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MIGA—Multilateral Investment Guarantee Agency (Bretton Woods Project)
Created in 1988 MIGA aims to encourage foreign direct investment by providing guarantees, known as political risk insurance, to foreign investors against loss caused by non-commercial risks in developing countries. MIGA, which is part of the World Bank Group, also provides technical assistance such as capacity building and advisory services to help countries attract foreign investment.
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MIGA claims that insurance is only provided if a project is judged to be: economically and financially viable; in line with a host country�s development objectives and labour standards; and is "environmentally sound."
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However earlier this year the Compliance Advisor Ombudsman (CAO) criticised the due diligence of MIGA with respect to investment in the copper-silver mining project in Katanga, in the Democratic Republic of Congo. The audit concluded that risks to local communities and human rights were not adequately considered. A MIGA backed paper mill in Fray Bentos, Uruguay, has also been the centre of some controversy. The Center for Human Rights and Environment has filed complaints with the CAO and the Inter-American Commission on Human Rights (an organisation to ensure adherence of international human rights law in the Americas). Allegations centre on the violation of MIGA's environmental and social safeguards, the abuse of the human rights of local stakeholders, which includes violations of the rights to: participation; access to information; development; health; a healthy environment; and the right to water.
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Welker, Marina - CSR, mining, environment in Indonesia
"CORPORATE SECURITY BEGINS IN THE COMMUNITY": Mining, the Corporate Social Responsibility Industry, and Environmental Advocacy in Indonesia
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