MIGA to expand India footprint, help in energy transition: Officials
World Bank's Multilateral Investment Guarantee Agency (MIGA) is to bolster its partnership with India substantially to help boost the country's energy transition and other development initiatives, its top officials told ET on Wednesday.
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MIGA typically promotes cross-border investment in developing countries by providing guarantees and credit enhancement tools to induce investors and lenders to deploy funds in projects that may not otherwise gather investor interest.
MIGA now wants India to use its credit guarantee instruments to crowd in private investors in development projects, not just at home but also in other developing countries, they indicated.
«India is the best place to deploy guarantees. There is a huge need for infrastructure development. So, we did two transactions in the past six months. That's very unique. We want to use it more here,» MIGA executive vice president Hiroshi Matano said, suggesting that there was «plenty of room» available for India to raise resources and find collaborations. Greater collaboration between MIGA and India also coincides with India's emergence as a leader of developing countries, Matano indicated. Energy, water, and infrastructure sectors are potential areas of deeper engagement with India, he said.
Earlier, MIGA had supported only one small project in India in 1997. But over the last six months, it signed
