarily delegates powers consists directors votes matters brought director vote weighted accordance total share capital member nations director represents board stationed washington headquarters meets regularly oversees agency activities agency executive vice president directs overall strategy manages daily operations july serves executive vice president membership owned member governments consisting developing countries members composed united_nations member states plus membership available countries members particularly seven member states members states non members cuba north_korea non members recent country joined having december investment guarantees offers insurance cover types non commercial risks currency transfer restriction government war terrorism civil disturbance contract non honoring financial obligations cover investments equity loans loans loan guarantees agency investments management contracts asset bonds activities franchise agreements license agreements agency generally offers insurance coverage lasting years possible year extension depending given project nature circumstances event occurs protected insurance exercise investor rights host country recover expenses associated covering claim agency convention require member governments treat foreign investments special way institution position attempt sort potential disputes turn insurance claims agency aims promote specifically small medium enterprises program offers standard coverage types cover contract program small medium enterprises advantage discounted insurance application fees available larger investors qualify investment defines small medium enterprise projects having fewer employees total assets exceed million annual revenues exceed million limits request investment guarantee million guarantee years possible year extension annual reports offer overview agency business financial performance prepares consolidated financial statements accordance united_states
Multilateral Investment Guarantee Agency