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World Bank unveils new Guarantee Platform to transform development financing

03 July 2024

Photo by Getty images - UnsplashThe World Bank Group has launched a new Guarantee Platform that aims to revolutionize the landscape of development financing. The platform, housed at the Multilateral Investment Guarantee Agency (MIGA), brings together guarantee products and experts from across the World Bank Group institutions - the World Bank, International Finance Corporation (IFC), and MIGA - to provide a simplified, efficient, and accessible one-stop-shop for clients.

The overhaul of the World Bank Group's guarantee business is a critical step in achieving its goal of tripling annual guarantee issuance to $20 billion by 2030. Currently, the World Bank Group offers over 20 different guarantee solutions, each with varying processes, rules, and standards, which has held back their potential and impeded client access.

The new Guarantee Platform addresses these challenges through six key changes :

  1. Condensed Structure: Bringing all guarantee experts under one roof at MIGA, providing a seamless experience for clients.
  2. Simplified and Comprehensive Product Menu: Compiling all World Bank Group guarantees into a single, easy-to-n